Bballb Hons Sem 1 Minor II - MM - Unit 1
Bballb Hons Sem 1 Minor II - MM - Unit 1
Bballb Hons Sem 1 Minor II - MM - Unit 1
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SEM – 1
MINOR - II
MARKETING MANAGEMENT
Margie Acharya
Assistant Professor
Faculty of Law
UNIT - 1 INTRODUCTION TO MARKETING
MANAGEMENT
FLOW OF TOPIC:
Marketing process
Marketing management is the art and science of choosing target markets and
getting, keeping and growing customers through creating, delivering and
communicating superior customer values of management.
Marketing is concerned with the people and activities involved in the flow of
goods and services from producer to consumer. —American Marketing
Association
Because the purpose of business is to create and keep customers, it only has two
central functions – marketing and innovation. The basic function of marketing is to
attract and retain customers at a profit.’ Peter Drucker.
FACULTY OF LAW - BBA LLB (HONS.), MARGIE ACHARYA
WHAT DOES MARKETING DO??
Marketing identifies unfulfilled needs and desires.
Defines, measures and quantifies the size of the identified market and the profit
potential.
Pinpoints which segments the company is capable of serving best and it designs
and promotes the appropriate products and services.
creates utility in terms of time, place and possession.
Converts customer needs into product and service and demand creation.
Matches consumers and products.
Marketing is :
1. Understanding consumer needs
2. Environmental scanning and market opportunity analysis
3. Developing a competitive marketing plan and strategy such that an organization is able
to satisfy not only the consumer’s needs but also achieve its own objectives.
4. Implementing the marketing plan and development of tactical plans to overcome
problems at the market place
5. Developing of control mechanisms
1. Production concept - Consumers will favour those products that are widely available and low in cost. Hence, focus is on
efficiency and wide distribution.
2. Product concept - Consumer will favour those products that offer superior quality, innovation, performance features. Eg.-
Gillete, Nokia, Intel, Sony, Toyota.
3. Selling/ Sale concept - Consumers, if left alone, will ordinarily not buy enough of the organization product. Hence, focus is
on aggressive selling & promotion effort.
4. Marketing concept - Integrate marketing activities towards determining & satisfying needs/ wants of target market more
effectively than competition.
5. Societal concept - Organization’s task is to determine Needs/ Wants/ Demands/ interests of target market. While
delivering desired satisfaction more efficiently & effectively than competition and meanwhile ensuring that consumer
and society wellbeing is preserved.
BUT, Law firms in India are not even allowed to advertise. So how can a law firm generate business
without advertising?