MARKET: The term market refers to the place where buyers and seller to enter into transaction involving

the exchange of goods and services. EXCHANGE: Exchange is the process of obtaining a desired product from someone by offering something in return. TRANSACTION: Two parties are engaged in exchange if they are negotiating trying to arrive at mutually agreeable terms. When an agreement is reached we say that a transaction takes place. TRANSFER: I transfer a gives X to B but does not receive anything tangible in return Gifts, subsidies, charitable contributions and properties inherited by parents are some examples of transfer. TYPES OF MARKET 1. Consumer Market. 2. Business Market or Industrial Market 3. Global Market or international Market 4. Non profit of Governmental Market
MARKETER: A marketer is someone who seeks response, purchase, vote donation etc. from another party. AIDA PLAN: Attention, Interest, Desire and Action. MARKETING: Identifying and meeting human and social needs profitably. Marketing is a social and managerial process by which individual and group obtain what they need and want through creating, offering and exchanging value with others. Marketing is an organization function and set of processes for creating, communicating and delivering value to customers in order to benefit the organization and its takes holders. MARKETING MANAGEMENT: Marketing management is an art and social of choosing the target market and keeping getting and growing customers through creating communicating and delivering superior customer value. SALES: Sales means selling of the products and services to customers according to their need or requirement. DIFFERENCE BETWEEN SALES AND MARKETING Sales is part of marketing. Marketing is a concept. Marketing is a combination of process. Sales is an individual function. In sales there is transfer of ownership of goods and services Marketing focuses on the need of the buyer whereas sales focuses on the need of seller, NEED AND WANT Need preexists in nature. Marketers create want not need. Wants are specific desires to satisfy needs. DEMAND: Demand is the desire to have a particular commodity backed by ability to pay. WHAT CAN BE MARKETED Goods, services, events, experiences, persons, places, properties, organizations, information and ideas. MARKETING MIX 1. Product 2. Price 3. Place 4. Promotion 5. Physical evidence 6. People 7. Process PRODUCT: Goods or services or anything of value. It is offering by any particular organization to the customers or consumers. 1. Durable

2. Semi durable and 3. Non durable PLACE: Place or physical location is an important function in marketing it makes the firms products available to the target customers. 1. Physical distribution: Right product at right place at right time. 2. Inventory: Stock (Raw, material, semi-finished goods and finished goods.) 3. Storage: Proper handling of goods. 4. Warehousing: Large godowns built specially on highways for storage of finished goods. 5. Transportation: Carrying goods from one place to another place. MARKETING CHANNELS Sets of interdependent organizations involved in the process of making of product or service available for use or consumption. (i) DISTRIBUTION CHANNER: This channel helps the business entities to display, sell or deliver the physical product or service. There are four types of distribution channel in marketing. O LEVEL : Manufacture customer. 1 LEVEL : Manufacture Retailer customer (DSA-Direct Sales Agent.) 2 LEVEL: Manufacture Wholesaler Retailer Customer. 3 LEVEL: Manufacturer Agent Wholesaler Retailer Customer. (ii) COMMUNICATION CHANNEL: It delivers and receives messages from target buyers. It includes newspapers, magazines, radio, television, mail etc. (ii) SERVICE CHANNEL: It helps to carry out transactions with potential buyers. It includes warehouses transportation companies, banks and insurance companies. PROMOTION Promotion refers to the use of communication with the twin object of informing potential customers about the product and pursue them to buy it. PROMOTION MIX (i) ADVERTISING: Any paid form of non personal presentation and promotion of ideas, goods or services by an identified sponsor. (ii) PERSONAL SELLING: Personal selling involves oral presentation of message in the form of conversation with one or more prospective customers for the purpose of making sales. It is personal form of communication. (iii) SALES PROMOTION: Collection of incentive tools mostly short term design to stimulate quicker or greater purchase of particular products or services by consumer or the trade. CONVENIENCE PROCUCTS: Those consumer products which are purchased frequently, immediately and with least time and efforts are referred to as convenience products (cigarettes, ice creams, medicines, newspapers, stationery items etc. IMPULSE BUYING: Purchase made without advance planning. SHOPPING PRODUCTS: Shopping products are those consumer goods in the purchase of which buyers devote considerable time to compare the quality, price, style, suitability etc. at several stores before making final purchase (clothes, shoes, jewellery, furniture, television etc. SPECIALLITY PRODUCTS: Specialty products are those consumer goods which have certain special features which people make special efforts in their purchase (antiques unique things of past, paintings etc. PRODUCT LIFE CYCLE CHARACTRISTIC INTROCUCTION GROWTH MATURITY DECLINE Sales Low Rapidly rising Peak sales Declining seles Cost High Average Low Low Profit Negative Rising profit High profit Declining profit Competitors Few Growing numbers Stable no. beginning to decline Declining nos. PRICE 1. MARKET PENETRATION PRICING: In this pricing policy product is priced below the existing market price and sometimes product is even sold at loss to create a buying urgency. 2. MARK-P PRICING: Cost + profit = mark up pricing. 3. PROMOTIONAL PRICING: It is a seasonal pricing policy for a very short period of time in which discounts are offered.

DISCRIMINATING PRICING: Pricing the same products at different prices at different locations. 5. MARKET SKIMMING PRICING: In this policy products are sold at very high price initially to cater the highest income group market and then prices are reduced after sometime to cater next best segment and this process goes on. 6. VALUE PRICING: A fairly low price for a high quality offering. 7. SEALED BID PRICING: Competitors are unaware of each others prices. DIRECT MARKETING: The use of consumer direct channels to reach and deliver goods and services to customer without using marketing middiemen. PUBLIC RELATION: A variety of programmes design to promote or protect companys image or its individual products. a. Press release. b. Product publicity c. Corporate Communication d. Counseling DIGITAL MARKETING: Digital marketing is the promotion of brands using all forms of digital advertising channels to reach consumers. This includes television radio, internet, mobile etc. PEOPLE: People are assets to any organization. PROCESS: Steps involved in production, marketing and selling of products or services. PHYSICAL EVIDENCE: Demonstration of products and services. BUSINESS CONCEPT 1. Production concept: According to this concept customers will prefer those products which are widely available and low and low in cost for achieving this manufacturer will engage in mass production. 2. product concept: Customer will prefer those product which are very good in quality and have innovative features. Here manufacturer will engage in regular and periodic quality improvement and product innovation. 3. sales concept: Customers are largely unaware of their needs and if left alone they will never purchase offered products so marketers will engage in heavy selling and promotional offers. 4. marketing concept: First identifying the need and then deliver the products according to needs. 5. societal marketing concept: The societal marketing concepts holds that the tasks of any organization is to identity the needs and wants of the target market and deliver the desired satisfaction in an effective and efficient manner so that the long term well being of the consumers and the society is taken care of. BRAND: A brand is a name term, sign, symbol a design or some combination of them used to identify the products goods or services of one seller or group of sellers which can differentiate them from those of competitors. MARKETING REASERCH: The systematic design collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company. There are six marketing research. 1. Define the problem 2. Develop the research plan 3. Collect information 4. Analyze the information 5. Present the findings 6. Make the decision BUYING DECISION PROCESS: Consumer buying decision process consists of five stages. 1. Problem recognition 2. Information search 3. Evaluation of alternatives 4. Purchase decision 5. Post purchase behavior INDUSTRY: An industry is a group of firms that offer a product or class of products that are close substitutes for one another. INDUSTRIAL MARKETING: Business to business marketing is called industrial marketing. 4.

INDUSTRIAL PRODUCTS: Industrial products are those products which are used as inputs in producing other products. As compared to consumer products the nos. of buyers of industrial products is limited. B2B BUSINESS TO BUSINESS B2C BUSINESS TO CUSTOMER C2C CUSTOMER TO CUSTOMER B2G BUSINESS TO GOVERNMENT UNIQUE SELLING PROPOSITION (USP): The factor or consideration presented by a seller as the reason that one product or service is different from and better than and that of the competition. SALES PROCESS 1. Prospecting and qualifying. 2. Pre-approach 3. Approach 4. Presentation and demonstration (sales pitch) 5. Overcoming objections. 6. Closing. 7. Follow up and maintenance. PROSPECT: Anyone who can be converted into potential customers are know as prospects. LEAD GENERATION: A lead generation is a marketing term that refers to the creation or generation of prospective customers inquiry into products or services of business. Lead generation is generally generated through email or telephone. It is also know as final list of prospects with whom the sales persons are going to meet. CALL Basically call is of three types. 1. Telephonic Call : Call over telephone is called telephonic call. 2. Call: Going to meet with the clients after taking appointment. 3. Cold calling: Going to meet with the clients without taking prior appointment. CROSS SELLING: Cross-selling is a strategy of providing existing customers the opportunity to purchase additional items offered by the sellers. SALES PITCH: Presentation and demonstration of products and services is known as sales pitch. SALES QUOTA: A target set for the sales force starting the number and range of products and services to be sold. SALES BUDGET OR SALES FORECASTING: Prediction and planning of future sales is known as sales forecasting or sales budgeting. SALES TERRITORY: Geographical area or type of customers assigned to a sales unit such as sales person, sales manager, franchisee, distributor or agent. LEVES OF MARKET SEGMENTATION 1. SEGMENT MARKETING: A market segment consists of a group of customers who share a similar set of needs and wants. a. Homogeneous Preference: All the consumers have roughly the same preferences. b. Diffused Preference: Consumers preference may be scattered. c. Clustered Preference: Here consumers preferences are highly scattered. 2. NICHE MARKETING: The customers in niche have a distinctive set of needs. They will pay a premium to the firm that best satisfies their needs. 3. LOCAL MARKETING: In local marketing needs and wants of local customers is focused. 4. CUSTOMERZATION: Customization or individual marketing combines operationally driven mass customization with customized marketing in a way that empowers consumers to design the products and services offering of their choice. MASS MARKETING OR MASS CUSTOMIZATION: In mass marketing the seller engages in the mass production, mass distribution and mass promotion of one product for all buyers. SEGMENTING CONSUER MARKET 1. Geographic 2. Demographic 3. Phychographic (i) Geographic segmentation calls for dividing the market into two different geographical units such as nations, states regions, cities and neighborhood.

In demographic segmentation the market is divided into groups on the basis of variables such as family size, family life cycle, gender, income, occupation, education, religion, race, generation, nationality and social class. (iii) In psychographic segmentation buyers are divided into different groups on the basis of psychological, personality traits, lifestyles or values. CUSTOMER RELATIONSHIP MANAGEMENT (CRM) :This is the process of managing detailed information about individual customers and carefully managing all customers to maximize customer loyalty and to maintain long term relation with the customer. Word of mouth is all about (negative) publicity. ENVIROMENT FRIENDLY MARKETING OR ECO FRIENDLY MARKETING : It is process in which best possible product or service is designed and offered to customers or consumers without harming the environment. It includes products which emits lesser green house gasses (carbondi-oxide). Recycling is also one of the important features of eco friendly marketing. E-COMMERCE: A company or website offers to transact or facilities the selling of products and services online. ONLINE MARKETING : Selling of products or services through internet is known as online marketing. INNOVATION : The process that renews something that exists and not as is commonly assumed the introduction of something new. BREAKEVEN : The situation of no profit no loss is called breakeven. COMPETITIVE ADVANTAGE : A companys ability to perform in one or more ways that competitor cannot or will not match. E-BUSINESS : The use of electronic means and platforms to conduct a companys business. MARKET SHARE : The companys sales expressed as a percentage of total market share. RELATIONSHIP MARKETING : Building mutually satisfying long term relation with key parties in order to earn and retain business. SERVICE : Any act or performance that one party can offer to another that is essentially intangible and does not result in the ownership of anything. PULL STRATEGY : When the manufacturer uses advertising and promotion to persuade consumers to ask intermediaries for the product, thus inducing the intermediaries to order it. PUSH STRATEGY : When the manufacturer uses its sales force and trade promotion to induce intermediaries to carry, promote and sell the product to end users. VALUE ADDED PRODUCT FOR SERVICE : Additional features added to a product or service is called value added product or service. (ii)