Importance of marketing

1. PREPARED BY NITHYA TV

2. MEANING OF MARKET
 Marketing is an arrangement to provide
an opportunity to exchange goods.
 Marketing is sum total of all these
activities that are related to flow of
goods from production to consumption

3. The term market originates from Latin ‘Marcatus’
which means a place where business is conducted. A
Layman has somewhat similar connotations of the word
market which brings to his mind the place where the buyers
and sellers personally interact and finalise the deals.
Evolution of Marketing
Production Era
1930
Sales Era
1950
Marketing Era
Present

6. Customer satisfaction is defined as a measurement
that determines how happy customers are with a
company's products, services, and capabilities. Customer
satisfaction information, including surveys and ratings, can
help a company determine how to best improve or
changes its products and services.
A competitive advantage is
an advantage over competitors gained by offering
consumers greater value, either by means of lower prices
or by providing greater benefits and service that justifies
higher prices.

7. A corporate image of a company can be
defined as an image that people hold in their
mind about the company, its products, and its
services. The corporate image of a company
is the product of a company’s performance,
media coverage, and its activities. The
corporate image of a company keeps on
changing continuous and can be changed by
putting the right efforts in the right direction.

8. BusinessExpansion:
Different forms of business
expansion include opening in another
location, adding sales employees, increased
marketing, adding franchisees, forming an
alliance, offering new products or services,
entering new markets, merging with or
acquiring
another business, expanding globally
and expanding through the internet.

9. Economies of Scale:
An economy of scale is where the average
cost of production falls as production
increases. Marketing economies of
scale occur when larger firms are able to
lower the unit cost of advertising and
promotion perhaps through access to more
effective marketing media.

10. Efficiency is the fundamental
reduction in the amount of wasted
resources that are used to produce
a given number of goods or
services (output).
Economic efficiency results from the
optimization of resource-use to best
serve an economy.

11. Organizational objectives are
something which a business wants
to achieve or accomplish over a
specified period of time. These
may be to earn profit for its growth
and development, to provide
quality goods to its customers, to
protect the environment

12. Optimum Utilization of
Resources Management utilizes all
the physical &
human resources productively.
This leads to efficacy in
management. Management
provides maximum utilization of
scarce resources by selecting its
best possible alternate use in
industry from out of various uses.

13. Brand Equity: the commercial
value that derives from consumer
perception of the brand name of a
particular product or service, rather
than from the product or service
itself.
Brand Loyality: the tendency of
some consumers to continue
buying the same brand of goods
rather than competing brands.

14. Brand image is the current view of
the customers about a brand. It
can be defined as a unique bundle
of associations within the minds of
target customers. It signifies what
the brand presently stands for. It is
a set of beliefs held about a
specific brand