Best marketing manegment guide 2021

                   Marketing Overview

What is a Market?

A market can be defined as the summation of all the buyers and sellers in an area or region under consideration. The area may be a country, a region, a state, a village or a city.

                                        ( Market) 

Market is a place where goods, commodities or services provided by the sellers are swapped with the buyers or purchasers for some value combined with need, demand, supply etc.

We can say that it is a place, which satisfies the potential needs of the buyers as well as the sellers. The market may have a physical existence or a virtual one. It may be local or global one.

Marketing topics

1.  Marketing Management - Functions

2.  Marketing Management - Concepts

3.  The major marketing concepts

4.  Customer Relationship Management

5.  Marketing Communication Process

6.  Marketing Management - Advanced Topics

        1.Marketing Management - Functions

The term functions of marketing management means the main role of this type of management in any organization.

Major Functions of Marketing Management

We need to understand the major functions of marketing management in order to understand and groom our organization. The following are some of the major functions of marketing management −

Selling

Buying and Assembling

Transportation

Storage

Standardization and Grading

Financing

Risk Taking

Market Information

The marketing process performs certain activities as the products and services move from the producer to consumer. All these activities or jobs are not performed by every company.

2.Marketing Management - Concepts

Marketing concept is the philosophy that companies should examine the requirements of their customers and then make decisions to satisfy those needs in a better manner than the competitors.

Today, most of the companies have adopted various marketing concepts, but this has not always been the case. Let us now understand major marketing concepts.

                      3. The major marketing concepts

Production concept

Sales concept

Marketing concept

Marketing Management - Overview

         4.  Customer Relationship Management

Customer relationship management is about building relations between customers and enterprises. It gives a huge competitive benefit from other competitors in the market; the customer relationship management increases customer loyalty. It gives the company a tactical advantage in long–term because loyalty of customer can lead to consistent profit and it can be achieved by quality service.

Customer relationship has proved to increase customer loyalty, which can mean huge profits in long-term. This can further be improved through the following process −

Storage and management of data

Organizational structure creation and management

Responding to customer queries and complains in real time

Workforce that can deal with customers with training in the product and organization ethics

           5. Marketing Communication Process

Marketing communication process comprises the following eight stages −

Stage I − Source

Stage II − Encoding

Stage III − Transmission

Stage IV − Decoding

Stage V − Receipt

Stage VI − Response

Stage VII − Feedback

The source is the information which is introduced for the promotion while the feedback is provided by the consumer, which is evaluated and changes are made for promotion.

      6.  Marketing Management - Advanced Topics

E-Marketing

E-Marketing entails advertising a product using digital medium. In the recent years, digital devices have developed rapidly and are now commonly used, creating a new medium for advertising. At the same time, internet services have become affordable for mass consumers.

E-Marketing has many benefits compared to traditional marketing, for example, a large number of potential consumers can be a reached in a shorter span of time. The comparison between e-marketing and traditional marketing is explained in the next section.

E-Marketing Vs. Traditional Marketing

Let us now understand the difference between E-Marketing and Traditional Marketing −

E-marketing-

 1.it is an economical and faster way of promoting a product.

2.Products can be advertised globally because of less time involved. 

3. The number of employees required is fewer.

4.E-marketing provides time flexibility for a customer, so one can make a transaction any time.

5. Costs involved are reasonable

Traditional marketing

1. It is comparatively expensive and time consuming

2. Coverage of promotion is limited because of the time involved.

3. It requires more employees than emarketing, which results in higher costs of marketing.

4. Flexibility is not commercially viable.

5. Costs involved are not reasonable. 

Source- Google

Wrote by- puspendra