Marketing
Unit XI. Covers Marketing: meaning and functions; Marketing mix; Product; Price; Physical distribution; Promotion.
About this unit
Marketing is a social process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others. This unit covers the meaning and functions of marketing, marketing philosophies, the difference between marketing and selling, and the marketing mix, with detailed study of product (including branding, labelling and packaging), price, place (physical distribution and channels) and promotion.
Key ideas
- Marketing starts before production and continues after the sale.
- Marketing philosophies: production, product, selling, marketing and societal marketing concepts.
- Marketing mix: the four Ps — product, price, place and promotion.
- Products can be consumer products (convenience, shopping, speciality) or industrial products.
- Channels may be zero-level (direct) or indirect (one, two or three levels).
- Promotion mix: advertising, personal selling, sales promotion and public relations.
How to prepare
- Learn the functions of marketing and the five philosophies with an example of each.
- Prepare lists of factors affecting price and channel choice.
- Practise identifying the type of product, channel or promotion tool from short cases.
Topics in this chapter
Marketing: meaning and functions
Functions, role and marketing philosophies; marketing versus selling.
5 questionsMarketing mix
Concept and elements.
5 questionsProduct
Nature, classification, branding, labelling and packaging.
5 questionsPrice
Factors that influence pricing.
5 questionsPhysical distribution
Components and channels of distribution, and the factors that decide channel choice.
5 questionsPromotion
Promotion mix: advertising, personal selling, sales promotion and public relations; objections to advertising.
5 questions