Lecture Notes: Marketing Management

Flashcards on Marketing Management

The refers to the ‘set of potential and actual buyers of a product or service’.

Market

refers to the people or organisations that seek satisfaction of their needs and wants.

Customer

The can be a person or organisation who make available the products or services and offer them to the customer.

Marketer or Seller

is a social 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.

Marketing

The focus of marketing is on identifying and satisfying the and of individuals and groups.

needs and wants

refers to providing complete information about the product or service e.g. shape, size, availability etc.

Market offering

Marketing involves of goods and services for money and valuable consideration.

exchange

_ means management of all the activities related to marketing or in other words we can say, it refers to planning, organising, directing and controlling the activities which result in exchange of goods and services.

Marketing Management

The process of marketing management starts with choosing the , in which the product or service is to be marketed.

target market

The policy emphasises on availability and affordability of product.

Production concept

The stresses on quality of production rather than quantity of production.

Product concept

Companies who rely on make use of advertising powers and other persuasion techniques to influence with customers.

selling concept

According to , customer satisfaction is the key to the success of any organisation in the market.

marketing concept

The concept concentrates only on the needs of the customers and overlooks wider social interest like deforestation, global warming etc.

marketing

means maintaining quality standards to achieve uniformity in the product.

Standardisation

refers to designing of packets, wrappers, cartons etc. which are used to pack the product.

Packaging

Companies may decide to sell the product in company's name or they may decide a special for their products.

brand name

Price means the money which a customer has to to buy a product or service.

pay

Place refers to the set of decisions that need to be taken in order to make the product available at the , in right quantity and at the right time.

right place

The marketing mix refers to the ingredients or the tools or the variable which the marketer mixes in order to interact with a .

particular market