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Unit 36 : Marketing – An Introduction
Marketing Management
Marketing (management) is the process of planning and executing the conception, pricing, promotion and distribution of goods, service, and ideas to create exchanges with target groups that satisfy customer and organizational objectives.
Functions of Marketing Management
Analysis
Planning
Implementation
Control
Characteristics of Services
1. Intangibility
2. Inseparability
3. Heterogeneity
4. Perishability
Physical Goods Services
1. Tangible Intangible
2. Homogeneous Heterogeneous
3. Production and Distribution are separated from consumption
Production, Distribution and Consumption are simultaneous process
4. A thing, an activity or process
5. Core value produced in factory Core value produced in buyer-seller interactions
6. Customers do not participate Customers participate in the production
7. Can be kept in stock cannot be kept in stock
8. Transfer of ownership No Transfer of Ownership
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