When we think about the market, a buyer-seller scenario comes in our mind. Place where some people showcase their product and some are consuming the products. Basically, the market is an institution where people sell and buy product, service & consultancy. And marketing is a part of management studies, which deals with such place.
Definition:
According to various studies marketing is a management procedure, which identifies, anticipates, satisfies and delivers desired products to the customers. It focuses on offering value to the clients, customers, partners & the society. Marketing is the best blend of production, advertising, distribution, selling & post selling servicing. It is a study of the planning for business & its execution using social science, psychology, sociology, mathematics, economics & few other subjects. Sometimes art & culture leaves mark on it.Factors of Marketing:
It is said that marketing always depends on “P” factors. It happened to be a collaboration of four Ps. Nowadays it is taken as seven Ps. These are:1. Product
2. Pricing
3. Placement
4. Promotion
5. Process
6. Physical Evidence
7. People
Now “Packaging” is also considered as one of the factors of marketing along with the above-mentioned factors.
Marketing Environment:
There are various factors that affect marketing environment. It can be external, internal, direct & indirect. There are two types of environments that affect firm’s production.Macro Environment:
It is an external factor that affects production on a large scale. A commonly used method of assessing is PESTLE analysis i.e. Political, Economical, Social, Technical, Legal, Ecological analysis. Firms have a small grip on this environment.
Micro Environment:
An internal factor that affects on a smaller scale. The factors are as follows:
Few steps are followed in the “Product Planning” process. These are:
- Consumers/customers
- Employees
- Suppliers
- The media
Type of Marketing:
- Affinity Marketing
- Agricultural Marketing
- Business Marketing
- Co-marketing
- Database Marketing
- Destination Marketing
- Digital Marketing
- Global Marketing
- Industrial Marketing
- Loyalty Marketing
- Relationship Marketing
- Services Marketing
- Social Marketing
Few steps are followed in the “Product Planning” process. These are:
Development of product concept:
The initial stage of product planning. Ideas of the product are developed to meet the customer requirements.
Market study:
The market study is next stage. In this stage, competition & demand in the market is examined along with SWOT i.e. Strengths Weaknesses Opportunities & threats analysis.
Market research:
Qualitative & quantitative marketing research is done at this stage. The liking & disliking of consumers are noticed and required changes are done.
The introduction of product:
On the basis of the favourable survey, report product is launched in a small area. To make the product attractive various advertising strategies are taken. On the favourable sales figure distribution in large number is made.
Product life cycle:
To make the product more attractive unique business strategies are adopted. Development of product is a continuous process. Various stages are followed to keep the product marketable.
These are the product planning adopted across the globe.
These are the product planning adopted across the globe.
