Objectives In this lesson, we will introduce you to the conceptual ideas that makeup the marketing function of a business. After you work out this lesson, you should be able to: · List out the concepts of marketing · Understand how these concepts are interconnected · Explain how marketing is changing in a connected world In this lesson,…
Firms must spend money to create time, place and ownership utilities as discussed earlier. Several studies have been made to measure marketing costs in relation to overall product costs and service costs and most estimates have ranged between 40-60 percent. These costs are not associated with raw materials or any of the other production functions…
Until fairly recently, marketing focused primarily on exchanges of goods between individuals (business-to-consumer (B2C) marketing) and businesses (business-to business (B2B) marketing). Industrial marketing deals with the organizational purchases of goods to support production of other goods or daily operations or for resale. Table 1.1.2 highlights the differences between consumer marketing and industrial marketing. Table Differences…
The basic elements of a marketing strategy consist of (1) the target market, and (2) the marketing mix variables of product, price, place and promotion that combine to satisfy the needs of the target market. The outer circle in Figure lists environmental characteristics that provide the framework within which marketing strategies are planned. Figure 1.1.1…
As noted earlier, exchange is the origin of marketing activity. When people need to exchange goods, they naturally begin a marketing effort. Wroe Alderson, a leading marketing theorist has pointed out, ‘It seems altogether reasonable to describe the development of exchange as a great invention which helped to start primitive man on the road to…
Continuous exposure to advertising and personal selling leads many people to link marketing and selling, or to think that marketing activities start once goods and services have been produced. While marketing certainly includes selling and advertising, it encompasses much more. Marketing also involves analysing consumer needs, securing information needed to design and produce goods or…
Production and marketing of goods and services are the essence of economic life in any society. All organizations perform these two basic functions to satisfy their commitments to their stakeholders – the owners, the customers and the society, at large. They create a benefit that economists call utility which is the want-satisfying power of a…
Customs Departments are the government designated authority to implement the policies related to import and export, collect customs duties and facilitate movement of people, goods, and cargo into and out of the country. Area of Operations and Authority Customs departments have offices at all seaports, airports and border gateways that are essentially the exit and…
In this chapter, we will throw some light on two specialized supply chains − ● Agile Supply Chain ● Reverse Supply Chain Agile Supply Chain An agile supply chain can be defined as a chain of supply that has the potential to respond to changing requirements in a way that accelerates the delivery of ordered goods to…
Companies that opt to participate in supply chain management initiatives accept a specific role to enact. They have a mutual feeling that they, along with all other supply chain participants, will be better off because of this collaborative effort. The fundamental issue here is power. The last two decades have seen the shifting of power…