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ANNAMALAI GUESS QUESTIONS

MARKETING MANAGEMENT NOTES ANNAMALI UNIVERSITY

IMPORTANTS POINTS TO REMEMBER:
Definition of Marketing; Broadly speaking, there are two interpretations of marketing, quiz.,
product and customer. However, in the modern world, product-oriented definition of market-
ing is considered to be a narrow interpretation which does not hold good. Consumer-oriented
approach to marketing is widely accepted and practised by the dynamic business firms.
Thus,. Present-day marke5tingt is consumer-oriented rather than product-oriented. Consum-
er-oriented definition given by Cardiff and Still is as follows; "Marketing is the business
process by which products are matched with the markets and through which transfers o f
ownership are effected."
Matching products with the market means determining the requirements of potential cus-
tomers and supplying those products which meet their requirements. If a business produc-
es the products after assessing the requirements of prospective customers, it is more likely
to be successful to achieve its objectives. Consumer-oriented marketing has gained popu-
larity these days as all marketing activities revolve around the customer. Satisfaction of
customers is the basic purpose of marketing. Customer is treated as `king' for the business.
All marketing activities centre around satisfaction of the needs of customers. This is the
essence of modern marketing concept.
Nature of Marketing
(i) Marketing is one of the most powerful managerial functions.
(ii) It emphasises the necessity of consumer-orientation of the entire business.
(iii)It suggests that marketing is a dynamic business process — a total integrat-
ed process rather than a fragmented assortment of functions. It clearly points
out that marketing is not merely an activity, nor is it exactly the sum of several
activities; rather, it is the result of the interaction of many activities.
(iv)Marketing starts with the generation of a product idea and does not end un-
til the customer's wants are completely satisfied.
(v)Mar seting is successful only when it is capable of maximising profitable
sales over the long run.
Importance of Marketing
1. Marketing is the beating heart of the business organisation. The chief executive of
a business can't plan, the production manager can't produce, the purchase officer cannot