Marketing Strategies of Agrani Bank
LESSON-16 BASIC CONCEPTS IN MARKETING
Dr. Subhanjali Chopra
STRUCTURE
16.0 Introduction 16.1 Objectives 16.2 What is ‘Marketing’? 16.2.1 The Marketing Concept 16.2.2 Marketing versus Selling 16.2.3 Importance of Marketing in Small Business 16.2.4 Marketing of Services 16.3 Marketing Research 16.4 Market Segmentation 16.5 Marketing Mix 16.6 Other Marketing Strategies 16.6.1 Sub-Contracting Exchanges 16.6.2 Tender Marketing 16.6.3 Consortia Marketing 16.6.4 Government Stores Purchase Programme 16.7 Product Life Cycle: Concept and Significance 16.7.1 Stages in Product life cycle 16.8 Marketing Problems of Small-Scale Units 16.9 Summary 16.10 Glossary 16.11 Self Assessment Questions 16.12 Further Readings
16.0 INTRODUCTION
The objective of all business enterprises is to satisfy the needs and wants of the society. Marketing is, therefore, a basic function of all business firms. When a salesperson sells washing machines, a doctor treats a patient or a Government asks people to take their children for getting polio drops, each is marketing something to the targets. Traditionally, small firm owners did not give as much importance to marketing as to other functions such as accountancy, production and selling. Training programmes, enterprise development and the current thrust for competitiveness have now given high priority to promoting marketing awareness among small business owners, and marketing is now assuming its rightful place along with other business functions. Since early 1990s there has been a change in the thinking of businessman from product orientation to consumer orientation. Modern business concerns lay emphasis on ‘selling 238
satisfaction’ and not merely on selling products. The activities have to be coordinated so as to develop the marketing mix, which provides maximum satisfaction to the customers. That is why marketing research and product planning occupy an important role in marketing. The other important functions of marketing include:
Dr. Subhanjali Chopra
STRUCTURE
16.0 Introduction 16.1 Objectives 16.2 What is ‘Marketing’? 16.2.1 The Marketing Concept 16.2.2 Marketing versus Selling 16.2.3 Importance of Marketing in Small Business 16.2.4 Marketing of Services 16.3 Marketing Research 16.4 Market Segmentation 16.5 Marketing Mix 16.6 Other Marketing Strategies 16.6.1 Sub-Contracting Exchanges 16.6.2 Tender Marketing 16.6.3 Consortia Marketing 16.6.4 Government Stores Purchase Programme 16.7 Product Life Cycle: Concept and Significance 16.7.1 Stages in Product life cycle 16.8 Marketing Problems of Small-Scale Units 16.9 Summary 16.10 Glossary 16.11 Self Assessment Questions 16.12 Further Readings
16.0 INTRODUCTION
The objective of all business enterprises is to satisfy the needs and wants of the society. Marketing is, therefore, a basic function of all business firms. When a salesperson sells washing machines, a doctor treats a patient or a Government asks people to take their children for getting polio drops, each is marketing something to the targets. Traditionally, small firm owners did not give as much importance to marketing as to other functions such as accountancy, production and selling. Training programmes, enterprise development and the current thrust for competitiveness have now given high priority to promoting marketing awareness among small business owners, and marketing is now assuming its rightful place along with other business functions. Since early 1990s there has been a change in the thinking of businessman from product orientation to consumer orientation. Modern business concerns lay emphasis on ‘selling 238
satisfaction’ and not merely on selling products. The activities have to be coordinated so as to develop the marketing mix, which provides maximum satisfaction to the customers. That is why marketing research and product planning occupy an important role in marketing. The other important functions of marketing include: