Marketing definition-
According to American Marketing Association (1948) - "Marketing is the performance of business activities directed toward, and incident to, the flow of goods and services from producer to consumer or user."
AMA (1960) - "Marketing is the performance of business activities that direct the flow of goods and services from producer to consumer or user."
According to Kotler (2000) - "A societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others."
Meaning of Marketing Process
The Marketing Process of a company typically involves identifying the viable and potential marketing opportunities in the environment, developing strategies to effective utilise the opportunities, evolving suitable marketing strategies, and supervising the implementation of these marketing efforts.
Marketing process involves ways that value can be created for the customers to satisfy their needs
Definition of Marketing Mix
According to Philip Kotler - "Marketing Mix is the combination of four elements, called the 4P's (product, Price, Promotion, and Place), that every company has the option of adding, subtracting, or modifying in order to create a desired marketing strategy"
In case of services, the producer-oriented model of marketing mix is consists of 7P's. Including the above 4P's there are additional 3P's - Physical Evidence, People, and Process. Physical evidence refers to elements like uniform of employees, signboards, and etc. People refers to the employees of the organisation comes in contact with the customers in the process of marketing. Process refers to the systems and processes followed within organisation.
4C's - Consumer-oriented model of marketing Mix
Consumer - In this model the Product is replaced by Consumer. Marketers focuses more on consumer satisfaction. The product is designed and produced keeping in consideration the requirements of consumer.
Cost - Price is replaced by Cost. Here the cost refers to the total cost of owning a product. It includes cost to use the product, cost to change the product, and cost of not choosing the competitor's product.
Communication - Promotion is replaced by Communication. Communication includes advertising, public relation, personal selling, and any method that can be used for proper,timely, and accurate communication between marketer and consumer.
Convenience - Place is replaced by Convenience. it focuses on ease of buying, convenience in reaching to the store/product, and convenience in getting product information.
Meaning of Product Development
Product means a good, service, idea or object created as a result of a process and offered to serve a need or satisfy a want. Development means the act or process of growing, progressing, or developing.
Product Life Cycle Concept
The time period of product life cycle and the length of each stage varies from product to product. Life cycle of one product can be over in few months, and of another product may last for many years.
Stages of the Product Life Cycle
The four major stages of the product life cycle are as follows :-
1. Introduction,
2. Growth,
3. Maturity, and
4. Decline.
Introduction Stage
At this stage the product is new to the market and few potential customers are aware with the existence of product. At the introductory stage :-
The product is unknown,
The price is generally high,
The placement is selective, and
The promotion is informative and personalised.
Growth Stage
At this stage the product is becoming more widely known and acceptable in the market. At the growth stage :-
The product is more widely known and consumed,
The sales volume increases,
The price begin to decline with the entry of new players,
The placement becomes more widely spread, and
The promotion is focused on brand development and product image formation.
Maturity Stage
At this stage the product is competing with alternatives. At maturity stage :-
The product is competing with alternatives,
The sales are at their peak,
The prices reaches to its lowest point,
The placement is intense, and
The promotion is focused on repeat purchasing.
Decline Stage
At decline stage :-
The product faces reduced competition,
The sales volume reduces,
The price is likely to fall,
The placement is selective, and
The promotion is focused on reminding.
Definition of Branding
According to American Marketing Association - Brand is “A name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers. The legal term for brand is trademark. A brand may identify one item, a family of items, or all items of that seller. If used for the firm as a whole, the preferred term is trade name.”
According to Philip Kotler - “Brand is a name, term, sign, symbol, design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors”
Branding is a process of creating a unique name and image for a product in the mind of consumer, mainly through advertising campaigns. A brand is a name, term, symbol, design or combination of these elements, used to identify a product, a family of products, or all products of an organisation.
Branding is an important component of product planning process and an important and powerful tool for marketing and selling products.
Elements of Branding
Brand includes various elements like - brand names, trade names, brand marks, trade marks, and trade characters. The combination of these elements form a firm's corporate symbol or name.
Brand Name - It is also called Product Brand. It can be a word, a group of words, letters, or numbers to represent a product or service. For example - Pepsi, iPhone 5, and etc.
Trade Name - It is also called Corporate Brand. It identifies and promotes a company or a division of a particular corporation. For example - Dell, Nike, Google, and etc.
Brand Mark - It is a unique symbol, colouring, lettering, or other design element. It is visually recognisable, not necessary to be pronounced. For example - Apple's apple, or Coca-cola's cursive typeface.
Trade Mark - It is a word, name, symbol, or combination of these elements. Trade mark is legally protected by government. No other organisation can use these symbols.
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