STUDY ABOUT MARKETING
- It is the study of exchange relationships and management. According to the American Marketing Association suggests that marketing is “the activity, process of creation, a set of institutions, communicating, exchanging and delivering offerings which have value for customers, partners, clients and societies at large.” It mainly is created to attract customer, provide customer satisfaction and to keep consumers in hand. Here the primary focus is customer oriented and their daily activities, in this way it can be considered that marketing is one of the optimized components of Business Management. In the past this strategy of marketing was seen in many other different industries which mainly includes the using of three formulas which are advertising, distributing and selling. The extensive uses of marketing also come in the academic study of marketing as well like psychology, mathematics, anthropology, economics, social sciences, social sciences, and neuroscience. This profession is widely recognized as the smaller branch of science and its uses.
- The overall program starts with the orientation of market research and ends up in marketing segmentation, organizational planning and later on the execution of promotional activities. Marketing is the different operations of a company or an organization connected with purchasing and trading a commodity or service. This includes promoting, merchandising and distributing products to personages. People who work in marketing departments of businesses or other organizational entities try to get the awareness of targeted public by using packaging design, slogans, general media exposure and celebrity endorsements.
- Marketing is everything an organization does to gain consumers and sustain a manageable bond with them. Even the small tasks like addressing thank-you letters, playing golf with a prospective buyer, answering calls immediately and meeting with previous clients for coffee or tea can be considered as retailing. The final purpose of marketing is to equal another firm's services and products or goods to the people who need them and have the dream to acquire them, which later on helps reassuring profitability.
WHAT IS MARKETING MANAGEMENT?
- The sole responsibility of a marketing manager is for the development and implementation of strategies for a company or business related plannings. These type of organizational initiatives are mainly designed to attract as many as new customers and also hold or retain the previous customer and clients too. Different and various types of marketing tasks include the first involvement market research programs, coordinating relevant staff members and with suppliers. Even developing the pricing system in such a different way, so that customers cannot resist themselves in coming to the market and start interacting with the sellers.
- This type of management studies employs tools starting from competitive strategies and economics which helps to analyze the modern contexts and the market structure of the industry as well. Marketing Management mainly includes the analysis of the strategic group of competitors, value chain of analysis, Porter’s five forces and others.
The marketing management sectors always conduct a marketing and market research to analyze the markets structural performances to set the pricing of a company in such a way so that it can beat the other competitors and can gain new consumers. The Marketing Managers always check and analyze the competitor’s cost structures, resources, sources of profit, and competencies. They may also design different oversee process which includes competitive intelligence surveys and environmental scanning, which will allow them to identify the trend and inform their company about the marketing structure plus analysis.
FUNCTIONS OF MARKETING MANAGEMENT
The marketing method conducts several movements as the goods or products and services move from producer to customer. Every firm does not perform all these ventures or jobs. Nevertheless, their work must be carried out by any organization that wants to achieve its marketing operations successfully.Some of the principal purposes or functions of marketing are as follows:
- Buying and Assembling
- Standardization and Grading
- Market Information
- Risk Management
- Buying and Assembling - This concerns what to buy, or of what kind to buy, how much and from whom, when and accordingly at what price. People in business order to tend to maximize sales or to reduce costs. Purchasing agents are much inspired by price, service, and quality.The products that the retailers purchase for resale are circumscribed by the requirements and decisions of their consumers. A producer buys raw materials, equipment’s, spare parts, machinery, etc. for leading out his rendering process and other relevant activities. A wholesaler purchases commodities to re-sell them to the retailers.Assembling suggests to obtain required components and to fit them accordingly to form a product. ‘Assembly line’ intimates a type of production line shaped in such a way to identify the pure assembly proceedings. The assembly operation includes the shipment of individual parts at the workplace and issuing of these components to be combined in the form of an assembly or sub-assembly.
- Transportation - Transportation is the natural medians by which assets are transferred from the areas where they are offered to those places where they are required for consumption. Transportation is necessary for the acquisition of raw material to the distribution of finished goods to the consumer’s spots. Marketing relies chiefly on trains, trucks, waterways, and air transport.The type of shipping is determined by several factors, like appropriateness, speed, and cost. Transport may be implemented either by the customer or by the retailer. The creation and kind of the transport amenities define the scope of the marketing area, the consistency in supply, stable price maintenance and easy passage to the supplier or retailers.
- Storage - This includes handling of assets in peculiar condition during the time they are manufactured until and unless consumers demand them. Goods may be saved in different warehouses located in different areas, which is usually identified as warehousing. Warehouses should be located at such sites from where the delivery of products may be accessible and affordable. The situation of warehouses is also significant from the viewpoint of next feeding of emergency requests. Storing assumes significance when production is localized, or consumption may be territorial. Retail firms are termed as “stores.”
- Standardization and Grading - Activities which promote marketings are called as standardization and grading system. Standardization means the endowment of specific standards or specifications for goods sordid on intrinsic tangible properties of any materials. This may include quantity, or it may involve quality. The government may also establish some standards, like in the instance of agricultural products. A standard carries an agreement of the products. Grading means the analysis of standardized products into certain well-defined categories or groups. It concerns the classification of commodities into classes composed of units maintaining similar attributes of size and quality. Grading is highly essential for fresh supplies, marketing of agricultural products like fruits, vegetables, and cereals.
- Financing - This suggests the application of capital to meet financial necessities of businesses trading with several exercises of marketing. The assistance to implement the credit and capital required, the costs of getting commodity into the hands of the consumers is usually introduced as the finance function in marketing. In marketing, investments are required for fixed capital and working capital that may be ensured from three sources—bank loans, owned capital, and advance trade credit. In other words, numerous classes of finances are long-term finance, short-term finance, and medium-term finance.
- Market Information - The significance of this facilitating purpose of marketing has been identified recently. The only quality institution on which marketing judgments may be meant is correct and timely market information. Right facts and information reduce the risks above and through result in cost rebate. Current marketing wants a lot of knowledge appropriately, certainly and rapidly. Marketing experience makes a retailer know when to sell, and at what price to sell. Marketing information and its accurate interpretation have led to marketing research which has now become an independent department of marketing. Even ultimate consumers need to get the relevant market knowledge about the availability of commodities, their condition standards, their prices and also about the subsequent sale service fluency. General sources for customers are salespeople, advertisements through medias, colleagues, etc.
- Risk Management - Risk means ruin due to some unexpected situations in the near upcoming future. Risk behavior in marketing attributes to the financial risk interest in the control of goods held for an expected order including the potential losses due to a reduction in prices and the losses from waste, reduction, obsolescence, fire and floods or any other damage that may occur with the passage of time. From the date of composition of assets to its selling point, many risks are associated due to variations in market positions, natural causes, and social circumstances. Changes in fashion or contrivances also create risks. Legislative actions of government may also affect risks. Risks may arise during shipping of goods. This may also occur due to degeneration, decay, and mishaps, or due to change in the rates caused by differences in their demand and supply. The different risks are ordinarily phrased as time risk, place risk, and physical risk, etc.
- Selling - Selling is the core area of marketing and marketing strategies. It is mainly concerned about the prospective customers who helps in completing the purchase of an item. This includes the transfer of possession of goods to the consumer. Selling plays a significant role in realizing the terminal intention of earning the profit. Selling is intensified utilizing personal selling, publicity, advertising, and sales promotion. Effectiveness and productivity in selling determine the capacity of company’s earnings and profitability.
WHY STUDY MARKETING?
- In a marketing course, there are vast increasing opportunities for learning the various aspects of cost structure and analyzing the marketing structure to stand amongst other competitive organizations and other industrial sectors. Not only this there are other different topics which can be studied while studying about the main course as well. The modules prepared all join the likes of the company with science so that you can learn how organizations can effectively aim their customers and build rapport.
- Within the information and experienced obtained about the program, individuals will learn how to tackle fundamental duties such as competitive examination, which allows a company to concentrate on their strengths, vulnerabilities, opportunities and intimidations. Obvious factors such as economic, social, political and technological are also acquired within a competitor interpretation. It is essential to recognize the consequences that each of these can have on industry.
- Marketing is a great subject to study as if you are involved in consumer practice. It will equip you with a perception of buying patterns and approaches while also studying at the science behind certain marketing methods. You will discover all about the branding details to make a brand strong and the different presentation tools that can help for this purpose. Marketing degrees allow individuals to improve not only their skills but also performance skills. Marketing is all about presentation, so studying it will help enhance your skills both individually and while the team is serving. This gives individuals attending more appealing to future companies as they have the skills that enterprises look for, as you can show and you realize all the critical factors of marketing.
- A marketing course sets individuals up for operating in any company in the eternity, and there are different kinds of course options you can advance in. Marketing grants many fascinating and engaging career probabilities after examining. The materials in a marketing course of study cover all the distinct portions of a marketing enterprise environment that help individuals apply their theoretical knowledge, efficiently.
- Another huge advantage of studying marketing is the need for marketers. In every profession and industry, there will be a marketing team. Which means that there will always be jobs available in marketing and with a particular qualification in the subject it presents you more appealing to fill marketing and retailing job roles.
- Studying a course in marketing can guide an individual into many diverse sectors of work. With the broad expansion of the technological world, it has empowered marketers to have more versatility when it comes to designing and creating marketing campaigns. Programs on social media allow for such professional strategies to be designed. Data has also improved the way in which marketers work. It is used to the industries advantage so that they can aim customers even more efficiently. With so many prospects regarding the technological progress, it makes it a very alluring career to pursue.
- A high payroll can also be added benefit of studying a marketing course as it contributes many career promotional plans into senior posts. The need of corporations always demanding marketers and administrators to make it a well-demanded business role. With the more knowledge gained, the salary benefits will only rise even more. The requirement for marketing will always subsist, so improvement is determined in any marketing occupation.
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