Marketing Management Concept and Meaning

Marketing Management Concept and Meaning

What is Marketing Management Concept?

Marketing Management Concept plays an important role to any business or company. Each company have their own ideas and philosophy regarding their business. For e.g. Manufacturing base companies needs to understand about the product which he is going to manufacture for the consumers, its quality, price etc. to influence its consumers. Thus Management needs to understand about the role of Marketing Management Concept and its Importance.

Marketing Management Concept covers the following concepts:

1. Production Concept
2. Product Concept
3. Selling Concept
4. Marketing Concept
5. Societal Marketing Concept

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Marketing Function of Physical treatment-Marketing Functions

Marketing Function of Physical treatment - Marketing Functions

Here we will discuss about the functions of marketing which includes Physical treatment as a function of Marketing. Here we will discuss about functions of marketing, physical treatment of marketing, marketing concepts and functions, concepts of marketing and its functions, marketing function transportation, marketing function storage, marketing function branding, marketing function packaging, marketing function physical treatment.

Function of physical treatment:

Function of physical treatment is one of the major and third concepts of marketing. It includes-

• Branding and standardization of product,
• Packaging,
• Storage, and
• Transportation, of goods from manufacturer to its prospective consumer.

Branding and standardisation of product: Standardisation means setting up the specifications of a product. And Branding helps in facilitating the product from the market having similar kind of products. These activities help to promote the sale in the market.

Packaging: Packaging helps the product and protects it from environment for giving the product long life. It also keeps the products safety while transporting it from one place to another place. Therefore, it is one of the important functions of marketing.

Storage: Goods are generally produced in a large quantity, in anticipation of the demand. Due to that, it is necessary to keep the goods safe and protected and thus needs warehouses for it.

Transportation: Now a day’s manufacturer produces on a large scale to meet the requirements of consumers in long run in different-different country. Therefore, transportation helps in bridging the gap between the buyers and the manufacturers. Transportation plays a significant role in an economy. Rapid industrialisation and exchange of goods and services cannot take place without the means of transportation. Therefore, it is an important function of marketing.

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What is a product? Definition and Meaning of product

What is a product? Definition and Meaning of Product

In this topics we will discuss about the definition and meaning of Product. In this topic we will discuss about product, product definition, definition of product, explanation of product, information of product, what is a product, meaning of product, about product, what is marketing concept, what is marketing, marketing concept product.

Definition of ‘Product’

According to ‘Philip kotler’, “A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or a need”.

In Other Words, ‘Product’ is explained as -

We can define product as anything that can satisfy the psychological and physical satisfaction of the consumer. It is a bundle of utilities consisting of various features and services. A consumer doesn't buy a product according to its feature but buy’s a product which really satisfy its wants and needs. Product planning and developing is one of the primary motive of a producer for production of a product. The product planning and developing is one of the function of marketing. Read here for more..

Marketing -

A good or services provide by the company and marketed by the company to satisfy particular need and wants and derive enough profit to continue its existence is a product. A product is basically the idea of the marketer to fulfill the need of the consumers according to particular geographical region. Read more here..

What is a product -

Any idea, concept, information, object or service created by the producers and serves to its prospective buyers is know as 'Product'. For example a seller of a toothpaste not only offers a product but also offers an idea that a consumer will take care of his/her teeth, this is known as 'tangible' and 'intangible' attribute of the product.

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Meaning-Functions,Nature and scope of marketing concept

What are the nature and scope of Marketing? Explain the functions of marketing with its nature and scope- Philip Kotler's Definition of Marketing and functions

What is Marketing?

According to Philip Kotler, “The term Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others”.

In other words,”Marketing is defined as the economic process through which goods and services are exchanged with the means of money value”. Here, it includes all the activities regarding transfer of goods and services from manufacturer to consumers or its perspective buyers. The transactions are taken place with the help of money. This way of defining marketing represents ‘Product Orientation’.

It is well said that, “marketing is incomplete without the market”. The term market represents the needs or wants of the potential customers who might be willing and able to engage in exchange of goods and services to satisfy that need or want. Thus, there might be shoe market, Malls, teenager market, Restaurants, labour market, complexes etc. As started earlier, marketing is an activity that is performed by business and non-business people with equal force.

Meaning of Marketing Concept

Meaning - According to 'Philip Kotler', "The Marketing concept may be defined as a management orientation that holds that the key tasks of the organisation is to determine the needs, wants and values of a target market and to adapt the organisation to delivering the desired satisfactions more effectively and efficiently than its competitor."

In Simple words we can say that, The Marketing Concept is a kind of Management Philosophy through which a marketing manager can set goals and objectives for the firm and the goals and objectives are set in according to the market situation so as to satisfy the needs and wants of the consumers.

This concept of marketing is based on three fundamental beliefs which are:

1. The planning of all the companies should be made according to its targeted customers.
2. The primary goal of the firm should be the profitability of the sales volume. And,
3. All the marketing activities should be flow and co-ordinate according to the prescribed organisational structure.

Here, in the marketing concept, there are certain activities which should be kept in mind by the marketing manager while setting up the marketing goals and objectives. These concepts of marketing are-

• Production concept,
• Sales Concept,
• Marketing concept,
• Product concept, and
• Societal Marketing Concept.

Nature and scope of marketing

Nature of Marketing-

1. Customer Focus – As we know that the main focus of marketing is the customers. Thus, the marketing intends to satisfy the needs or wants of the customers. Due to this, a marketer can optimism its cost for the customer and allowing the organization to focus on its core competencies in order to achieve its goals.
2. Delivery Value – Delivery is the key objective of marketing to satisfy the customer needs and wants. The Customer value can be determined by dividing the benefit with cost.
3. Surrounded by customer needs – Marketing is always starts with identifying the needs of the customers. Thus, the needs are turns into the features of the product that might satisfy the basic need of the customer.
4. Part of environment – Marketing is a part of environment. Here, the environment is the total of all the resources and institutions which are related to the production and distribution of goods and services to satisfy human wants.
5. Marketing System Affect the Company’s Strategies – Marketing has its own sub-system which interacts with each other and helps to form complete marketing system in response to company marketing strategy. Thus, a marketing system can easily affect the company’s strategies.

Scope of Marketing –

The scope of marketing can be understood in terms of the functions of the marketing manager. The major purpose of marketing manager is to generate revenue for the business by selling goods and services to the consumers. To satisfy the human wants, the marketing manager has to perform the following functions of marketing. the scope of marketing and functions of marketing are -

Scope Of Marketing -

1. Product Planning,
2. Branding,
3. Packaging,
4. Distribution Channel,
5. Advertising,
6. Sales management,
7. After Sales Service etc.

The Scope of Marketing are described in briefly here..

Functions of Marketing -

1. Marketing Functions of Research
2. Marketing Functions of Exchange
3. Marketing Functions of Physical Treatment
4. Marketing Functions of Facilitating Exchange

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What is Nature of Marketing?

Meaning and Nature of Marketing

Marketing is defined as the economic process through which goods and services are exchanged with the means of money value. Here, it includes all the activities regarding transfer of goods and services from manufacturer to consumers or its perspective buyers. Read more about marketing. Here we will talk about nature of marketing, what is nature of marketing, explain nature of marketing, define the nature of marketing, explain marketing and its nature, meaning and nature of marketing, meaning of marketing, explain meaning of marketing.

According to Philip Kotler, “The term Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others”.

Nature of Marketing-

The nature of marketing are described as below –

1. Customer Focus – As we know that the main focus of marketing is the customers. Thus, the marketing intends to satisfy the needs or wants of the customers. Due to this, a marketer can optimism its cost for the customer and allowing the organization to focus on its core competencies in order to achieve its goals.
2. Delivery Value – Delivery is the key objective of marketing to satisfy the customer needs and wants. The Customer value can be determined by dividing the benefit with cost.
3. Surrounded by customer needs – Marketing is always starts with identifying the needs of the customers. Thus, the needs are turns into the features of the product that might satisfy the basic need of the customer.
4. Part of environment – Marketing is a part of environment. Here, the environment is the total of all the resources and institutions which are related to the production and distribution of goods and services to satisfy human wants.
5. Marketing System Affect the Company’s Strategies – Marketing has its own sub-system which interacts with each other and helps to form complete marketing system in response to company marketing strategy. Thus, a marketing system can easily affect the company’s strategies.

Marketing Concept - Marketing Concept is a kind of Management Philosophy through which a marketing manager can set goals and objectives for the firm and the goals and objectives are set in according to the market situation so as to satisfy the needs and wants of the consumers. Read more about marketing concept here..

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What is marketing? Kotler’s definition

What is Marketing?

According to Philip Kotler, “The term Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others”.

In other words,”Marketing is defined as the economic process through which goods and services are exchanged with the means of money value”. Here, it includes all the activities regarding transfer of goods and services from manufacturer to consumers or its perspective buyers. The transactions are taken place with the help of money. This way of defining marketing represents ‘Product Orientation’.

It is well said that, “marketing is incomplete without the market”. The term market represents the needs or wants of the potential customers who might be willing and able to engage in exchange of goods and services to satisfy that need or want. Thus, there might be shoe market, Malls, teenager market, Restaurants, labour market, complexes etc. As started earlier, marketing is an activity that is performed by business and non-business people with equal force.

Example- PUMA, Nike etc.

Thus, besides business, there is also exists the other form of marketing like social marketing, marketing for education, marketing by government organisations etc.

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Biography on John D Rockefeller - Biographies

Biography on Founder of "Standard Oil" - Sir John D Rockefeller

John D Rockefeller is one of the richest person and a great businessman in his time. He created a monopoly market in the field of oil market. He is the founder of “Standard Oil”. John D Rockefeller was born on a farm in Richmond, New York, on 8^thjuly 1839. His father name is William Avery Rockefeller and mother name is Eliza Davison Rockefeller. His family was financially not good. As a young boy Rockefeller sells sweets to local children so that he can help his family financially. He didn’t studied so much and worked as a bookmaker. We are discussing about biography on john d Rockefeller, rockefellers documentary, john d rockefeller sr, standard oil, trust, oil refining, rockefeller founder, john d Rockefeller bio here.


John D Rockefeller entered into the field of oil business in 1863. He invested everything in his 1^st refinery. For transportation of his kerosene oil, he meets with Tom Scott, president of one of the largest rail lines.
With Rockefeller’s increased in profit, he started buying his competitors at the age of 33. He becomes the largest producer of kerosene refining in the country. Buy buying and eliminating the competitors he hold around 90% of the North America’s oil supply. Thus, he first creates a monopoly in the field of oil refining.
In 1873, due to crash in New York stock market, great depressions were started. At that time, lots of workers become jobless. At that time, due to depression, Rockefeller started buying his remaining competitors. By the time when the great depression ended, Rockefeller has formed one of the largest corporate empires in America, Rockefeller than started control over 98% of kerosene industry.
Before he dies, he gives around $100 billion of that away. Rockefeller died on 23^rdMay 1937 at the age of 97, and in today’s money Rockefeller is still left with the net worth of $660 billion.
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