Marketing involves studying customer wants and needs, creating products to meet those needs, and delivering products at the right price. It is the process of planning, pricing, promoting, and distributing goods and services to create value for both customers and organizations. Marketing identifies unfulfilled customer desires and works to satisfy them through the delivery of products and services at a profit.

2. Marketing
Marketing means studying the market place, finding out what customers want,
and then creating and delivering those products at the right price
The American Marketing Association defines Marketing as the process of
planning and executing the conception, pricing, promotion and distribution of ideas,
goods and services to create exchanges that satisfy individual and organisational goals.
Philip Kotler defines Marketing as “The science and art of exploring, creating,
and delivering value to satisfy the needs of a target market at a profit. Marketing
identifies unfulfilled needs and desires. ... Marketing is meeting the needs and wants of
a consumer.

3. Nature of Marketing
➢ Marketing is an Economic Function
➢ Marketing is a legal Process by which
ownership transfers
➢ Marketing is a System of Interacting
Business Activities
➢ Marketing is a managerial Function
➢ Marketing is a Social Process
➢ Marketing is a philosophy based on
consumer orientation and Satisfaction
➢ Marketing as dual Objectives - Profit making
and Consumer Satisfaction

4. Scope of Marketing
Study of Consumer
Wants and needs
Study of consumer
behaviour
Production Planning
and Development
Pricing Policies
Distribution
Promotion
Consumer
Satisfaction
Market control

5. Production
Concept
Product Concept
Sales Concept
Marketing Concept
Societal Concept
Consumer prefer Products -
widely available @ low cost,
since Organisation do mass
production @ low cost
Consumer prefer product-
offer most Quality,
Performance, Features. Since
Organisation improving
product time to time.
Consumer buy product
based on their promotion.
Since company focus on
promotion.
focusing on the needs and
wants of a target market, a
company can deliver more
Satisfaction than its
competitors.
emphasizes the importance
of the well-being of
customers and society as a
whole
Concept of Marketing
The marketing
concept is the philosophy
that firms should analyze the
needs of their customers and
then make decisions to
satisfy those needs, better
than the competition. Today
most firms have adopted the
marketing concept, but this
has not always been the
case.

6. FUNCTIONS OF
PHYSICAL SUPPLY
❖ Transportation
❖ Storage or
Warehousing
FACILITATING
FUNCTIONS
❖ Financing
❖ Risk-taking
❖ Standardisation &
Grading
❖ Marketing information
FUNCTIONS OF
EXCHANGE
❖ Buying and
Assembling
❖ Selling and Dividing
FUNCTIONS
OF
MARKETING
Classification of Marketing
Functions