Introduction to Marketing, Principles of Marketing Notes B.Com CBCS Pattern

Introduction to Marketing
Principles of Marketing Notes B.Com CBCS Pattern
Principles of Marketing Chapterwise Notes

Meaning of Marketing

Marketing is an ancient art and is found everywhere. Formally or informally, people and organizations engage in a vast numbers of activities relating to exchange of goods and services that could be called marketing. Good marketing has become an increasingly vital ingredient for business success. It is embedded in everything we do- from the clothes we wear, to the web sites we click on, to the ads we see. Marketing deals with identifying and meeting human and social needs or it can be defined as “meeting needs profitably”.

The American Marketing Association has defined marketing as “an organizational function and a set of processes for creating, communicating and delivering value to the customers and for managing customer’s relations in ways that benefit the organization and the stake holders.”

Peter Drucker says it this way that,” the aim of marketing is to know & understand the customer so well that the product or service fits him and sells itself. All that should be needed is to make the product or the service available.”

Nature of marketing

Buyer and seller affect the demand for products in aggregate areas, market includes both the place and region which buyers and sellers are in a free inter course with another.

1) Marketing is a customer focus: Market intense to satisfy and delight the customer, the activities of marketing must be directed and focused at the customer marketers can remain in customers mind. As they are provided value for what they spend.

2) Marketing must deliver value: Marketer has to track customer needs and deliver the product as per their requirement. The co operate storage must be aimed at delivering greater customer value than competitors.

3) Marketing is business: When a customer is the focus of all activities the marketer has not to search customer to see response to his product. Customer group is decided from whom the product is prepared and presented.

4) Marketing is surrounded by customer need: Marketing starts with identification of customer needs and requirements’. These are termed into probable features that might satisfy the basic needs

5) Marketing is a part of total environment: Total environment mainly defined as the combination of all resources and institutions which are directly related to the production, distribution of goods, services, ideas, places and persons for satisfaction of human needs.

6) Marketing systems effect companies strategies: Marketing has its own sub-systems which interact with each other to turn complete marketing system that is responsible to company’s marketing strategy.

7) Marketing has a discipline: The sub of marketing has emerged out of business which has derived its existence from economic. These are different disciplines of marketing such as consumer behavior, legal aspects marketing research, advertising media, pricing, promotion method etc.

8) Marketing creates mutual beneficial relationship: As the customer is the focus of all marketing activities. The strategies of marketing have been shifting to different ways. Marketing is there for everything that results in mutual benefit of the customer.

9) Universal function: Marketing has a universal function in the sense that it can be applied to both profit motive and non-profit motive organization.

👉👉Principles of Marketing Chapterwise Notes

1. Introduction to Marketing
2. Consumer Behaviour and Marketing Segmentation
3. Product Planning and Pricing
4. Promotion and Channels of Distribution

Scope of Marketing

The scope of marketing really is related to the old and new concept of ‘marketing’. Formerly the scope of marketing used to remain very much limited since the wants of the consumers too were quite limited. The competition was almost equivalent to nil. In the marketing, the satisfaction of the consumers was not at all considered. The marketing was commodity based and immediately after the sale of the products, the marketing process was over. Nowadays, the scope of marketing has become quite extensive, and the satisfaction of the customers too is kept in view. The process of marketing continues even after the sales have been affected. Today, the function of conforming the product, in accordance with the changing wants, habits and fashions of people, is undertaken by the process of marketing. Within the scope of marketing, -the following activities are covered:

1) Study of Consumer Wants and Needs: Goods are produced to satisfy consumer wants. Therefore study is done to identify consumer needs and wants. These needs and wants motivates consumer to purchase.

2) Study of Consumer behaviour: Marketers performs study of consumer behaviour. Analysis of buyer behaviour helps marketer in market segmentation and targeting.

3) Production planning and development: Product planning and development starts with the generation of product idea and ends with the product development and commercialisation. Product planning includes everything from branding and packaging to product line expansion and contraction.

4) Pricing Policies: Marketer has to determine pricing policies for their products. Pricing policies differs form product to product. It depends on the level of competition, product life cycle, marketing goals and objectives, etc.

5) Distribution: Study of distribution channel is important in marketing. For maximum sales and profit goods are required to be distributed to the maximum consumers at minimum cost.

6) Promotion: Promotion includes personal selling, sales promotion, and advertising. Right promotion mix is crucial in accomplishment of marketing goals.

7) Consumer Satisfaction: The product or service offered must satisfy consumer. Consumer satisfaction is the major objective of marketing.

8) Marketing Control: Marketing audit is done to control the marketing activities.

Objectives of Marketing

The major objectives of marketing are as follows:

1. To satisfy the customers: The marketing manager must scientifically study the demands of customers before offering them any goods or services. Selling the goods or services is not that important, as the satisfaction of the customer’s needs. Modern marketing thus always begins and ends with the needs of customers.

2. To increase profits for the growth of the business: The marketing department is the only department which generates revenue for the business. Sufficient profits must be earned as a result of sale of want-satisfying products. If the firm is not earning profits, it will not be able to survive in the market. Moreover, profits are also needed for the growth and diversification of the firm.

3. To generate customer base for the business: The Marketing manager must attract more and more customers to buy the firm’s products and services. This will also result into increased sales.

4. To determine marketing-mix that will satisfy the needs of the customers: Product, pricing, promotion and physical distribution should be so planned as to meet the requirements of different kinds of customers.

5. To increase the quality of life of people: Marketing Management attempts to increase the quality of life of the people by providing them better products at reasonable prices. It facilitates production and distribution of a wide variety of goods and services for use by the customer.

6. To create good image: To build up the public image of firm over a period is another objective of marketing. The marketing department provides quality products to customers at reasonable prices and thus creates its impact on the customers. The marketing manager attempts to increase the goodwill of its business by initiating image building activities. If a firm enjoys goodwill in a market, it will increase the morale of its sales-force. They will show greater loyalty and will develop a sense of service to the customers. This will further enhance the reputation of the business.

Importance and Uses of Marketing (Role of Marketing)

Marketing is a unique function of business which satisfies social values, needs and wants of an an individual. It serves as the springboard for all industrial production. The importance of marketing can be studied under the following heads:

A. Uses to the Society

(1) Employment of Various Persons: Since the things are manufactured or produced due to marketing, hence many people get employment through the production activities. Transport, storage and wholesale and retail services cover many persons. In this way, it might be said that by marketing the employment is created.

(2) Availability of Various Products for Use: Today, the sphere of marketing has become worldwide or international. Due to it, the products manufactured in the foreign lands too become available for consumption. All this could become possible due to the growth of the marketing and its development.

(3) Increase in the National Income of Country: If the marketing activities are efficiently undertaken and things are produced in accordance with the needs or requirements of the customers, there must be some increase in the demand of the things. The production goes up which leads to the increase in the national income.

(4) Protecting the Economy against the Evil Effects of Depressions: If the produced goods are not sold, there shall be piled up the unsold materials with the producers and they will fall victim to the depression effects. Thus the marketing keeps the economy safeguarded against the evil effects of the depressions.

(5) Increase in the Standard of Living: By an efficient system of marketing, there is a fall in the prices of the products which ultimately leads to the enhancement in the consumption capacity of the society which ultimately brings reforms and improvement in the standard of living of the society.

B. Uses to the Producers

(1) Helpful in Earning More Profits: Whenever any manufacturer produces some commodity, he has to seek the help of so many people in letting the same reach the hands of the consumers. For instance, there is the need of the middlemen, the godown owners, the traders, the owners of transport companies, etc. By establishing proper distribution channel, more profits can be earned.

(2) Getting Information Regarding Demand. By the study of marketing, the producers are able to get information regarding the changing demands.

(3) Reduction in Distribution Costs. By the wide studies of distribution, it is also known that the products be passed on to the consumers on the minimum possible costs.

(4) Helpful in Production Planning. The producer, by studying the marketing, could plan his various policies pertaining to production.

C. Uses to the Consumers

While purchasing the products, the consumers must have full knowledge of the things. This can be possible only through marketing. By the study of marketing, the consumer is able to acquire knowledge as to how the middlemen resort to their exploitation. For avoiding the middlemen's exploitation, the consumer co-operative societies are being promoted and developed.

D. Uses to the Middlemen

By the 'middlemen' is meant those persons who send the products from the producer to the consumer. The lower are the expenses of the middlemen, the greater is their profit. By studying the marketing, they get the knowledge as to how the expenses of distribution be kept lower. Unless the middlemen possess sufficient knowledge of marketing, they can't become successful.

E. Uses to the Nation

With the help of marketing, in the progressive and developing countries too, good managers and entrepreneurs can be encouraged. For resorting to the most efficient use of the resources available in the country, marketing of the commodities is very necessary. By the study of marketing, the economy could be kept safeguarded against the evil effects of instability. Only due to the marketing, the processes of production and distribution continue to exist. In it the condition of full employment could be achieved. Really speaking, marketing occupies an important role in the economic development.

Traditional and Modern Concept of Marketing

Traditional concept of marketing

According to this concept, marketing consists of those activities which are concerned with the transfer of ownership of goods from producers to consumers. Thus, marketing means selling of goods and services. In other words, it is the process by which goods are made available to ultimate consumers from their place of origin. The traditional concept of marketing corresponds to the general notion of marketing, which means selling goods and services after they have been produced. The emphasis of marketing is on sale of goods and services. Consumer satisfaction is not given adequate emphasis. Viewed in this way, marketing is regarded as production/sales oriented.

Modern concept of marketing

According to the modern concept, marketing is concerned with creation of customers. Creation of customers means identification of consumer needs and organising business to satisfy these needs. Marketing in the modern sense involves decisions regarding the following matters

1. Products to be produced

2. Prices to be charged from customers

3. Promotional techniques to be adopted to contact and influence existing and potential customers.

4. Selection of middlemen to be used to distribute goods & services.

Modern concept of marketing requires all the above decisions to be taken after due consideration of consumer needs and their satisfaction. The business objective of earning profit is sought to be achieved through provision of consumer satisfaction. This concept of marketing is regarded as consumer oriented as the emphasis of business is laid on consumer needs and their satisfaction.

From the above discussion, the following differences between these two concepts are drawn:

S. No.	Traditional Concept	Modern Concept
1.	Traditional marketing emphasis on selling and more profit.	While, modern marketing emphasis on profit as well as consumer satisfaction.
2.	Traditional marketing is start from production and end with sell.	But in modern marketing it includes planning, product, price, promotion, place and after sell services.
3.	In traditional marketing the manufacturer sell only those products which he produce & not focused on consumer preference.	But in modern marketing manufacturer analyse the consumer demand then produce.
4.	Traditional marketing concentrate on favourable products.	But modern marketing concentrate on customer needs, wants and satisfaction.

Five Fundamental concept of Marketing are:

1) Exchange concept

2) Production concept

3) Product concept

4) Sales concept

5) Marketing concept

1) Exchange Concept: The Exchange concept holds that the exchange of a product between seller & buyer is the central idea of marketing Exchange is an important part of marketing, but marketing is a much wider concept.

2) Production Concept: The production concept is one of the oldest concepts in business. It holds that consumers will prefer products that are widely available & expensive. Manager of production oriented business concentrate on achieving high production efficiency low cost & mass distribution.

3) Product Concept: This concept holds that consumers will prefer those products that are high in quality, performance or innovative features. Managers in these organization focus on making superior products & improving them. Sometimes, this concept leads to marketing myopia, Marketing myopia is a short sightedness about business. Excessive attention to production or the product or selling aspects at the cost of customer & his actual needs creates this myopia.

4) Selling Concepts : This concept focuses on aggressively promoting & pushing its products, it cannot expect its products to get picked up automatically by the customer. The purpose is basically to sell more stuff to more people, in order to make more profits.

5) Marketing Concept: The marketing concept emerged in the mid 1950’s. The business generally shifted from a product – centered, make & sell philosophy, to a customer centered, sense & respond philosophy. The job is not to find the right customers for your product, but to find right products for your customers. The marketing concept holds that the key to achieving organizational goals consist of the company being more effective than competitors in creating, delivering & communicating superior customers value. This concept puts the customers at both the beginning & the end of the business cycle. Every department & every worker should think customer & act customer.

Meaning of Marketing Mix

Marketing mix refers to one of the major concept in modern marketing. According to Philip kotler “marketing mix is a set of controllable marketing variables that the firm blends to produce the response it wants in the target market”. It is the combination of four controllable variables which constitutes the company’s marketing system .the four controllable variables are:

1) The product

2) The price structure

3) The promotional activities

4) The distribution system

These elements are inter related and inter dependent since decisions in one area usually actions in other area.

Features of marketing mix

1) Combination of four controllable variables: Marketing mix is the combination of four variables inputs namely product, price, promotion and place that constitute the core of organizations marketing system

2) Inter relation of variables: The four P’s of marketing mix are interrelated and independent as the decision of one area automatically depends upon the other.

3) Managerial activity: Marketing mix is a managerial activity i.e. it is the responsibility of the marketing manager to combine the four ingredients in the right proportion as to achieve optimum results.

4) Dynamic concept: Marketing mix is a dynamic concept as there is need of continuous changes as per the changes taking place in the marketing environment.

5) Consumer orientation: All marketing activities are directed towards consumer satisfaction therefore marketing mix variables need to be flexible to adopt the needs expectation, purchasing power and buying behavior of the consumer.

6) Target oriented: It is one of the important components of marketing mix centers around the consumer and his welfare.

7) Universal approach: Marketing is a universal concept. It is applicable to not only business organizational but also to non-business and non-profit organizations.

8) Creative activity: Determination of right marketing mix is a creative process. The imagination, intelligence and creativity to prepare a perfect blend of four variables to provide maximum satisfaction to the consumers and returns to the organization.

Principle Ingredients of Marketing Mix (Four P’s) and their importance

Successful businessmen know the importance of marketing mix because they cannot design and promote their products without marketing mix. It is a mixture of 4 P’s of marketing mix such as product, place, price and promotion. 4 P’s Of Marketing Mix:

1. Product: Product is one of important part of marketing mix because it reflects the good or bad reputation of any organization. The products represent any business efficiently. Successful organizations always search out the buying habits of their customers and designed their products based on those buying habits in order to meet the customer’s requirements. They also design their products based on important factors such as purchasing power and geographical locations etc. They try to design products which are affordable for customers. Companies always design their products according to customer’s budget and affordability.

They do not compromise on their product quality. Some companies maintain their quality and do not compromise on price but there are some companies which produce products according to the affordability of customers. Marketers communicate with their customers directly and convince them to buy their products.

2. Price: It is the worth of product on which customers are agreed to buy the products. Price of the product should be according to the range of regular customers. Prices are fluctuating according to seasonal requirements. Marketers always try to satisfy their clients at any cost. If employees of the company are satisfied with their job and performance rewards, they can become an effective asset of any organization.

3. Place: Products always design based on geographical place because customers buy products according to their traditions and seasons. Companies which are going to spread their business networks throughout the world must visit the place where they want to open their branches. They need to study the traditions and seasonal changes of the country where they want to initialize their products.

4. Promotion: Promotion activities involve marketing and advertising. Promotional activities are used to create awareness about the products. Customers know about products and their specification through social marketing media. Companies adopt social marketing media in order to create awareness about their products and services. Promotional activities and techniques are important if companies initialize new products or make some changes in product’s specifications. Promotional activities include advertising, selling, public relations and sales promotions. Advertising is a paid form of promotion that grabs the attention of customers through channels or TV. It also involves relationships between customers and companies. Marketers should design products that meet customers’ needs and demands.

Criticisms of the 4 P's Of Marketing Mix

So how can the marketing mix and the traditional four P's of marketing are criticised?

Ø It is completely internally focused on what the business wants. If marketing is about meeting customer needs, then surely the customer and their issues should come into the most popular framework for marketing. Can't think of P's? What about Purchaser, Problem and Pain?

Ø There are winning marketing strategies and losing marketing strategies. The four P's of the traditional marketing mix don't make it clear what the objective of the marketing is. There is no mention of Purpose or Profit. Without confirming the purpose, how can you know that you have the appropriate mix of marketing?

Ø Some argue that the marketing mix is focused on consumer marketing and that the Product, Price, Place, Promotion doesn't fit so well for industrial products and services. I'm not sure I agree with that one as each P can be adapted to industrial products and services.

Ø Others argue that the marketing mix creates subdivisions along artificial lines. Product becomes the responsibility of the product development people, pricing the responsibility of the pricing department etc.

Ø The marketing mix is very much based on the assumption that the business is pushing products out to customers. There is no interaction or feedback. It might have been fine when the producers had the marketing power but in a world of the Internet, social media and the free access to information, buyers are much better informed.

Ø As a marketer, the thing I want to do most is to build a relationship with the customer so that they buy and buy again repeatedly. There is nothing in the marketing mix which encourages the repeat purchases on the back end which is often where the real money is made.

Ø It is possible to break these criticisms of the marketing mix into finer points and you only have to look at the collection of P's that could be included in a revised marketing mix to see how much is missed out.

MARKETING ENVIRONMENT

A variety of environmental forces influence a company’s marketing system. Some of them are controllable while some others are uncontrollable. It is the responsibility of the marketing manager to change the company’s policies along with the changing environment.

According to Philip Kotler, “A company’s marketing environment consists of the internal factors & forces, which affect the company’s ability to develop & maintain successful transactions & relationships with the company’s target customers”.

The Environmental Factors may be classified as:

1. Internal Factor

2. External Factor

External Factors may be further classified into:

a) External Micro Factors &

b) External Macro Factors

1. Internal Environmental Factors

A Company’s marketing system is influenced by its capabilities regarding production, financial & other factors. Hence, the marketing management/manager must take into consideration these departments before finalizing marketing decisions. The Research & Development Department, the Personnel Department, the Accounting Department also have an impact on the Marketing Department. It is the responsibility of a manager to company-ordinate all department by setting up unified objectives.

2. (a)External Micro Factors

Some of the important external micro factors are:

1. Suppliers: They are the people who provide necessary resources needed to produce goods & services. Policies of the suppliers have a significant influence over the marketing manager’s decisions because, it is laborers, etc. A company must build cordial & long-term relationship with suppliers.

2. Marketing Intermediaries: They are the people who assist the flow of products from the producers to the consumers; they include wholesalers, retailers, agents, etc. These people create place & time utility. A company must select an effective chain of middlemen, so as to make the goods reach the market in time. The middlemen give necessary information to the manufacturers about the market. If a company does not satisfy the middlemen, they neglect its products & may push the competitor’s product.

3. Consumers: The main aim of production is to meet the demands of the consumers. Hence, the consumers are the center point of all marketing activities. If they are not taken into consideration, before taking the decisions, the company is bound to fail in achieving its objectives. A company’s marketing strategy is influenced by its target consumer. E.g. If a manufacturer wants to sell to the wholesaler, he may directly sell to them, if he wants to sell to another manufacturer, he may sell through his agent or if he wants to sell to ultimate consumer he may sell through wholesalers or retailers. Hence each type of consumer has a unique feature, which influences a company’s marketing decision.

4. Competitors: A prudent marketing manager has to be in constant touch regarding the information relating to the competitor’s strategies. He has to identify his competitor’s strategies, build his plans to overtake them in the market to attract competitor’s consumers towards his products. Any company faces three types of competition:

a) Brand Competition: It is a competition between various companies producing similar products. Eg: The competition between BPL & Videcon companies.

b) The Product Form Competition: It is a competition between companies manufacturing products, which are substitutes to each other Eg: Competition between coffee & Tea.

c) The Desire Competition: It is the competition with all other companies to attract consumers towards the company. Eg: The competition between the manufacturers of TV sets & all other companies manufacturing various products like automobiles, washing machines, etc.

Hence, to understand the competitive situation, a company must understand the nature of market & the nature of customers. Nature of the market may be as follows:

I. Perfect Market

II. Oligopoly

III. Monopoly

IV. Monopolistic Market

V. Duopoly

5. Public: A Company’s obligation is not only to meet the requirements of its customers, but also to satisfy the various groups. A public is defined as “any group that has an actual or potential ability to achieve its objectives”. The significance of the influence of the public on the company can be understood by the fact that almost all companies maintain a public relation department. A positive interaction with the public increase its goodwill irrespective of the nature of the public. A company has to maintain cordial relation with all groups, public may or may not be interested in the company, but the company must be interested in the views of the public.

Public may be various types. They are:

a. Press: This is one of the most important group, which may make or break a company. It includes journalists, radio, television, etc. Press people are often referred to as unwelcome public. A marketing manager must always strive to get a positive coverage from the press people.

b. Financial Public: These are the institutions, which supply money to the company. Eg: Banks, insurance companies, stock exchange, etc. A company cannot work without the assistance of these institutions. It has to give necessary information to these public whenever demanded to ensure that timely finance is supplied.

c. Government: Politicians often interfere in the business for the welfare of the society & for other reasons. A prudent manager has to maintain good relation with all politicians irrespective of their party affiliations. If any law is to be passed, which is against the interest of the company, he may get their support to stop that law from being passed in the parliament or legislature.

d. General Public: This includes organisations such as consumer councils, environmentalists, etc. as the present day concept of marketing deals with social welfare, a company must satisfy these groups to be successful.

2. (b) External Macro Environment

These are the factors/forces on which the company has no control. Hence, it has to frame its policies within the limits set by these forces:

1. Demography: It is defined as the statistical study of the human population & its distribution. This is one of the most influencing factors because it deals with the people who form the market. A company should study the population, its distribution, age composition, etc before deciding the marketing strategies. Each group of population behaves differently depending upon various factors such as age, status, etc. if these factors are considered, a company can produce only those products which suits the requirement of the consumers. In this regard, it is said that “to understand the market you must understand its demography”.

2. Economic Environment: A company can successfully sell its products only when people have enough money to spend. The economic environment affects a consumer’s purchasing behavior either by increasing his disposable income or by reducing it. Eg: During the time of inflation, the value of money comes down. Hence, it is difficult for them to purchase more products. Income of the consumer must also be taken into account. Eg: In a market where both husband & wife work, their purchasing power will be more. Hence, companies may sell their products quite easily.

3. Physical Environment or Natural Forces: A company has to adopt its policies within the limits set by nature. A man can improve the nature but cannot find an alternative for it.

Nature offers resources, but in a limited manner. A product manager utilizes it efficiently. Companies must find the best combination of production for the sake of efficient utilization of the available resources. Otherwise, they may face acute shortage of resources. Eg: Petroleum products, power, water, etc.

4. Technological Factors: From customer’s point of view, improvement in technology means improvement in the standard of living. In this regard, it is said that “Technologies shape a Person’s Life”.

Every new invention builds a new market & a new group of customers. A new technology improves our lifestyle & at the same time creates many problems. Eg: Invention of various consumer comforts like washing machines, mixers, etc have resulted in improving our lifestyle but it has created severe problems like power shortage.

5. Social & Cultural Factors: Most of us purchase because of the influence of social & cultural factors. The lifestyle, values, believes, etc are determined among other things by the society in which we live. Each society has its own culture. Culture is a combination of various factors which are transferred from older generations & which are acquired. Our behaviour is guided by our culture, family, educational institutions, languages, etc.

The society is a combination of various groups with different cultures & subcultures. Each society has its own behavior. A marketing manager must study the society in which he operates.

Consumer’s attitude is also affected by their society within a society, there will be various small groups, each having its own culture.

Eg: In India, we have different cultural groups such as Assamese, Punjabis, Kashmiris, etc. The marketing manager should take note of these differences before finalizing the marketing strategies. Culture changes over a period of time. He must try to anticipate the changes new marketing opportunities.

Selling V/S Marketing

Selling Concept: The selling concept essentially mirrors the thought that consumers will not purchase enough of the company’s products unless large-scale promotional and selling efforts are carried out by it. This concept is used for goods which customers don’t buy normally, unsought goods like insurance etc. These goods are aggressively sold by tracking down the target segment and sold on the virtue of the product benefits. The focus here is more on selling the products of the company to consumers without comprehending the market needs and increasing sales transactions rather than building and enhancing relationships with customers.

In the words of Philip Kotler,” The Selling Concept holds that consumers and businesses, if left alone, will ordinarily will not buy enough of the organisation’s products. The organisation must, therefore, undertakes an aggressive selling and promotion efforts. This concept assumes that consumers typically show buying inertia or resistance and must be coaxed into buying. It also assumes that company has a whole battery of effective selling and promotion tools to stimulate more buying,”

Marketing Concept: Marketing is an ancient art & is everywhere. Formally or informally, people & organizations engage in a vast numbers of activities that could be called marketing. Good marketing has become an increasingly vital ingredient for business success. It is embedded in everything we do- from the clothes we wear, to the web sites we click on, to the ads we see. Marketing deals with identifying & meeting human & social needs or it can be defined as “meeting needs profitably”.

The American Marketing Association has defined marketing as “an organizational function & a set of processes for creating, communicating & delivering value to the customers & for managing customer’s relations in ways that benefit the organization & the stake holders.”

Peter Drucker says it this way that,” the aim of marketing is to know & understand the customer so well that the product or service fits him & sells itself. All that should be needed is to make the product or the service available.”

Difference between selling & marketing concept

S.N.	Selling	Marketing
1.	Selling starts with the seller & the needs of the seller.	Marketing starts with the buyer & needs of buyer
2.	Seeks to quickly convert products into cash.	Seeks to convert customer ‘needs’ into products
3.	Seller is the centre of business universe.	Buyer is the centre of the business universe
4.	Views Business as a goods producing process.	Views businesses as a customer satisfying process.
5.	Seller preference determines the formulation of marketing mix.	Buyer determines the shape marketing mix should take.
6.	Selling is product oriented.	Marketing is customer oriented.
7.	Seller’s motives dominate marketing communication.	Marketing communication is looked upon as a tool for communicating the benefits / satisfactions provided by the product.

Introduction to Marketing, Principles of Marketing Notes B.Com CBCS Pattern