Introduction to Basic Marketing Concepts
Keywords:
History of Marketing-USA, Understanding the Marketing Environment, Consumer Behavior, Industrial (Business) Buyer Behavior, Marketing Research, Demand Measurement and Sales Forecasting, Segmentation, Targeting and Positioning (STP), Product (Policy)-First P, a-Product Life Cycle concept, b-New Product Planning/Development, PRICING-Second P, Place (Distribution) Concept-Third P, Integrated Marketing Communications (IMC) Fourth-P, Implementing and Controlling Marketing Plans, Delivering Marketing Strategies and Plans, Creating Customer Value, Satisfaction and Loyalty, New Trends in Marketing, Global Marketing, Event Marketing, Consumerism, Services MarketingSynopsis
As per Peter Drucker, every business has only two functions, viz; Marketing and Innovation. Marketing as a concept has American Origin. Symbolically, we can say that it entered India, with the formation of the first Management institute/program. In India, Marketing has kept pace along with the development of the country/ economy. Marketing-1.0 and 2.0 could be the first two decades after independence, along with White and Green revolutions, during which, we were exposed to international trends in business. Marketing 3.0 persisted up to 1991 gradually gaining importance as a concept and science. Marketing 4.0 started during and after liberalization, exposing our businesses to international trends and competition and the introduction of Retailing (Mall culture). The beginning of the 21st century with launching of Social and Digital Media has transformed the Marketing Function to an altogether high level, particularly for and by the Millennial Generation. To sum up, while we are talking about Management-4.0, Marketing is looking at individual customers and their need satisfaction, at the same time, focusing on social Marketing and exchange of products/services for the betterment of the society as a whole and contribute to the attainment of Sustainable Development Goals (SDGs) of UNO (Marketing5.0).
