Introduction of Marketing
Marketing is an important function of management. The word ‘marketing’ means very different things to different people in different industries. In simple terms Marketing is how an organization or individual sells its product or service.
Marketing refer as a system of business activities designed to plan, price, promote and distribute want satisfying goods and services to target markets, in order to achieve organizational objectives.
Basic Marketing System
Process of Marketing can be described in the following steps:
- Understand the market wants and needs of interest
- Select specific segments of the market that are of the most interest to you and your organization on the basis of size and need of the market.
- Describe thoroughly these segments on the basis of individual needs
- Create a product or service that will meet the specific needs of the individual or market
- Communicate the concept of the product or service to the targeted customer in a way that makes value to the customer
- Deliver the product or service to the targeted customer in a way that will be convenient to the customer
- Solicit feedback from the customer about how your product or service could be improved to meet the customers’ needs even better.