Where it is important to know about the marketing terms, here definition is marketing is also important to know. Marketing can be define as “The set of activities that facilitates creation, promotion & provision of goods & services from point of manufacturing to final consumers is referred to as marketing. Definition of marketing can be “the process of planning & executing design, promotion, pricing & distribution of goods, services and ideas to make exchanges that satisfy objectives of individuals as well as organizations. Marketers are regarded as Managers of Demand. It is necessary for them to have knowledge about various aspects, not simply about their own product.
Basic Marketing Terms – Key terms of Marketing
below is the list of most commonly used marketing that can be seen freely everywhere in the world. These marketing terms used in same way in all over the world.
There are many facets of this Marketing Terms consumers. In business perspective person who directly derives the utility of the product is referred to as consumer. Every consumer possesses some budget & it is their desire to obtain maximum utility from that budget. Therefore it is the effort of the marketer to understand the choices, preferences, interests & sensitivity of the consumer in order to make his utility higher. It is quite important to study the consumer behavior in detail so that the consumers are better educated about the products of the organization that can increase their utilities.
Customer is that individual who decides the purchasing of particular product in the market. It is not necessary that every customer should also be consumer of that product. Sometimes the customer purchasing particular product is different from the consumer of that product. The main point is that the customer always makes the purchasing decision. For example certain housewife purchases soaps for her household and hence she is customer of that product & the entire family is the consumer of that product.
There are two types of customers which are as follow
01- Internal Customer: Those customers of the organization who work in it are regarded as internal customers.
02- External Customer: All those customers that are outsiders of the organization like, individuals, business people etc are referred to as external customers.
- Consumer Market:
The selling of goods & services to consumers like TV sets, tooth pastes and soft drinks etc is called consumer market. It require much time in developing successful superior brand image in consumer product marketing. For this purpose certain things need to be clearly understood by the marketer of the organization like the product, target consumers, the brand positioning etc. All these considerations will help the marketers to develop number one position or number two.
- Business Market:
The selling of goods & services to customers who are experienced in evaluation of offerings of competitors is covered in the area of business markets. For proper dealing with business markets there are certain requirements like quality, brand reliability, sales force and prices & companies.
- Global Market:
Global Market is the selling of goods & services beyond the frontier borders. There are certain tough decisions that are faced by the marketers with respect to global marketing. For example a major undertaking is in the form of exports which give rise to certain issues like which country need to be considered? How to price? How to enter? How to communicate? Etc. Moreover there are certain other important matters to be considered by the organization like political situation, currency situation, legal system and styles of negotiation etc.
- Non Profit & Governmental Markets:
Key marketing terms include non profit & governmental markets which may take form of missions, universities, charitable organizations etc. In case of government market tender for bids is called by the government for purchase. There may also be another method of selling goods & services. Timely delivery, price & marketing the schedules are some of the important considerations that marketers face in this area. Moreover certain logistics should be considered by the marketers like in-time offerings, participation in tender bids and meeting time schedules etc.
- Task Environment:
Following elements are included in the task environment which assists in the manufacturing distribution & promotion.
- Immediate actors
- Broad Environment:
In broader environment following elements are considered
- Natural environment
- Economic environment
- Demographic environment
- Political-legal environment
- Technological environment
- Socio-cultural environment
- Marketing Mix
The marketer must decide about the Marketing Mix for the organization. Marketing mix include the following four elements.
- Right product:
In this aspect of marketing mix, following kinds of decision need to considered
- Product variety & range
- Right Price:
Following sort of decisions are included in this category
- Discount & conditions of discount
- List price
- Payment period
- Right Place:
Following are important considerations of place element of marketing mix.
- Right Promotion:
It includes the following decisions.
- Direct marketing
- Public relations