Unit 36 : Marketing – An Introduction

Unit 36 : Marketing – An Introduction

Marketing Management

Marketing (management) is the process of planning and executing the conception, pricing, promotion and distribution of goods, service, and ideas to create exchanges with target groups that satisfy customer and organizational objectives.

Functions of Marketing Management

Analysis Planning Implementation Control

Characteristics of Services

1. Intangibility
2. Inseparability
3. Heterogeneity
4. Perishability

Physical Goods Services

1. Tangible Intangible
2. Homogeneous Heterogeneous
3. Production and Distribution are separated from consumption. Production, Distribution and Consumption are simultaneous process
4. A thing, an activity or process
5. Core value produced in factory Core value produced in buyer-seller interactions
6. Customers do not participate Customers participate in the production
7. Can be kept in stock cannot be kept in stock
8. Transfer of ownership No Transfer of Ownership