Welcome to youtube channel; ‘Marketing By Vijay’ In this video I’m going to discuss about; what is marketing? This is the first question which comes to your mind when if are we discuss marketing Marketing as you thought is wildly used in the management of business And in our day to our life That’s why marketing is very very important If you go back into history then we find the existance of marketing In the beginning of the civilization It all has started with the bottle system When the buyers and sellers exchange their goals and services Marketing as a topic first appear in the first half of 20th century with reference to distribution The process of distribution and determination of price through the demand and supply Pew the view for studies in marketing That’s why economics is known as the mother of marketing Marketing is a very very simple taum to understand But most of the time we get confused Want i ask may students: What is marketing? Then most of the time, the answers come in taums say promotions are selling, are sells, are any kinds of advertising The all these efforts are call marketing But is that marketing are marketing is something more than that? That is the question The simplest way to understand what is marketing is to identify and meet the needs of consumers Now as a marketeer, what are you suppose to do? As a marketeer, you try to identify the needs of the customers and you need to fulfill the needs of the customers If you can identify and fulfill the needs of the customers in a better way, you are a good marketeer.
So It is very very simple in that way It just need to identify and meet the needs of the consumer Now once we talk about the identifying and meeting the needs of the consumer A company may fulfill your unmet needs as well as met needs Because what happens If you are getting into some kind of new product category Or if you are getting into some new service category Then you are trying to fulfill the unmet needs But there are several product categories and there are several services categories Where The products and services are already existing It means You are going to fulfill the needs which are already met by the various companies So most of the time you’ll be finding that many companies go for identifying and fulfilling the met needs And only few companies Will go for Identifying and fulfilling the unmet needs And that is the difference between a good company and a great company Good companies will always fulfill the met needs While that great companies will fulfill the met needs as well as unmet needs You think about APPLE, you think about GOOGLE, You think about RELIANCE, You think about TATA, you think about BIRLA, Okay You think about WIKIPEDIA, You think about FACEBOOK, You think about TWITTER…
What all these companies are trying to do? These companies are trying to fulfill your met needs as well as unmet needs And that’s why these companies are very very successful all across of the world In Indıa also you’ll find the existance of so many companies, we are doing a great job. If you are talk about PVR, if you are talk about MAHINDRA, if you are talk about TATA All are equally successful by fulfilling the needs of the consumers And this is the simplest way to understand marketing Now if you go further then you find that there is a definition given by Philip Kotler Philip Kotler says: Marketing is all about CCDVTP Now, what is that? CCDVTP Now there are six terms which have been you delist in this definition. So he talks about Creating, Communicating, Delivering, Value, To the target market For profit The definition given by the Philip Kotler Is very simple He says Marketing is all about creating, communicating, delivering, value to the target market for profit And here he is talking about the profitability part Beacuse the objective of business is making profits Okay Now Here the question comes Once you identify and fulfill the needs And that’s what Philip Kotler has talked in terms of value Now the question comes What do you mean by value? Value is all about; Benefits And cost If you are buying a product Or if you are buying a service You need to pay a lot of money Once you pay money That becomes to your cost and Once you pay up that money then you expect certain things and return You expect certain benefits out of return And that becomes your benefit So, value is all about Cost versus benefit If you are getting benefits more than your cost then you are successfully marketeer So that’s what Philip Kotler has said And the most definitive Definition comes from the American Marketing Association ‘Regarding Marketing’ American Marketing Association defines marketing as the activity, set off institutions and processes for creating communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.
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