COURSE MATERIAL

Program : BBA (DUAL SPECIALIZATON) Semester : II

Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING

MARKETING
We use a large variety of goods and services in our daily life. These include items like
toothpaste, toothbrush, soap, oil, clothes, food items, telephone, electricity and many more.
How do all these goods and services reach our home? Obviously, the business houses who
produce the goods and services have to ensure that these are to be sold, and so they have to
make the consumers/users aware of their products and place them at points convenient to the
consumers. This involves several activities such as product planning, pricing, promotion, use
of middlemen (wholesalers, retailer etc.) for sale, warehousing, transportation etc. All these
activities taken together are termed as Marketing. In this lesson, we will learn about the concept
of marketing, its importance, approaches, concepts, evolution, objectives, functions etc.

OBJECTIVES OF THIS UNIT

After studying this Unit, you will be able to:
1. Describe the concepts of marketing.
2. Understand the principles as well as tools and techniques of marketing.
3. Analyse the role of strategic planning in marketing.
4. Perceive the recent trends in marketing.

1
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
MARKETING
“Good marketing makes the company look smart. Great marketing makes the customer feel
smart." - Joe Chernov.
Marketing is a word we are all familiar with, but how much do we know about this core
business function? How is marketing related to a brand's customer? The first word that comes
to your mind when you hear marketing is probably advertising. In fact, these words are
frequently used interchangeably. But did you know that marketing is much more complex, and
advertising is just a small (but significant) part of marketing. Marketing, as commonly
misunderstood, does not just comprise the advertising of products. Marketing as a business
function encapsulates a lot more. Although advertisements are the most common forms of
marketing - as people come across tens or hundreds of them every day, on their TVs, laptops,
phones, on a banner while driving, or on moving vehicles - marketing does not end there. Today,
marketing includes the engagement and satisfaction of customers and their needs. Marketing
aims to communicate a product's benefits and values to its customers and society. Marketing
can be defined as an organisation's efforts to communicate its values and benefits to customers,
partners and other parties involved. Marketing activities now also focus on effectively engaging
target customers to understand their needs. Value generation and exchanges between the
organisation and the customers are crucial to marketing.
A marketing campaign can only be considered successful if the following has occurred:
1. effectively engages the customer,
2. understands customer needs,
3. develops superior customer value-generating products,
4. appropriately prices the products,
5. effectively distributes the products, and
6. appropriately promotes the products.
Marketing is a five-step process that enables a business to generate customer value and is as
follows:
1. Understanding the marketplace and the customer's wants and needs,
2. Designing a marketing strategy that is customer-driven,
3. Developing a marketing program that will deliver superior customer value,
4. Building profitable relationships with customers, and
5. Creating profits and customer equity by capturing value from customers.
Marketing, as a whole, is a set of activities that help an organisation create value for its
customers while building profitable relationships with them. To achieve this, businesses create
a marketing strategy.
2
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
Marketing is an ancient art and has, since the day of Adam and Eve, been practiced in
one form or the other. In the modern world, Marketing is everywhere; most of the task we do
and most of the things we handle are linked to marketing. Marketing is an activity. Marketing
activities and strategies result in making products available that satisfy customers while
making profits for the companies that offer those products. Your morning tea, your
newspaper, your breakfast, the dress you put on for the day, the vehicle you drive, the mobile
in your pocket, the quick lunch you have at the fast food joint, the PC at your desk, your internet
connection, your e-mail ID almost everything that you use and everything that is around you,
has been touched by marketing. Marketing has its imprint on them all depending on the product
and the context/experience the imprint may be visible or subtle. But it is very much there.
Marketing permeates most of your daily activities. Marketing is an omnipresent entity.
Marketing is an ancient art and has, since the day of Adam and Eve, been practiced in
one form or the other. In the modern world, Marketing is everywhere; most of the task we do
and most of the things we handle are linked to marketing. Marketing is an activity. Marketing
activities and strategies result in making products available that satisfy customers while
making profits for the companies that offer those products. Your morning tea, your
newspaper, your breakfast, the dress you put on for the day, the vehicle you drive, the mobile
in your pocket, the quick lunch you have at the fast food joint, the PC at your desk, your internet
connection, your e-mail ID almost everything that you use and everything that is around you,
has been touched by marketing. Marketing has its imprint on them all depending on the product
and the context/experience the imprint may be visible or subtle. But it is very much there.
Marketing permeates most of your daily activities. Marketing is an omnipresent entity. The
term ‘market’ is derived from Latin word called ‘marcatus’ which means trade, merchandise,
traffic or place of business. In ordinary language, the term market refers to a certain place where
buyers and sellers personally meet each other and make their purchases and sales. According
to Cornot, “Market is meant not any particular place in which things are bought and sold, but
the whole of any region in which the buyers and sellers are in such free intercourse with one
another, that the price of the same goods tends to equality easily and quickly”. According to
Chapman, the term market refers “not to a place but to a commodity or commodities and buyers
and sellers who are in direct competition with one another”. According to W.J Stanton and
Others, “Any person or group with whom an individual or organization has an existing or
potential relationship can be considered as market”. By analysing the previous definitions, we
can define the term market refers to an exchange activity which takes place between buyers
and sellers directly or through middlemen, in a place or otherwise, for a price, resulting in
physical delivery of ownership of goods.

3
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
Marketing is as old as selling. The word “marketing” likely originates from Europe in the early
1500s, when traveling merchants sold food and other goods at town markets. But the practice
of marketing is even older. Archaeological evidence shows that ancient civilizations in Egypt,
Greece, and Rome distributed advertisements and branded items for sale. Marketing practices
have evolved as society and technology have progressed. Here are some of the key
developments from the past few centuries:
1800s - The Industrial Revolution introduced major innovations in technology, transportation,
and mass production. By the mid-1800s, companies had the ability to mass-produce items and
transport them over large distances. As a result, selling began to shift from a local activity to a
more national (or in some cases, international) one. In turn, customer demand for goods grew
as a wider variety of products were readily available for purchase. Merchants typically
advertised their goods by displaying posters in public spaces. Businesses began leasing
billboards in the 1860s to communicate to larger groups of people, and by 1872, a billboard
lobbying group called the International Bill Posters Association of North America was
established. (Today it is known as the Out of Home Advertising Association of America.)
1900s - The advertising revolution ushered in new ways for businesses to broadcast their
message and reach potential customers. Some of these new channels included radio (early
1920s), television (early 1940s), and the telephone (mid-1940s). With more ways to
communicate with audiences than ever before, companies adopted new strategies in order to
gain customers and stay competitive. Marketing professionals started communicating the
unique benefits of their offerings and examining demographic data (such as education level
and salary). In 1956, Wendell R. Smith, a professor at the University of Massachusetts at
Amherst, summarized these new practices in a famous article titled “Product Differentiation
and Market Segmentation as Alternative Marketing Strategies.” In the 1960s, many companies
began investing in marketing departments — teams dedicated to reaching customers and
gaining market share.
2000s - The digital revolution radically transformed marketing. In particular, the growing use
of the internet opened up new ways to engage customers, leading to the rise of e-commerce
and online marketing. In the late 1990s, companies began building simple websites to share
information about their products and services. Google and MSN launched search engines that
ranked websites based on a variety of metrics. Companies began investing in search engine
optimization to appear at the top of the results. Most businesses today use some combination
of digital tactics to engage with their core audience and grow their brand. These include search
engine marketing, blogging, online and mobile advertising, email, video, and social media. As
new technologies emerge, companies are incorporating different approaches to reaching
customers — such as voice-assisted devices and augmented or virtual realities.

4
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
MEANING
In the ordinary sense, marketing and selling are used in the same sense but strictly speaking
they are not synonymous, they differ in their meaning. There is a line of demarcation between
marketing and selling.
Marketing includes all activities involved in the production and distribution of goods and
services desired by the consumers. Marketing occupies an important place in all business
activities. According to modern marketing concept, marketing is essentially consumer oriented,
and it starts with product idea and ends with customer satisfaction. According to William
Stanton "Marketing is a total system of interacting business activities designed to plan, price,
promote and distribute want satisfying products and services to present and potential
customers". Thus the main idea of modern marketing concept is customer - satisfaction.
Marketing is the bridge between production and consumption. Marketing forms the vital link
between people’s needs and means of satisfying them. Marketing is an activity that satisfies
human needs through exchange processes. Marketing is merely a civilized form of welfare in
which battles are won with words, ideas and disciplined thinking. Marketing originates with
the recognition of a need on the part of a consumer and terminates with the satisfaction of that
need by the delivery of a usable product at the right time, at the right place and at an acceptable
price.
Marketing is a viewpoint, which looks at the entire business process as a highly integrated
effort to discover, create, arouse and satisfy consumer needs. Marketing is the delivery of a
standard of living to society.

5
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
DEFINITIONS OF MARKETING
1. “Marketing is the process of planning and executing the conceptions, pricing,
promotion and distribution of ideas, goods, and services to create exchanges that satisfy
individual and organizational goals.” - American Marketing Association – A.M.A.
(1964)
2. “Marketing is a societal process by which individuals and groups obtain what they need
and want through creating, offering and freely exchanging products and services of
value with others.” - Kotler and Armstrong (2010)
3. “Marketing management acts as a liaison between customers and the production side
of business. Through careful blending of the needs of customers with the capabilities
of production; it attempts to satisfy its customers.” - E. Jerome McCarthy
4. “Marketing is the management process for identifying, anticipating & satisfying
customer requirements profitably.” - The Chartered Institute of Marketing.
5. "Marketing is 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. It defines, measures, and quantifies the size of the identified market and the
profit potential." - Philip Kotler
6. "Marketing is not only much broader than selling, it is not a specialized activity at all.
It encompasses the entire business. It is the whole business seen from the point of view
of its final result, that is, from the customer's point of view." - Peter Drucker
7. "Marketing is a process by which a product or service is introduced and promoted to
potential customers. Without marketing, your business may offer the best products or
services in your industry, but none of your potential customers would know about it." -
Theodore Levitt
8. "Marketing includes all the activities involved in the creation of place, time and
possession utilities." - Professor Converses, Huegye and Mitchell.
9. "Marketing is that phase of business activity through which human wants are satisfied
by exchange of goods and services." - J. F. Pyle
10. "Marketing is the creation and delivery of a standard of living." - Malcom Menair.
11. "Marketing is concerned with all the resources and activities involved in the flow of
goods and services from producer to consumer." - Wheeler.
12. "Marketing is the process of getting the right goods to the right consumes at the right
place and time and at the right price." - ADG
6
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
THE EXCHANGE CONCEPT
The exchange concept of marketing, as the name suggests, holds that exchange of a product
between the sellers and buyers is the central idea of marketing. While exchange does form a
significant part of marketing, but considering marketing as simply exchange of product and
services would amount to gross undermining of the essence of marketing. Marketing is much
broader than exchange. Exchange, at best covers the distribution aspect and the price
mechanism. The other important aspects of marketing, such as concern for customers,
generation of value satisfactions, creative selling and integrative activity of serving the
customers, get completely overshadowed in the exchange concept of marketing.

STAGES OF MARKETING
a) The Stage of Barter - The pre-industrial revolution world was characterized by an
agricultural cum handicraft economy. The agriculturist, whether produce wheat or rice, or wool
or cotton, exchange the surplus with other agriculturists because the products produced by one
agriculturist is required by other who were not engaged in the same activity. In this way, they
meet their requirement by exchanging the product of value with each other. There was no
elaborate distribution system because the need and habit of the people and the technology did
not demand such system.
b) The Stage of Money Economy - The next stage in the evolution of marketing was money
economy. The fundamental change that took place in this period was the replacement of barter
system by money economy. Money becomes the mechanism of exchanging goods and services.
c) The Stage of Industrial Revolution - Many fundamental changes took place at this stage.
Industrial revolution gave the birth to new business system. It introduced new products, new
manufacturing system, new transportation mode and methods of communication, and also
brings changes in the physical and economic environment of man. The concept of mass
production was introduced, and variety of low-cost products is manufactured in abundance.
The industrial revolution also gave birth to income revolution, giving a great deal of disposable
income to large mass of people. And because of this disposable income only, mass production
and mass distribution sustained during industrial revolution.
d) The Stage of Competition - The mass production and mass distribution brought by industrial
revolution soon to the stage of competition. The ever-increasing size of the industrial firms
leads to stiff competition among the producers. Earlier, during industrial revolution the main
task of the industrial firms was to produce and distribute the products but now the main issue
was to face the competition and sustain in the business. They started differentiating their
products in order that their products are preferred over the competitor’s product.
7
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
WHAT MARKETERS DO?
In order to reach the goal of creating a relationship that holds value for customers and for the
organization, marketers use a diverse toolkit that includes (but is not limited to) making
decisions regarding:
• Target Markets - Those markets identified as possessing needs the marketer believes
can be addressed by its marketing efforts.
• Products/Services - A tangible or intangible solution to the market’s needs.
• Promotion - Promotion means for communicating information about the marketing
organization’s solution to the market.
• Distribution - It means used to allow the market to obtain the solution.
• Pricing - It ways for the marketer to adjust the cost to the market for the solution.
• Services - Additional options that enhance the solution’s value.

8
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
KEY CONCEPTS OF MARKETING

Philip Kotler, the eminent writer, defines modern marketing as, “Marketing is social and
managerial process by which individuals and groups obtains what they needs and wants
through creating and exchanging product and value with others.” Careful and detailed analysis
of this definition necessarily reveals some core concepts of marketing.
1. Needs: Existence of unmet needs is preconditioned to undertake marketing activities.
Marketing tries to satisfy needs of consumers. Human needs are the state of felt deprivation of
some basic satisfaction. A need is the state of mind that reflects the lack-ness and restlessness
situation. Needs are physiological in nature. People require food, shelter, clothing, esteem,
belonging, and likewise. Note that needs are not created. They are pre-existed in human being.
Needs create physiological tension that can be released by consuming/using products.
2. Wants: Wants are the options to satisfy a specific need. They are desire for specific satisfiers
to meet specific need. For example, food is a need that can be satisfied by variety of ways, such
as sweet, bread, rice, chapati, puff, etc. These options are known as wants. In fact, every need
can be satisfied by using different options. Maximum satisfaction of consumer need depends
upon availability of better options. Needs are limited, but wants are many; for every need, there
are many wants. Marketer can influence wants, not needs. He concentrates on creating and
satisfying wants.
3. Demand: Demand is the want for specific products that are backed by the ability and
willingness (may be readiness) to buy them. It is always expressed in relation to time. All wants
are not transmitted in demand. Such wants which are supported by ability and willingness to
buy can turn as demand. Marketer tries to influence demand by making the product attractive,
9
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
affordable, and easily available. Marketing management concerns with managing quantum and
timing of demand. Marketing management is called as demand management.
4. Product: Product can also be referred as a bundle of satisfaction, physical and psychological
both. Product includes core product (basic contents or utility), product-related features (colour,
branding, packaging, labeling, varieties, etc.), and product-related services (after-sales services,
guarantee and warrantee, free home delivery, free repairing, and so on). So, tangible product is
a package of services or benefits. Marketer should consider product benefits and services,
instead of product itself. Marketer can satisfy needs and wants of the target consumers by
product. It can be broadly defined as anything that can be offered to someone to satisfy a need
or want. Product includes both good and service. Normally, product is taken as tangible object,
for example, pen, television set, bread, book, etc. However, importance lies in service rendered
by the product. People are not interested just owning or possessing products, but the services
rendered by them. For examples, we do not buy a pen, but writing service. Similarly, we do
not buy a car, but transportation service. Just owning product is not enough, the product must
serve our needs and wants. Thus, physical product is just a vehicle or medium that offers
services to us. As per the definition, anything which can satisfy need and want can be a product.
Thus, product may be in forms of physical object, person, idea, activity, or organisation that
can provide any kind of services that satisfy some needs or wants.
5. Utility (value), Cost, and Satisfaction: Utility means overall capacity of product to satisfy
need and want. It is a guiding concept to choose the product. Every product has varying degree
of utility. As per level of utility, products can be ranked from the most need-satisfying to the
least need-satisfying. Utility is the consumer’s estimate of the product’s overall capacity to
satisfy his/her needs. Buyer purchases such a product, which has more utility. Utility is, thus,
the strength of product to satisfy a particular need. Cost means the price of product. It is an
economic value of product. The charges a customer has to pay to avail certain services can be
said as cost. The utility of product is compared with cost that he has to pay. He will select such
a product that can offer more utility (value) for certain price. He tries to maximize value, that
is, the utility of product per rupee. Satisfaction means fulfillment of needs. Satisfaction is
possible when buyer perceives that product has more value compared to the cost paid for.
Satisfaction closely concerns with fulfillment of all the expectations of buyer. Satisfaction
releases the tension that has aroused due to unmet need(s). In short, more utility/value with less
cost results into more satisfaction.
6. Exchange, Transaction, and Relationships: Exchange is in the center of marketing.
Marketing management tries to arrive at the desired exchange. People can satisfy their needs
and wants in one of the four ways – self-production, coercion/snatching, begging, or
exchanging. Marketing emerges only when people want to satisfy their needs and wants
through exchange. Exchange is an act of obtaining a desired product from someone by offering
10
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
something in return. Obtaining sweet by paying money is the example an exchange. Today’s
marketing practice gives more importance to relation building. Marketing practice based on
relation building can be said as relationship marketing. Relationship marketing is the practice
of building long-term profitable or satisfying relations with key parties like customers,
suppliers, distributors, and others in order to retain their long-term preference in business. A
smart marketer tries to build up long-term, trusting, and ‘win-win’ relations with valued
customers, distributors, and suppliers. Relationship marketing needs trust, commitment,
cooperation, and high degree of understanding.
7. Markets: A market consists of all potential customers sharing particular need/ want who may
be willing and able to engage in exchange to satisfy need/ want. Market Size = fn (Number of
people who have need/ want; have resources that interest others, willing or able to offer these
resources in exchange for what they want).
In Marketing terms: Sellers – called as “INDUSTRY”. Buyers – referred to in a group as
“MARKET”.
Types of Markets:
• Resource Market, Manufacturing Market, Intermediary Market, Consumer Market and
Government market.
8. Marketing & Marketers:
Working with markets to actualize potential exchanges for the purpose of satisfying needs and
wants. One party seeks the exchange more actively, called as “Marketer”, and the other party
is called “Prospect”. Prospect is someone whom marketer identifies as potentially willing and
able to engage in exchange. Marketer may be seller or buyer. Most of time, marketer is seller.
A marketer is a company serving a market in the face of competition. Marketing Management
takes place when at least one party to a potential exchange thinks about the means of achieving
desired responses from other parties.

11
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
EVOLUTION OF MARKETING CONCEPT
The marketing concept is the belief that companies must assess the needs of their consumers
first and foremost. Based on those needs, companies can make decisions in order to satisfy
their consumers’ needs, better than their competition. Companies that hold this philosophy
believe that their consumers are the driving forces of their business. Nowadays, most
companies have incorporated the marketing concept. There are five distinctive marketing
concept types or approaches to achieving effective marketing. Notably, not all these marketing
concept types work for all industries, because they differ in function. Every marketing concept
was created depending on the need of the market. As markets changed, so did the concepts.
1. The Production Concept
Companies that use the production concept have the belief that customers primarily want
products that are affordable and accessible. The production concept is based on the approach
that a company can increase supply as it decreases its costs. Moreover, the production concept
highlights that a business can lower costs via mass production. A company oriented towards
production believes in economies of scale (decreased production cost per unit), wherein mass
production can decrease cost and maximize profits. As a whole, the production concept is
oriented towards operations. A working example of the production concept is a company that
produces their goods overseas. Producing retail goods abroad lowers costs and the resulting
savings can be passed on to the consumer. These lower prices could be a good incentive to
attract new consumers. However, the company may experience a decline in quality and
gradually a decline in sales, if the process is not kept to a standard. Businesses oriented towards
production are required to avoid production efficiency procedures that affect their product’s
quality and design. By compromising product quality and design simply for production would
probably lower the desirability of a product for customers. The production concept actually
came about in the early 1920s during the industrial revolution. During that time, the production
concept was very popular because the goods produced back then were mainly basic necessities.
Moreover, there was quite a high level of demand that was unfulfilled. Almost everything that
was manufactured then were easily sold based on production costs. There were just two main
concerns for a company before they produced a product back then—whether they could
produce the product and if they could produce enough of it.
2. The Product Concept
Companies that focus on the product concept believe that the most significant priorities for a
customer are quality and functional characteristics of a product. What this indicates is that a
customer looks for innovative alternatives and always searches for the best of what is currently
available in the market. In addition, within this concept, it is assumed that consumers stay loyal
if they receive more product options and benefits. Companies who keep this philosophy intact
12
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
direct their marketing efforts in raising their product quality. With this in mind, it is not
surprising that many companies in technology use the product concept. These companies
always update and release their new products. It is then important for these technology
companies to create strong decisions on how often they should release their new products. By
releasing too often, consumers can feel frustration due to minimal changes. Not releasing often
enough would make consumers feel that the business is out of step. Companies that believe in
the product concept always have to review consumer needs and execute those changes as
efficiently and as quickly as possible.
3. The Selling Concept
The selling concept involves companies that are sales oriented. What this means is that they
can make a product and then sell it to their target market without consideration of their
consumers needs or wants. The selling concept highlights that customers would buy a
company’s products only if the company were to sell these products aggressively. This concept
became very popular in the early 1930s. At this stage in time, mass production had become the
norm, there was more competition, and most of customer demand had already been met. So,
companies started to practice the selling concept. Companies would produce the product, but
at the same time attempt to convince consumers to buy them through personal selling and
advertising. The key considerations companies had for using the selling concept was whether
they could sell the product and if they could charge sufficiently for it. The selling concept pays
little attention to whether or not a product was truly needed by consumers. The objective was
to beat the competition merely in sales, with few regarding the satisfaction of a consumer.
Nowadays, this is called “hard selling,” wherein goods are not bought – they are sold. This
concept is based on the belief that consumers may be attracted; hence, companies can focus
their efforts in attracting and educating consumers.
4. The Marketing Concept
A company that believes in the marketing concept places the consumer at the center of the
organization. All activities are geared towards the consumer. A business, oriented towards the
market, aims to understand the needs and wants of a customer and executes the marketing
strategy according to market research beginning from product conception to sales. As sales
begin, further research can be implemented to figure out what customers think about a product
and whether improvements are needed. While markets change continuously, product
development and market research is always ongoing for a company that concentrates on the
market. By focusing on the needs and wants of a target market, a company can deliver value,
more than its competitors. The marketing concept highlights the pull strategy, wherein a brand
is so strong that customers would always prefer your brand to others’. The main concerns of a
company that was focused on the marketing concept were the wants of consumers, if they could
develop the product while the consumers still wanted it, and how they could keep customer
13
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
satisfaction. The marketing concept came about after the Second World War. There were more
product variety and the selling concept could not be depended upon to generate sales. With
raised discretionary income, consumers were also able to be selective. They could buy products
that met their needs precisely but those needs were not patently obvious. As companies started
to use the marketing concept actively, they usually put up individual marketing departments in
their organizations. Their goals were to satisfy the needs of their customers. Oftentimes, the
departments were sales departments with extended responsibilities. Although these extended
sales departments are still found in the companies of today, many companies have structured
themselves to marketing organizations with more wide-ranging focus on the company.
5. The Societal Marketing Concept
The societal marketing concept is a relatively new marketing concept. While the societal
marketing concept highlights the needs and wants of a target market and the delivery of better
value than its competitors, it also underscores the importance of the well-being of customers
and society as a whole (consumer welfare or societal welfare). The societal marketing concept
goes one step further than the marketing concept. Case in point, if a company creates a car that
uses less fuel but has more pollution, this would merely increase customer satisfaction, but not
societal welfare. Companies who believe in the societal marketing philosophy direct their
marketing towards giving customer satisfaction and social welfare. With this last concept of
marketing, companies receive long-term profit, not only from the viewpoint of the consumer,
but also of society.
6. The Holistic Marketing Philosophy
The holistic marketing concept is a 21st century business thinking. The concept is based on
the “development, design, and implementation of marketing programmes, processes and
activities that recognizes their breadth and interdependencies”. The holistic marketing concept
suggests that the 21st century business firm needs a new set of belief and practice toward
business operation that is more complete and cohesive than the traditional application of the
marketing concept. According to Kotler and Keller holistic marketing recognizes that
“everything matter” in marketing. Holistic marketing is thus based on the assumption that the
approach to marketing should be the adoption of all activities of marketing. Thus, holistic
marketing includes internal marketing, performance marketing, integrated marketing and
relationship marketing. Kotler and Keller’s holistic marketing concept seems to be an
embodiment of marketing practice rather than a concept or philosophy of business. A
marketing concept is “a way of thinking; a management philosophy guiding an organisation's
overall activities [affecting] all the efforts of the organisation, not just its marketing activities".
The holistic marketing orientation seems to dwell on just the marketing functions and not the
overall activities of the organisation. The concept looks at internal marketing, performance
marketing, integrated marketing and relationship marketing, which are all typical activities of
14
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
marketing. The concept fails to acknowledge other activities of business such as production,
management style, organisation culture and other non-marketing factors of business that make
a firm business orientated. Thus, the holistic marketing concept should better be viewed as a
summary of what effective and efficient marketing involves rather than a business philosophy,
and for that matter a marketing concept, because a marketing concept means more than just
marketing functions, as suggested by Kotler and Keller’s. ‘Integration of all marketing
activities’, this should include internal marketing, performance marketing, integrated
marketing and relationship marketing. Better still; the holistic marketing concept can be
described as a clever combination of all the concepts that have been developed prior to it.

MARKETING ORIENTATION
• Production Orientation - A production orientated organisation commonly operates a
mass production model and streamlines this production process for its product offering.
This orientation approach assumes that its customers value price, and therefore, it
focuses on lowering production costs to meet such price needs of this customer base.
This price is believed to form the main value proposition of the production orientation
organisation’s key offering, focusing its resources towards operations and positioning
its key marketing communications on price-based messages. This assumption that price
is king, however, isn’t always indicative of the needs and wants of the target audience
as the approach does not require learning anything about the customer base. It assumes
that its customers want the cheapest product available and will strive to realise this price.
Advantages: Economies of scale, efficiency, low cost to customers.
Disadvantages: Disregards customer needs, set-up costs are usually high.

• Product Orientation - It is sometimes assumed that a product orientation approach is

similar to a production orientation approach. But it is exactly the opposite. This
approach to business concerns its products and continually improving and refining them
so that the product can always be superior to that of its competitors. So, as the previous
orientation was centred around price, product orientation is centred around quality,
which often increases the price. Premium products fall into this category, but the
approach does not always offer what its target audience actually wants or considers the
factors that the audience uses to form its purchasing decision. See a previous post on
how to launch a science product for more of product marketing. Quality – and therefore
a product orientated organisation – often does not consider external factors, and focuses
on manufacturing a high-quality, premium product that is superior within the market it
operates and competes within.
Advantages: Focus on quality, innovation, skills development/outsourcing.
15
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
Disadvantages: Potential missed market opportunities, obsolescence.

• Sales Orientation - A sales orientated organisation focuses the majority of its resources
on selling its products and services to its target audience. In a way, it does prioritise its
customers but not in a sense of listening to their needs and wants – it simply wants to
sell to them. Existing products are usually given to the sales and marketing teams and
they are tasked to finding buyers to those products, wherever and whoever they may be.
Many organisations will feel they are not selling enough of their products and will,
therefore, adopt sales orientated techniques to focus the organisation on selling more
and building on its profit margins. Disregarding customer needs in this way, and
adopting aggressive outbound sales techniques, is an approach that rarely works in the
long term. This is especially the case now that the general “customer” (regardless of
industry) is more empowered than ever and appreciates relationships within the sales
processes, especially within the B2B pharma sectors. That said, this isn't to say that
organisations cannot be successful with this templated approach. The inbound
sales/marketing approach has emerged as attractive in modern-day sales orientated
organisations.
Advantages: Immediate short-term sales are generated.
Disadvantages: Risks customer confidence, costs, not always sustainable.

• Market Orientation - A market orientated organisation looks at the market and its target
audience first, before any production or sales activities takes place, to learn what
potential customers want from organisations. The product or service offering is
therefore created with the customer in mind, resulting in a true customer-first approach.
Market orientation, in marketing strategy terms, commonly revolves around culture,
values and other internal behaviours focused on satisfying customer needs that are
usually well-researched prior. Although this clearly has its benefits, it can also come at
a cost to organisations as it usually puts organisations on the back foot, always reacting
to customer demands rather than predicting or shaping them with innovative products
and services. This said, most markets are moving more towards a market-orientated
approach as customers have more and more access to information about what they are
looking to buy.
Advantages: Customer satisfaction, loyalty, continual investment in research.
Disadvantages: Reactive, not always innovative, market always changing.

16
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
FUNCTIONS OF MARKETING
Marketing is related to the exchange of goods and services. Through its medium the goods and
services are brought to the place of consumption. This satisfies the needs of the customers. The
following activities are undertaken in respect of the exchange of goods and services:

1. Gathering and Analysing Market Information:

Gathering and analyzing market information is an important function of marketing. Under it,
an effort is made to understand the consumer thoroughly in the following ways:
(a) What do the consumers want?
(b) In what quantity?
(c) At what price?
(d) When do they want (it)?
(e) What kind of advertisement do they like?
(f) Where do they want (it)?
What kind of distribution system do they like? All the relevant information about the consumer
is collected and analysed. On the basis of this analysis an effort is made to find out as to which
product has the best opportunities in the market.

2. Marketing Planning:
In order to achieve the objectives of an organisation with regard to its marketing, the marketeer
chalks out his marketing plan. For example, a company has a 25% market share of a particular
product. The company wants to raise it to 40%. In order to achieve this objective the marketer
has to prepare a plan in respect of the level of production and promotion efforts. It will also be
decided as to who will do what, when and how. To do this is known as marketing planning.

3. Product Designing and Development:

Product designing plays an important role in product selling. The company whose product is
better and attractively designed sells more than the product of a company whose design
happens to be weak and unattractive. In this way, it can be said that the possession of a special
design affords a company to a competitive advantage. It is important to remember that it is not
sufficient to prepare a design in respect of a product, but it is more important to develop it
continuously.

17
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
4. Standardisation and Grading:
Standardisation refers to determining of standard regarding size, quality, design, weight, colour,
raw material to be used, etc., in respect of a particular product. By doing so, it is ascertained
that the given product will have some peculiarities. This way, sale is made possible on the basis
of samples. Mostly, it is the practice that the traders look at the samples and place purchase
order for a large quantity of the product concerned. The basis of it is that goods supplied
conform to the same standard as shown in the sample. Products having the same characteristics
(or standard) are placed in a given category or grade. This placing is called grading. For
example, a company produces commodity – X, having three grades, namely A’. ‘B’ and ‘C’,
representing three levels of quality; best, medium and ordinary respectively.

5. Promotion and Pricing:

Promotion means informing the consumers about the products of the company and encouraging
them to buy these products. There are four methods of promotion: (i) Advertising, (ii) Personal
selling, (iii) Sales promotion and (iv) Publicity. Every decision taken by the marketer in this
respect affects the sales. These decisions are taken keeping in view the budget of the company.
It is the most important function of a marketing manager to fix price of a product. The price of
a product is affected by its cost, rate of profit, price of competing product, policy of the
government, etc. The price of a product should be fixed in a manner that it should not appear
to be too high and at the same time it should earn enough profit for the organisation.

6. Packaging and Labelling:

Packaging aims at avoiding breakage, damage, destruction, etc., of the goods during transit and
storage. Packaging facilitates handling, lifting, conveying of the goods. Many a time, customers
demand goods in different quantities. It necessitates special packaging. Packing material
includes bottles, canister, plastic bags, tin or wooden boxes, jute bags etc. Label is a slip which
is found on the product itself or on the package providing all the information regarding the
product and its producer. This can either be in the form of a cover or a seal.

7. Branding:
Every producer/seller wants that his product should have special identity in the market. In order
to realise his wish he has to give a name to his product which has to be distinct from other
competitors. Giving of distinct name to one’s product is called branding. Thus, the objective
of branding is to show that the products of a given company are different from that of the
18
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
competitors, so that it has its own identity. For instance, if a company wants to popularise its
commodity – X under the name of “777” (triple seven) then its brand will be called “777”. It
is possible that another company is selling a similar commodity under AAA (Triple ‘A’) brand
name. Under these circumstances, both the companies will succeed in establishing a distinct
identity of their products in the market. When a brand is not registered under the trade Mark
Act, 1999, it becomes a Trade Mark.

8. Customer Support Service:

Customer is the king of market. Therefore, it is one of the chief functions of marketer to offer
every possible help to the customers. A marketer offers primarily the following services to the
customers:
(i) After-sales-services
(ii) Handling customers’ complaints
(iii) Technical services
(iv) Credit facilities
(v) Maintenance services
Helping the customer in this way offers him satisfaction and in today’s competitive age
customer’s satisfaction happens to be the top-most priority. This encourages a customer’s
attachment to a particular product and he starts buying that product time and again.

19
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
APPROACHES OF MARKETING

Marketing as a concept evolved decade by decade, its definition also changed with the passing
time. Approach may be defined as the prospective by which the particular field or study is
examined or the way in which a particular subject is studied. There are several approaches in
the field of marketing.
Approach # 1. Product or Commodity:
This approach undertakes the study of marketing on the basis of a commodity. For example,
when studying the marketing of cotton, one will begin with examining the sources of supply,
nature and volume of demand, the purpose for which it is required, how it is transported, the
problem of storage, standardization, packing, branding, etc. This approach is termed as –
“descriptive approach”. In this method, the commodity serves as a focus around which the
organizational and managerial aspects of marketing are studied. This approach is criticized for
being repetitive and time consuming since the emphasis is on products. The classification of
products tends to create another problem.
Approach # 2. Institutional:
Under this approach, analysis of different institutions engaged in marketing is undertaken. The
activities performed by each institution form a part of the entire marketing process. Under this
approach marketing process is split up into three institutional functions namely, concentration,
equalization and dispersion. This approach has failed to bring, out effectively the interrelations
of all the institutions.
Approach # 3. Functional:
Functional approach splits down the field of marketing into a few functions. The purpose is to
enable one to separate the essential from the non-essential elements. According to this approach
(designed by A.W. Shaw), middlemen perform the following functions—sharing the risk,
transporting the goods and financing the operations.
Approach # 4. Managerial:
This approach combines certain features of the other three approaches. This approach lays
emphasis on the application aspects of marketing problems. The changes in marketing are
mainly due to two factors—controllable and non-controllable. The controllable factors mean
those marketing forces which are well under the control of the firm, for example, personal
selling, advertising, etc. The non-controllable factors include economic, sociological and
political forces.

20
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
Approach # 5. Societal:
In the societal approach to the study of marketing, the entire marketing process is regarded not
as a means by which business meets the needs of consumers but as a means by which society
meets its own consumption needs. This approach mainly focuses on the environmental factors
like sociological, cultural, political, legal, etc., and marketing decisions and their impact on the
society. It gives importance to the society and not to the customer.
Approach # 6. Systems:
Marketing has different sub-systems such as product planning, pricing, promotion, distribution,
etc. This approach would help the management to plan the activities of each small group in
detail and implement them effectively. Marketing process is not a bundle of isolated functions
as was thought in the past. Each function has a profound influence on the other. Moreover, all
marketing activities are performed in an ever-changing atmosphere. The above two reasons
necessitate the introduction of the systems approach. Companies are also realizing that losing
a customer means more than losing a single sale that is, losing the entire stream of purchases
that the customer would make over a lifetime of patronage. Thus, working to retain customers
makes good economic sense.
Approach # 7. Scientific:
In recent years considerable progress has been made the study of marketing because of the
scientific approach. This approach is otherwise known as interdisciplinary approach. It refers
to the uses of all disciplines—social, physical, quantitative and business—to develop
marketing insights, concepts and theories, investigate and solve marketing problems. It
includes the application and integration of pertinent material to advance marketing. With the
application of behavioural sciences, many new concepts on perception, attitude, opinion,
leadership, and communication and consumer behaviour have been developed which are of
vital importance to the marketers. The field of statistics, mathematics and electronics has
developed many new, analytical tools which are applied to identify and solve marketing
problems.

21
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
NATURE OF MARKETING
The Nature of Marketing are as follows:
1. Human Activity: Originally, the term marketing is a human activity under which human
needs are satisfied by human efforts. It’s a human action for human satisfaction.
2. Consumer Oriented: A business exist to satisfy human needs, hence business must find
out what the desire of customer (or consumer) and thereby produce goods & services as per the
needs of the customer. Thus, only those goods should be produce that satisfy consumer needs
and at a reasonable profit to the manufacturer (or producer).
3. Art as well as Science: In the technological arena, marketing is the art and science of
choosing target markets and satisfying customers through creating, delivering, and
communicating superior customer value. It is a technique of making the goods available at right
time, right place, into right hands, right quality, in the right form and at right price.
4. Exchange Process: All marketing activities revolve around commercial exchange
process. The exchange process implies transactions between buyer and seller. It also involves
exchange of technology, exchange of information and exchange of ideas.
5. Starts and Ends with Customers: Marketing is consumer oriented and it is crucial to
know what the actual demand of consumer is. This is possible only when required information
related to the goods and services is collected from the customer. Thus, it is the starting of
marketing and the marketing end as soon as those goods and services reach into the safe hands
of the customer.
6. Creation of Utilities: Marketing creates four components of utilities viz. time, place,
possession and form. The form utility refers to the product or service a company offers to their
customers. The place utility refers to the availability of a product or service in a location i.e.
Easier for customers. By time utility, a company can ensure that products and services are
available when customers need them. The possession utility gives customers ownership of a
product or service and enables them to derive benefits in their own business.
7. Goal Oriented: Marketing seeks to achieve benefits for both buyers and sellers by
satisfying human needs. The goal of marketing is to generate profits through the satisfaction of
the customer.
8. Guiding Element of Business: Modern Marketing is the heart of industrial activity that
tells what, when, how to produce. It is capable of guiding and controlling business.
9. System of Interacting Business Activities: Marketing is the system through which a
business enterprise, institution or organization interacts with the customers with the objective

22
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
to earn profit, satisfy customers and manage relationship. It is the performance of business
activities that direct the flow of goods and services from producer to consumer or user.
10. Marketing is a Dynamic Process (series of interrelated functions): Marketing is a
complex, continuous and interrelated process. It involves continuous planning, implementation
and control.

SCOPE OF MARKETING
1. Study of Consumer Wants and Needs - Goods are produced to satisfy consumer wants.
Therefore study is done to identify consumer needs and wants. These needs and wants
motivates consumer to purchase.
2. Study of Consumer behaviour - Marketers performs study of consumer behaviour.
Analysis of buyer behaviour helps marketer in market segmentation and targeting.
3. Production planning and development - Product planning and development starts with
the generation of product idea and ends with the product development and commercialisation.
Product planning includes everything from branding and packaging to product line expansion
and contraction.
4. Pricing Policies - Marketer must determine pricing policies for their products. Pricing
policies differs from product to product. It depends on the level of competition, product life
cycle, marketing goals and objectives, etc.
5. Distribution - Study of distribution channel is important in marketing. For maximum
sales and profit goods are required to be distributed to the maximum consumers at minimum
cost.
6. Promotion - Promotion includes personal selling, sales promotion, and advertising.
Right promotion mix is crucial in accomplishment of marketing goals.
7. Consumer Satisfaction - The product or service offered must satisfy consumer.
Consumer satisfaction is the major objective of marketing.
8. Marketing Control - Marketing audit is done to control the marketing activities.

23
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
OBJECTIVES OF MARKETING
1. Creation of Demand: The marketing management’s first objective is to create demand
through various means. A conscious attempt is made to find out the preferences and tastes of
the consumers. Goods and services are produced to satisfy the needs of the customers. Demand
is also created by informing the customers the utility of various goods and services.
2. Customer Satisfaction: The marketing manager must study the demands of customers before
offering them any goods or services. Selling the goods or services is not that important as the
satisfaction of the customers’ needs. Modern marketing is customer- oriented. It begins and
ends with the customer.
3. Market Share: Every business aims at increasing its market share, i.e., the ratio of its sales
to the total sales in the economy. For instance, both Pepsi and Coke compete with each other
to increase their market share. For this, they have adopted innovative advertising, innovative
packaging, sales promotion activities, etc.
4. Generation of Profits: The marketing department is the only department which generates
revenue for the business. Sufficient profits must be earned as a result of sale of want-satisfying
products. If the firm is not earning profits, it will not be able to survive in the market. Moreover,
profits are also needed for the growth and diversification of the firm.
5. Creation of Goodwill and Public Image: To build up the public image of a firm over a period
is another objective of marketing. The marketing department provides quality products to
customers at reasonable prices and thus creates its impact on the customers. The marketing
manager attempts to raise the goodwill of the business by initiating image- building activities
such a sales promotion, publicity and advertisement, high quality, reasonable price, convenient
distribution outlets, etc.

24
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
MAJOR IMPORTANCES OF MARKETING MANAGEMENT
(1) Marketing Helps in Transfer, Exchange and Movement of Goods: Marketing is very helpful
in transfer, exchange and movement of goods. Goods and services are made available to
customers through various intermediaries’ viz., wholesalers and retailers etc. Marketing is
helpful to both producers and consumers. To the former, it tells about the specific needs and
preferences of consumers and to the latter about the products that manufacturers can offer.
According to Prof. Haney Hansen “Marketing involves the design of the products acceptable
to the consumers and the conduct of those activities which facilitate the transfer of ownership
between seller and buyer.”
(2) Marketing Is Helpful In Raising And Maintaining The Standard Of Living Of The
Community: Marketing is above all the giving of a standard of living to the community. Paul
Mazur states, “Marketing is the delivery of standard of living”. Professor Malcolm McNair has
further added that “Marketing is the creation and delivery of standard of living to the society”.
By making available the uninterrupted supply of goods and services to consumers at a
reasonable price, marketing has played an important role in raising and maintaining living
standards of the community. Community comprises of three classes of people i.e., rich, middle
and poor. Everything which is used by these different classes of people is supplied by
marketing. In the modern times, with the emergence of latest marketing techniques even the
poorer sections of society have attained a reasonable level of living standard. This is basically
due to large scale production and lesser prices of commodities and services. Marketing has
infact, revolutionised and modernised the living standard of people in modern times.
(3) Marketing Creates Employment: Marketing is complex mechanism involving many people
in one form or the other. The major marketing functions are buying, selling, financing, transport,
warehousing, risk bearing and standardisation, etc. In each such function different activities are
performed by a large number of individuals and bodies. Thus, marketing gives employment to
many people. It is estimated that about 40% of total population is directly or indirectly
dependent upon marketing. In the modern era of large scale production and industrialisation,
role of marketing has widened. This enlarged role of marketing has created many employment
opportunities for people. Converse, Huegy and Mitchell have rightly pointed out that “In order
to have continuous production, there must be continuous marketing, only then employment can
be sustained and high level of business activity can be continued”.
(4) Marketing as a Source of Income and Revenue: The performance of marketing function is
all important, because it is the only way through which the concern could generate revenue or
income and bring in profits. Buskirk has pointed out that, “Any activity connected with
obtaining income is a marketing action. It is all too easy for the accountant, engineer, etc., to
operate under the broad assumption that the Company will realise many dollars in total sales

25
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
volume. However, someone must actually go into the market place and obtain dollars from
society in order to sustain the activities of the company, because without these funds the
organisation will perish.” Marketing does provide many opportunities to earn profits in the
process of buying and selling the goods, by creating time, place and possession utilities. This
income and profit are reinvested in the concern, thereby earning more profits in future.
Marketing should be given the greatest importance, since the very survival of the firm depends
on the effectiveness of the marketing function.
(5) Marketing Acts as a Basis for Making Decisions: A businessman is confronted with many
problems in the form of what, how, when, how much and for whom to produce? In the past
problems was less on account of local markets. There was a direct link between producer and
consumer. In modern times marketing has become a very complex and tedious task. Marketing
has emerged as new specialised activity along with production. As a result, producers are
depending largely on the mechanism of marketing, to decide what to produce and sell. With
the help of marketing techniques a producer can regulate his production accordingly.
(6) Marketing Acts as a Source of New Ideas: The concept of marketing is a dynamic concept.
It has changed altogether with the passage of time. Such changes have far reaching effects on
production and distribution. With the rapid change in tastes and preference of people,
marketing has to come up with the same. Marketing as an instrument of measurement, gives
scope for understanding this new demand pattern and thereby produce and make available the
goods accordingly.
(7) Marketing Is Helpful In Development Of An Economy: Adam Smith has remarked that
“nothing happens in our country until somebody sells something”. Marketing is the kingpin
that sets the economy revolving. The marketing organisation, more scientifically organised,
makes the economy strong and stable, the lesser the stress on the marketing function, the
weaker will be the economy.

26
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
STRATEGIC PLANNING IN MARKETING
Planning is vital to marketing. It provides a roadmap to the final marketing goal and unifies the
team's efforts to achieve common objectives. In today's explanation, let's look at strategic
marketing planning and how it works. Strategic marketing planning is one of the main functions
of marketing management. It is the process in which the company develops marketing
strategies to meet its strategic goals and objectives. Strategic marketing planning is the
development of marketing strategies based on the overall business strategy. Strategic planning
in marketing is vital as it comes with many benefits. Let's take a closer look at some of them.
• Understand the company's current situation - A significant part of strategic planning is
developing a SWOT analysis that considers the internal and external environment's
influence on business performance. This analysis will likely include the company's
strengths, weaknesses, opportunities, and threats. This information helps managers
understand the company's situation and develop appropriate marketing strategies.
• Accomplish marketing goals - Marketing plans include marketing strategies and
specific goals and deadlines for achieving them. Thus, by developing a plan, marketers
can ensure marketing activities are carried out within the set timeframe and meet the
overall objectives.
• Specify actions to be taken - While goals are vital to business success, they are rather
vague for implementation. A company can set a goal to increase its sales by 10% within
two years, but without an action plan with clear steps on what to do, this is unlikely to
happen. That's where strategic marketing planning comes into play. Along with
marketing goals, the plan outlines specific steps to take to reach the set goal.

27
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
COMPONENTS OF STRATEGIC PLANNING IN MARKETING

1. Executive summary - The executive summary is the shortened version of the entire
marketing plan. It outlines high-level objectives, marketing goals, and activities of the company.
The summary must be clear, concise, and easy to understand.
2. Market analysis - The next part of the strategic marketing plan is market analysis or SWOT
analysis. The SWOT analysis considers the company's strengths, weaknesses, opportunities
and threats and how it can exploit or tackle them.
3. Marketing plan - This is the central part of the strategy that specifies:
Marketing goals: Goals should be SMART (Specific, Measurable, Achievable, Realistic, and
Time-bound).
Marketing strategy: Details on how to engage customers, create customer value, build customer
relationships, etc. The company should develop strategies for each marketing mix element.
Marketing budget: Estimate the costs for carrying out marketing activities.
4. Implementations and controls - This section outlines the specific steps for the marketing
campaign to be carried out. It should also include measures for progress and returns on
marketing investment.

28
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
STEPS IN THE STRATEGIC PLANNING PROCESS
Strategic marketing planning includes five main steps:
1. Build buyer personas - The buyer persona is the fictional representation of a company's target
customers. It may include their age, income, location, job, challenges, hobbies, dreams, and
goals.
2. Identify marketing goals - Marketers should create marketing goals based on the strategic
objectives of the business. For example, if the company aims to increase its sales by 10%, a
marketing goal can be to generate 50% more leads from organic search (SEO).
3. Survey existing marketing assets - The development of a new marketing campaign may
require the adoption of new tools and marketing channels. However, it doesn't mean the
company should dismiss its existing marketing platforms and assets. Marketers should look at
the company's owned, earned, or paid media to audit the existing marketing resources.
4. Audit previous campaigns and plan new ones - Before developing new marketing plans, the
company should audit its previous marketing campaigns to identify future gaps, opportunities,
or issues to prevent. Once done, it can plan new strategies for the upcoming marketing
campaign.
5. Monitor and modify - After implementing the new marketing strategies, marketers need to
measure their progress and make changes when something is not working as planned.

29
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University
 COURSE MATERIAL
Program : BBA (DUAL SPECIALIZATON) Semester : II
Course : MARKETING MANAGEMENT
Course Code : B22MB0202
Unit. No. :I
Unit Title : INTRODUCTION TO MARKETING
RECENT TRENDS IN MARKETING
Marketing is a constantly changing field, and being aware of the most recent trends will help
your team succeed in building brand awareness and reaching your target audience. While it’s
not always easy to keep up, staying on top of emerging marketing trends is critical to stand out
from the crowd and boost your return on investment (ROI). The latest marketing trends for
2022 - 2023 include personalization, social media, artificial intelligence (AI) and virtual reality
(VR), and the metaverse. However, a good marketing foundation remains important. While
new advances in technology are exciting, core content should still be engaging, relevant,
credible, interactive, and authentic.
The following are the major recent trends in marketing:
1. Personalization
2. Social Media & Messaging Apps
3. Influencer marketing – Micro Influencers
4. Micro – Story Videos & Live Videos
5. Voice search
6. Artificial intelligence and machine learning
7. Sustainability & Social responsibility
8. The Metaverse
9. Privacy!
(Topics need to be followed up by the student.)

30
Prepared By : Prof. Abhishek Duttagupta, School of Management Studies,
REVA University