Marketing Term

Marketing There are many definitions of marketing. The better definitions are focused upon customer orientation and satisfaction of customer needs. Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others Kotler. Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably The Chartered Institute of Marketing (CIM). The CIM definition (in common with Barwell's definition of the marketing concept) looks not only at identifying customer needs, but also satisfying them (short-term) and anticipating them in the future (long-term retention). The right product, in the right place, at the right time, at the right price Adcock. This is a snappy and realistic definition that uses McCarthy's Four Ps. Marketing is essentially about marshalling the resources of an organization so that they meet the changing needs of the customer on whom the organization depends Palmer. This is a more recent and very realistic definition that looks at matching capabilities with needs. Marketing is the process whereby society, to supply its consumption needs, evolves distributive systems composed of participants, who, interacting under constraints - technical (economic) and ethical (social) - create the transactions or flows which resolve market separations and result in exchange and consumption. Bartles.

Product: The noun product is defined as a "thing produced by labor or effort"[1] or the "result of an act or a process"[2], and stems from the verb produce, from the Latin prōdūce(re) '(to) lead or

bring forth'. Since 1575, the word "product" has referred to anything produced[3]. Since 1695, the word has referred to "thing or things produced". The economic or commercial meaning of product was first used by political economist Adam Smith[4]. In marketing, a product is anything that can be offered to a market that might satisfy a want or need[5]. In retailing, products are called merchandise. In manufacturing, products are purchased as raw materials and sold as finished goods. Commodities are usually raw materials such as metals and agricultural products, but a commodity can also be anything widely available in the open market. In project management, products are the formal definition of the project deliverables that make up or contribute to delivering the objectives of the project. Pricing: Pricing is the process of determining what a company will receive in exchange for its products. Pricing factors are manufacturing cost, market place, competition, market condition, Quality of product. The effective price is the price the company receives after accounting for discounts, promotions, and other incentives. Promotion Promotion involves disseminating information about a product, product line, brand, or company. It is one of the five key aspects of the marketing mix.

Promotion is generally sub-divided into two parts: • •

Above the line promotion: Promotion in the media (e.g. TV, radio, newspapers, Internet and Mobile Phones) in which the advertiser pays an advertising agency to place the ad Below the line promotion: All other promotion. Much of this is intended to be subtle enough for the consumer to be unaware that promotion is taking place. E.g. sponsorship, product placement, endorsements, sales promotion, merchandising, direct mail, personal selling, public relations, trade shows

Distribution Distribution (or place) is one of the four elements of marketing mix. An organization or set of organizations (go-betweens) involved in the process of making a product or service available for use or consumption by a consumer or business user.

Service: A service is the non-ownership equivalent of a goods. Service provision has been defined as an economic activity that does not result in ownership and is claimed to be a process that creates benefits by facilitating either a change in customers, a change in their physical possessions, or a change in their intangible assets. Marketing ethics Marketing ethics is the area of applied ethics which deals with the moral principles behind the operation and regulation of marketing. Some areas of marketing ethics (ethics of advertising and promotion) overlap with media ethics. Marketing effectiveness Marketing effectiveness is the quality of how marketers go to market with the goal of optimizing their spending to achieve good results for both the short-term and long-term. It is also related to Marketing ROI and Return on Marketing Investment (ROMI). Market research Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy.[1] The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets. Marketing research Marketing research is the systematic gathering, recording, and analysis of data about issues relating to marketing products and services. Market segment Market segment is a group of people or organizations sharing one or more characteristics that cause them to have similar product and/or service needs. Positioning Positioning involves ascertaining how a product is perceived in the minds of consumers. Target Market A target market is the market segment which a particular product is marketed to. It is often defined by age, gender and/or socio-economic grouping.

Customer segments • • • • • • • • •

DINKY - Double income no kids yet => they can afford eg holidays and yachts SOHO - Small Office, Home Office VSB - Very Small Business SMB - Small Medium Business / SME - Small and medium enterprise VALS - Values Attitude and Life-Styles LOHAS - Lifestyles of Health and Sustainability LOVOS - Lifestyle of voluntary simplicity SAM - Segmented Addressable Market VLE - Very Large Enterprise

Market/product segments • • • • • • • • •

BPO - Business Process Outsourcing Comms - Communications Sector DIY - Do It Yourself market FMCG - Fast Moving Consumer Goods FSS - Financial Services Sector HoReCa - Hotel, Restaurant, Café H&LS - Health and Life Sciences ICT - Information & Communication Technology RPO - Recruitment Process Outsourcing

Marketing strategy Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. A marketing strategy should be centered on the key concept that customer satisfaction is the main goal.

Market The market, as it applies to marketing, consists of all prospective customers for a given product, service, or idea. These customers may be individuals or organizations who are willing and able to purchase the organization’s product offering. A potential customer will decide to buy or not buy a product based on many different factors, some of which are: need, price, alternatives, ability to purchase, etc.

Goods Goods are a physical product capable of being delivered to a purchaser and involves the transfer of ownership from seller to customer.

Market dominance Market dominance is a measure of the strength of a brand, product, service, or firm, relative to competitive offerings. There is often a geographic element to the competitive landscape. In defining market dominance, you must see to what extent a product, brand, or firm controls a product category in a given geographic area. Need- something you have to have Want -something you would like to have

Needs are the basic human requirements. People need food, air, water, clothing, and shelter to survive. People also have strong needs for creation, education, and entertainment. The above needs become wants when they are directed to specific objects that might satisfy the need. An American needs food but may want a hamburger, French fries, and a soft drink. A person in Mauritius needs food but may want a mango, rice, lentils, and beans. Wants are shaped by one's society. Demands are wants for specific products backed by an ability to pay. Many people want a Mercedes; only a few are willing and able to buy one. Customer satisfaction, a business term, is a measure of how products and services supplied by a company meet or surpass customer expectation. Product life cycle management is the succession of strategies used by management as a product goes through its product life cycle. The conditions in which a product is sold changes over time and must be managed as it moves through its succession of stages: introduction, growth, mature and saturation. Product Line Pricing: Pricing different products within the same product range at different price points. An example would be a video manufacturer offering different video recorders with different features at different prices. Marketing audit a systematic examination of the marketing group's objectives, strategies, organisation and performance Product Line: total how many products company have Product width : different category in which the company divide its product e.g. HUL company has divided its product in 3 categories i.e. 1. Personal care............ponds, lux, sunsilk 2. House care..............surf excel, wheel, rin 3. Food and beverages.......kissan, annapurna atta Product depth: under one product how many sub-products company provides or how many varieties company have for that product

e.g. sun silk........1.dry 2. Normal 3.oily hair under dry sun silk company provides in the range of 50, 100, 150 and also pink, blue, black Product Line Length - the number of different products in a product line. Niche market is the subset of the market on which a specific product is focusing on; Therefore the market niche defines the specific product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. Undifferentiated Marketing is a market coverage strategy whereby differences within a market are ignored. Mass Marketing is a market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer. Differentiated Marketing is a market coverage and Market Segmentation strategy in which the product is aimed at two or more specific segments in the market. Concentrated Marketing is a market coverage and Market Segmentation strategy in which the product and marketing message is aimed at a (few) well-defined segments of the consumer population in a market. Compare also: Target Marketing.