Needs can be objective and physical, such as the need for food, water and shelter; or Market research on india today and psychological, such as the need to belong to a family or social group and the need for self-esteem. Societal marketing A number of scholars and practitioners have argued that marketers have a greater social responsibility than simply satisfying customers and providing them with superior value.
Many scholars and practitioners relied on lengthy classifications of factors that needed to be considered to understand consumer responses.
As an example, a marketing department could ascertain via marketing research that consumers desired a new type of product, or a new usage for an existing product. When needs remain unfulfilled, there is a clear adverse outcome: The price is the cost that a consumer pays for a product—monetary or not.
The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably. The "marketing mix" gained widespread acceptance with the publication, inof E.
Interest in the functional school of thought, which was primarily concerned with mapping the functions of marketing was waning while the managerial school of thought, which focussed on the problems and challenges confronting marketers was gaining ground.
Something that is desired, wished for or aspired to. Consequently, this entails simply selling existing products, using promotion and direct sales techniques to attain the highest sales possible. Wants are not essential for basic survival and are often shaped by culture or peer-groups. The production department would then start to manufacture the product, while the marketing department would focus on the promotion, distribution, pricing, etc.
Although the product orientation has largely been supplanted by the marketing orientation, firms practising a product orientation can still be found in haute couture and in arts marketing.
Specifically Kotler and Armstrong note that the production philosophy is "one of the oldest philosophies that guides sellers A Managerial Approach which outlined the ingredients in the mix as the memorable 4 Ps, namely product, price, place and promotion.
A firm in the market economy can survive by producing goods that persons are willing and able to buy. Production may oppose the installation, support and servicing of new capital stock, which may be needed to manufacture a new product.
However, because the academic study of marketing makes extensive use of social sciencespsychologysociologymathematicseconomicsanthropology and neurosciencethe profession is now widely recognized as a science,  [ not in citation given ]allowing numerous universities to offer Master-of-Science MSc programs.
The price need not be monetary; it can simply be what is exchanged for the product or services, e. The so-called production era is thought to have dominated marketing practice from the s to the s, but other theorists argue that evidence of the production orientation can still be found in some companies or industries.
They should consider the impact of their activities on all stakeholders. When needs and wants are backed by the ability to paythey have the potential to become economic demands. Origins[ edit ] During the s, the discipline of marketing was in transition.
Place or distribution This refers to how the product gets to the customer; the distribution channels and intermediaries such as wholesalers and retailers who enable customers to access products or services in a convenient manner.
Given the centrality of customer needs and wants in marketing, a rich understanding of these concepts is essential: Pricing This refers to the process of setting a price for a product, including discounts.
Marketing mix The four Ps, often referred to as the marketing mix or the marketing program,  represent the basic tools which marketers can use to bring their products or services to market. Definition[ edit ] Marketing is defined by the American Marketing Association as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
The scope of a product generally includes supporting elements such as warranties, guarantees, and support. A product orientation is based on the assumption that, all things being equal, consumers will purchase products of a superior quality.
A production orientation may be deployed when a high demand for a product or service exists, coupled with certainty that consumer tastes and preferences remain relatively constant similar to the sales orientation.
It is a customer-centric approach that involves a firm basing its marketing program around products that suit new consumer tastes. Methods of setting prices are in the domain of pricing science.
As no-one has to buy goods from any one supplier in the market economy, firms must entice consumers to buy goods with contemporary marketing ideals. Companies that adopt a societal marketing perspective typically practice triple bottom line reporting whereby they publish social impact and environmental impact reports alongside financial performance reports.
Marketing organisations that have embraced the societal marketing concept typically identify key stakeholder groups such as employees, customers, and local communities.HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India.
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