Product or Service Comparisons. Our very existence, our entire economic life, our life styles are continuously affected by a wide range of marketing activities. In 2017, The New York Times described it as "the art of telling stories so enthralling that people lose track of their wallets. It helps in fixing the … For maximum sales and profit goods are required to be distributed to the maximum consumers at minimum cost. Sign up and receive the latest tips via email. Author(s): Central Board of Secondary Education, India. Importance of marketing can be studied as follows: (1) Marketing Helps in Transfer, Exchange and Movement of Goods: Marketing is very helpful in transfer, exchange and movement of goods. E-Marketing Meaning. This note covers the following topics: Importance of Marketing, Role of Sales business, Concept of Market, Basic concept of Sales and selling, Understanding customer and consumer, Activities in Sales and Marketing. Marketing Helps in Transfer, Exchange and Movement of Goods: Marketing is very helpful in … Consumer Satisfaction. It’s all about using that sea of data to create more relevant marketing messages that better resonate with customers — both current and potential. The year 2016 took the industry by surprise with over 1.5 lakh job opportunities in the Digital Marketing domain. Marketing provides information about demand for goods and services, needs, interest, wants etc. The importance of marketing are as follows:-. Concept and Classification of Buyers Motives. Performance of all these activities generates adequate revenue to the company, which is the main source of its survival. Hence, any increase in the efficiency of the marketing process which result in a lower cost of distribution or production of the goods and services and lower prices to consumers will increase the national income. Importance of Marketing Environment. Marketing creates and increases the form place, time, possession and information utility of a product. In order to operate and stay in the market for long, one has … Marketing can be classified into two aspects: they are a narrow and broad concept where narrow concept refers to the physical transfer of goods and services from the producer to the consumers and broad concept refers to the functions before production to after sales services which facilitate the transfer of ownership. November 27, 2020 KNEC notes and Past Papers Generally, the specific individual marketing mix elements can be used to elaborate more on the specific marketing mix importances Offerings in the market Helps to target the specific individual groups in the country. Marketing strategy helps in discovering the areas affected by organizational growth and thereby helps in creating an organizational plan to cater to the customer needs. Notes # Meaning of Marketing: Marketing is a wide term embracing all resources and eco­nomic activities needed to direct the flow of goods and services from producers to consumers. (1) Marketing Helps in Transfer, Exchange and Movement of Goods: Marketing is very helpful in transfer, exchange and movement of goods. Marketing plays an important role in the economic development of any country. To create and execute a successful marketing plan, it’s important to use the 4Ps to analyze the specific challenges and opportunities for that product or service. On this note, marketing implementations that are set to attain profitable undertakings must be executed accordingly. At present various international organizations such as GATT, UNCTAD, ITC is established for institutional development of trade. Marketing helps us to select goods or services according to our need, interest and wants. In order to adapt to the changed situation, he needs to innovate new strategies, technology, and processes. The main aim of marketing is to meet the needs of society. The size of the marketing budget can be … The importances of marketing to business can also be explained: In business, there are many functional areas like production,human resources, finance, marketing etc. Marketing Mix. Marketing is one of the single most important reasons for any organisation’s success. Well, the following was a bigger surprise when only the first quarter of 2017 marked for 8 lakh job opportunities. The broader concept of marketing is related to the satisfaction of needs and wants of a group of customers. Study notes. Adjusting the price of the product has a big impact on the entire marketing strategy as well as greatly affecting the sales and demand of the product. They note that the situation has been of great concern to the government, citizenry, operators, and practitioners. 8 Notes. Pairs Game Click Here Market Segmentation Activity Click Here Market Segments Activity Click Here Marketing Revision Cards Click Here Niche vs Mass Marketing Activity Kahoot Quiz Click Here. The Class 12 Marketing Notes enlist the functions of marketing, its role in the development of an economy in terms of society, firms, and consumers. Channels. Marketing strategy provides an organization an edge over it’s competitors. So, this stage is known as self-sufficiency stage of human being. Marketing is the art of selling right products to right customers at a right time. Consumers can get necessary information or messages about different companies about their product or services quality using the method only with the help of marketing. Your email address will not be published. Share: Share on Facebook Share on Twitter Share on Linkedin Share on Google Share by email. It helps to understand the changing preference of customers thereby leading them towards adaptation as per the necessity. Some people make the mistake of confusing marketing with selling. ", According to Kotler & Armstrong ,"Marketing is a social and managerial process by which individuals or companies create value for customers and build strong customers relationships in order to capture value from customers in return. Notes - … In Modern Concept, the function of marketing starts before the production of goods and continues even after the final sale. Marketing helps to decrease the poverty prevailing in the society.In the lack of marketing neither agricultural products can be sold out easily nor the major sectors of the economy like agriculture and industry cann be developed properly. 6. So, to solve the problem of barter system, the currency was introduced at the first in the form of metal currencies. In other words, it is the systematic gathering, recording and analyzing of data about problems relating to the marketing of goods and services. They are two types of marketing concept they are an old concept and Modern concept. The objective of this note is to have the basic concepts of Marketing … No notes for slide. Marketing is helpful to both producers and consumers. Mass production with the mechanization and specialization minimizes cost. You can find us in almost every social media platforms. Distribution of product: Marketing helps organizations to provide products and services to their targeted/potential customers in an effective and efficient way which helps in smooth functioning of the organization. Nowadays, good or services are produced in mass scale. The Importance Of A Marketing Strategy For Business. 5.1 Marketing Competition & the Customer - Syllabus aim is to recognise the role and importance of marketing and market segmentation. You can download the file in 44 seconds. Cultural and religious values are important because going very far from them is not possible for consumers.