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1. Packaging and Labelling : 

Packaging refers to designing and developing the package for the products. Labelling refers to designing and developing the label to be put on the package. They both are considered as pillars of marketing. 

2. Warehousing : 

In order to maintain smooth flow of products in the market, to protect against unavailable delays in delivery or to meet contingencies in the demand, proper storage of goods is required. Warehousing creates time utility. 

3. Transportation : 

Transportation involves physical movement of goods from one place to other. Generally, the users of the products are widespread and geographically separated, and it is necessary to move the products to the place where they are needed for consumption and use.

1. Standardisation and Grading : 

Standardisation refers to producing goods of predetermined standard, which helps in achieving uniformity and consistency in the output. Grading ensures that goods belong to a particular quality and it helps in realising higher prices for high quality output. 

2. Market Classification : 

To classify the groups on the basis of features like wants, needs, interests, etc. according to sub-markets, is known as market classification, and the marketers focus on these target markets. 

3. Branding : 

Branding means providing a specific name to a product, in order to make the product distinguished from other similar products. Brand name helps in creating product differentiation from those of the competitor’s product.

An effective marketing system is based on strong communication and information system which provides useful information to the customers. They get valuable information about the availability of goods, new features, price trends, substitute goods, etc. which helps in taking purchase decisions in a better way

Marketing can be done for anything that satisfies the customers after buying it or which can provide any utility or value to them. Marketing can be of any product. Products are the goods which are produced for human satisfaction, and a product can be touched, felt, etc. But it is not compulsory that we can do the marketing of goods only, instead, we can do the marketing of services also. We can only feel the services, we can’t touch them or see them, like hospitality industry provides the service to us. So, it is clear that marketing can be done for products, services, experiences, opinions, etc. The main target of this is customer satisfaction.

Marketing management is the process of planning, organising, directing and controlling the activities related to marketing of goods and services to satisfy the customer’s need and achieve organisational goals.

According to Prof. Johnson : 

“Marketing management in that area of business activities which includes the formation and execution of plans for all the steps of entire selling campaign.”

The main objective of marketing management is consumer satisfaction only. Marketing, by making available desired commodities of right quality, at right place, at reasonable price, on right time, enhances consumer satisfaction.

Marketing acts as a catalyst in various economic activities like production, distribution, exchange, etc. Marketing increases the level of production, sales savings, profit in investment, profits, which increases the income of people. Thus, through direct and indirect ways, government revenue also increases.

i. True

ii. True

iii. False

iv. False

v. False

• Product description and Contents : 

Labelling provides description of product and contents which are included in the product.

• Identification of Product or Brand :

Labelling provides the name, address, weight of the product at the time of packaging, Maximum Retail Price (MRP), Batch No., etc. which provides product identification to the consumer.

• Information About Law : 

The most important function of labelling is that it provides information about various issues, such as important caution, etc. For example : on Cigarette packets it is mentioned “It is injurious to health.”

• Product Grading : 

Labelling ensures grading, which means it belongs to a particular quality.

i. International market

ii. Long period Market

iii. Retail Market

iv. Duopoly

v. Branding

i. Latin

ii. Exchange

iii. Very Short Period

iv. consumer

(i) Mr. X borrows money from capital market.

(ii) Mr. X invests his funds in the regulated market.

(iii) The different foreign currency is required by Mr. X for international market.

1. People : The employees, i.e. people inside the business and consumers/customers, i.e. people outside of the business create direct or indirect impact (influence) on the business. People include all individuals that play key role in offering the product or service to the buyer or customer. People inside the business comprise employees who assist to deliver services to the customers. Right people appointed to work at right place definitely add value to the business. The management or employer of the business enterprises are required to recruit right people, train them, develop their skill and retain them for their success.

2. Process : The steps taken by the business organisation in carrying the products and services from the place of business to the doorsteps of customer are called process. Processes are significant to provide a quality service. Good process ensures same standard of service to the customers, save time and cost by enhancing efficiency. The growth and development of technology enable the business organisations in effective monitoring of the process of business and help to take corrective action if necessary.

3. Physical environment : Marketing environment in which the interaction between customer and firm takes place is called physical environment. While providing (offering) intangible services, the service providers always try to incorporate certain tangible elements into their offering to increase experience of customers. In the service market, physical or tangible evidence is essential to ensure that the service is successfully provided. Physical evidence enables the customers to trace conveniently the brand leaders in the market. The physical evidence comprises of location, layout, packaging, branding, interior design, dress of the employees, their action, waiting area, etc.

7 Ps of marketing are explained as follows:

(1) Product : An article, goods, commodity, or service that is manufactured and offered to the customers for sale is called product. It has capacity to satisfy desire or need of the customers. The products may be either tangible or intangible. It can be in the form of goods or services. By undertaking extensive market research the business enterprises are required to decide the right type of products to be produced and sold. The product creates impact on the mind of the customers on which success or failure of business firm depends.

(2) Price : The amount of money given or required to buy a product is called price. It is essentially the amount that customer ready to pay for a product. The cost of the product, willingness of the customers to pay for the product, value and utility of the product are the main factors that businessmen have to considered while (determining) deciding the price of a product. Price of the product should be neither too high which affects the demand adversely nor too low which reduces the profitability of the business.

(3) Place : The distribution or placement of product is a significant aspect of the marketing, Place is the element of marketing mix that ensures that right product is distribute and made conveniently available to the potential consumers or buyers at right price, at right location and at right time too. The business enterprises are required to distribute the products at a place easily approachable to the potential consumers or buyers. Place in this respect covers location, distribution and the ways of giving the products in the hand of the customers. The system of distribution decides the coverage of the product in the market.

(4) Promotion : Promotion is one of the basic elements of marketing because it makes the customers aware of its product, creates brand recognition and sales. Promotion refers to any type of marketing communication used to inform and persuade potential buyers or consumers to buy the products by explaining them the regular merits of products, service, brand, etc. Promotion mix comprises of different tools such as advertising, sales promotion, direct marketing, personal selling, etc. promotional strategies to be used in the business depends on various factors such as budget, target market and the message wants to communicate.

(1) Increase in standard of living : The main aim of marketing is to supply goods and services to fulfil the customers’ requirements. Marketing finds out the requirements of the customers and accordingly make efforts to supply quality products at cheaper prices. This in turn helps to maintain and raise the standard of living of the customers. In recent era, large scale production of products and services have considerably reduced their prices due to which poor people also attain reasonable level of living.

(2) Provide employment : Modern marketing i undertakes almost all functions of organisation such as buying, selling, financing, transport, warehousing, risk bearing, research and development, etc. which generate and create more job opportunities in different capacities and help to solve the problem of unemployment.

(3) Decreases distribution coats : Effective and proper utilisation of channel of distribution reduces overall cost of the products and services, Thus, marketing activities make the goods and services available to the society at cheaper prices. Due to reduction in the cost, number of potential consumers will also increase. It also gives guarantee of timely availability of the product.

(4) Consumer awareness : Marketing helps the society by educating consumers and by giving information of new products and services available in the requirements of consumers by providing relevant information, goods and services to the people as per their demand and taste. Marketing also includes information to help in making a purchase.

(5) Increase in National income : The scientifically well organised marketing activities facilitates rapid economic development of the nation. Well organised and effective marketing of products and services facilitates industrialisation, increases job opportunities and develop the economy. Effective marketing integrates agriculture and industry which in turn bring rapid development in the country.

(6) Managing consumer expectations : Marketing research enables the business organisations to understand the requirements of the consumers which helps in development of products to satisfy the customers expectation. The business organisations make certain changes in the product by considering customers’ review. Through marketing, business enterprises inform consumers about the major changes such as mergers, transfer in ownership which affect product offerings. Government regulations stop marketers to make false and misleading claims.

The importance of marketing to the firm is explained as follows:

(1) Increases awareness : Marketing provides information and creates understanding among the consumers about the existing products, new arrivals and the company selling a particular product in the market. This in turn increases awareness among the potential consumers and creates brand image among the consumers.

(2) Increases sales : After providing information successfully about the products or services among the consumers, marketing attracts them to buy the products or services. Successful marketing campaign enables the business organisations to enhance the sales of the organisation. Expansion in sales increases profit for the organisation which is in turn reinvested in the business to earn more and more profits in the future. In recent era, survival of the business organisations depends on the effective and efficient marketing function.

(3) Create trust : The consumers usually prefer to buy required goods and services from those business enterprises which have trustworthy reputation in the market. To create trust among the customers longer time is required. Trustworthy business enterprises earn loyal customers. This trust worthiness creates customers loyalty. Satisfied customers enhance the brand image of the organisation in the market. Efficient and effective marketing plays significant role in creating good relationship between the customers and the organisation. Efficient pricing policy and appropriate after sales service improve image of the business enterprises. Majority of marketing activities move towards building brand equity of the business.

(4) Basis of making decisions : Every business organisation is required to take several decisions before delivering the final products or services to the consumers. The business organisation is required to considered or face many problems such as what to produce, how to produce, when to produce, and for whom to produce? When business expands, the decision making process becomes more complex. Effective marketing facilitates organisation to take right decisions at right time.

(5) Source of new ideas : Marketing enables the business organisations to know the requirements of the consumers. Feedbacks received from the consumers helps the manufacturers or producers to make improvement or desired changes in the existing products. Tastes and preferences of the consumers change rapidly. Due to marketing, business enterprises understand these changes and new demand pattern emerges in the market. Accordingly, Research and Development department develops the products. In the field of product development 4 Ps of marketing mix viz. product, price, place and promotion play major role. Inventions and innovations are made by the Research and Development team of the business when the need arises.

(6) Tackling the competition : On account of ; increasing competition among all the sectors of the economy, it is now difficult for any business enterprise to create monopoly for its products or services. Marketing creates brand loyalty in the mind of potential buyers. Marketing facilitates organisations to communicate the salient features and advantages of products and services to consumers and induce them to buy the same. Efficient marketing strategies depict better image of the business than competitors. The efficient management always uses modern technology for effective marketing.

(i) Need and want 

(ii) Creating a market offering 

(iii) Customer value 

(iv) Exchange Mechanism

It is a process whereby people exchange goods and services for money or for something of value of them.