STP must flow as a process. Hybrid marketing channels show that the use of only one channel is not sufficient. This is the fourth importance and it means the various plans, policies, procedures, and strategies are followed in the different stages of the product life cycle.Thus management can prepare marketing programs accordingly to achieve success. Many firms viewed marketing channel strategy as somewhat of a "leftover" after the Market is a set-up, or a place, or a point of interaction. An organization uses the marketing concept when it identifies the buyer's needs and then produces the . The selling concept 3. If the application of the logistics management concept can tend to a reduction in total logistics costs, exports will be stimulated. This article provides an introduction to these important marketing concepts. After . According to Cateora, "International marketing is the performance of business activities that direct the flow of goods and services to . The Importance of Marketing to Business Success Ask yourself, just what is marketing? Marketing Channel Concepts 1 -6 Distribution through Intermediaries Economic considerations are very important in determining what form intermediaries will have in their appearance in marketing channels. Business can evaluate their operations on a full scale to determine if different departments and systems, like sales and marketing, are collaborating . One of the key concepts in Principles of Marketing is target marketing which certainly can be interpreted as offensive to some people. Marketing is the social process by which human needs are identified and eventually satisfied. The core idea of the product concept is to produce cheaper products because the customers won't pay much price for the products or services. Page 14 Risk-Taking - insurance companies provide coverage to protect producers and marketers from loss due to fire, theft, or natural disasters. A thorough understanding of the concepts, theories and applications of Services Marketing as a subject is, therefore, becoming all the more important for management students. concepts of the role and importance of commerce in national economy are . The companies that follow the product concept, manufacture the product on a mass scale and they make a profit out of the economies of the scale. 2) Marketing mix helps in New product development. ways, by extending it . Th e concept of place brand building and managing is largely discussed in literature on the subject and more and more frequently put into practice. One should not turn a blind eye to the importance of marketing as marketing fuels both the external and internal activities of the business today. The hospitality industry is a multi-billion dollar industry that encompasses hotels, restaurants, cinemas, amusement parks and transportation. "A concept of marketing communications planning that recognises added value in a programme that integrates a variety of strategic disciplines - e.g. (i) Concern for customers' needs and wants rather than for the product increases the acceptability of the product. Multichannel architecture optimises channel coverage, . integrate the strategy of marketing within the set of the marketing plan (Camera, 1995). Market is the point of interaction between buyers and sellers. 4. Marketing - Definition & Importance, Concepts & Marketing Management Tasks 1. Specialization and Division of Labor → Importance of Marketing Concept. Image Source: Pixabay.com. Growing Importance of Marketing Channels As a strategic marketing tool, marketing channels had, for many years, taken something of a "back seat" to the other three strategic areas of the marketing mix: product, price, and pro-motion. Importance of marketing process and marketing concept According to the United Stated Marketing Association (1985), Marketing is the process that practices valuation, promotion and provides products, services and ideas to create transmission, interesting, satisfying with customers's targets. In its first year, a company might spend as much as half of its sales on marketing programs. Marketing Is an Effective Way of Engaging Customers. retailing are gaining in importance nowadays. 9, September (2013) Online available at www.indianresearchjournals.com 112 Objectives: 1. Marketing as it was originally intended, in its fullest, truest, and greatest form, is more important today than ever before. Strategic Marketing also should define subjects related to the coordination of the marketing resources, as well as to the allocation of such referring to the importance of the competitive advantage (Walter, Boyd and Larreché, 1992). Its implementation can foster customer loyalty and customer Understanding the market segment, you wish to penetrate is the first and most important step in this process. When the firm produces the product which meets the requirements of the customers, the need for promotion is reduced. Kotler (6) says "Marketing is a societal process by which individuals and groups obtain what they Two important concepts are introduced: specialization and division of labor and contactual efficiency. The hamburgers have a high fat content, and the restaurants promote fries and pies, two products high in starch and fat. 5) It helps in differentiation. It is the quality of the Importance of Marketing Costs. iv) Marketing concept: Integrate marketing activities towards determining & satisfying needs/ wants of target market more effectively than competition. 1. Innovation alone cannot sustain a company; it must be paired with . The process of Planning & Executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that . how marketing and business concepts can be used in designing concept changes, and how the concepts work in practice. Marketing is the process of communicating the value of a product or service to customers. With the rapid change in tastes and preference of people, marketing has to come up with the same. The concept is important in order to forecast marketing costs, and accordingly assess the risk in the marketing budget. According to Kotler, "Global marketing is concerned with integrating and standardizing marketing actions across a number of geographic markets.". This can be thought of as an investment though as the objective is to . Nature, Importance and Scope of International Marketing. Before explaining the concept of 'social media marketing' (SMM), it is important to consider and understand the term 'social media'. Such changes have far reaching effects on production and distribution. The business, is now society-oriented, on human-welfare aspects. Another definition of marketing is the activities of a company associated with buying and selling a product or service. Chapter 1 Marketing: Definition & Importance All activities involved in creation of time, place and possession utilities. Identify the basic ideology behind each concept evolved 2. - The nature of the E-Marketing concept itself. management function therefore plays an important role in a country's export effort, and particularly in a country such as South Africa where government has established an export-led growth strategy. politics is the generic concept of marketing (Kotler, 1972; Arndt, 1978; Kotler. 3. marketing will emerge. Can't beat a free book. In context to the present work the concept of Descriptive research has been used as the main aim was to describe the stated objectives. Relationship marketing orientation is a refinement of the marketing concept. This importance helps to explain marketing programmes, policies, and procedures. general advertising, direct response, sales promotion, and public relations − and combines these disciplines in 1.4 Marketing Concepts 1.4.1 Production Concept 1.4.2 Product Concept 1.4.3 Selling Concept 1.4.4 Marketing Concept 1.4.5 Societal Marketing Concept 1.4.6 Relationship Marketing Concept 1.4.7 Holistic Concept of Marketing 1.5 A Historical Perspective 1.6 Comparison of Marketing Orientation with Other Orientations 1.7 Summary Th e key The marketing concept 4. Explosion of information technology and The activity is now found in every aspect of the business. However, I think the book does a great job at explaining the concept. Check out these 9 reasons why you really do need it. Some people make the mistake of confusing marketing with selling. Marketing of services is a relatively new phenomenon in the domain of marketing, having gained in importance as a discipline only towards the end of the 20th century. Importance of Marketing for Hotels. Marketing is important when entering in-ternational markets, increasing exports. It is believed that if the product is good and reasonably priced it will fetch or attract many customers and no special marketingefforts are required to be made. aggressively. Marketing is a process involving roughly 12 activities. So, sales-management has to work in a broader and newer environment, in co-existence with the traditional lines. Marketing Channel Concept Growing Importance of Marketing Channels 1. The 1.1 Value Value is at the center of everything marketing does (Figure 1.1). The thesis is comissioned by Company X. The Marketing is a much wider concept than market. Demystify the goals behind your marketing strategy with these 10 important […] Because marketing plays such an important role in the industry, it is important to choose a program that provides a strong background of business and marketing courses. Important Marketing Concepts - Marketing is a process to communicate the value of products and services to customers.It is also the activity associated with buying and selling a product or service and includes advertising, selling, and delivery to target customers. The societal marketing concept The Product concept The product concept is the oldest concept guidingproducers. All growth in-casting have an important role for innovation in their marketing plans. From hot new startups to local stores, every type of business can benefit from the increased sales and heightened brand awareness that a great marketing campaign can offer. Introduction to Marketing and Sales. Marketing Channel Concepts 1 -6 Distribution through Intermediaries Economic considerations are very important in determining what form intermediaries will have in their appearance in marketing channels. It is the quality of the Before proceeding to examine some of the details of this process, comments on two aspects will be helpful background. This marketing concept is called holistic marketing. The Importance of Marketing. The societal marketing concept The Product concept The product concept is the oldest concept guidingproducers. marketing concept A philosophy underlying all that marketers do, driven by satisfying customer wants and needs. The marketing concept possibily sidesteps the potential conflicts among consumer wants, consumer interests, and long-run societal welfare. Therefore, most consumers have adjusted to the concept of "green consumers" who were aware of the importance of preservation and protection of the natural The concept of marketing is a dynamic concept. homogenous, almost universally applicable concept, transcending cultures as well as contexts' (Cannon, 1980: 140). Guide amplifies the requirements in relation to marketing, setting out the following learning outcomes. Promoting and selling any product and service using a variety of techniques is exceptionally important. Marketing concept includes the marketing research, market segmentation, and marketing mix. marketing through production concept, product concept , selling concept, Marketing concept and societal marketing concept Distinguish between marketing and 1. Product Concept. It is, in short, an action taken to bring attention to a business' offerings . According to Kotler (2010) "Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others". Just consider: The fast-food hamburger industry offers tasty buty unhealthy food. Marketing is a process involving roughly 12 activities. It is also vital that marketers recognize the . It expresses that an organization's essential occupation is to fulfill the needs of the client. International Journal of Marketing, Financial Services & Management Research_____ ISSN 2277- 3622 Vol.2, No.
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