ASSIGNMENTOFINTERNATIONALMARKETING is just a tool of marketing. Marketing

ASSIGNMENTOFINTERNATIONALMARKETING SUBMITTED TO: –                        SUBMITTED BY:-Prof. Heena                                Pooja(lect. Of international            1512008Marketing)    B.com (gen)-III MARKETING INTRODUCTION:- Today’s market is often referred to as the consumer’s market. Consumer is often referred to as the king of the market. The modern society is often criticized as being the society of consumerism and in order to impress these consumers, the companies had to present themselves and their product in such a manner that the consumer gets attracted towards their product and company as well. For this purpose the company has to do a set of functions or use certain techniques to attract and keep the consumers.  This set of functions or techniques are often referred to as marketing.Well whenever we hear the word marketing; only one thing comes to our mind and that is ‘advertising’ and we all think that marketing is all about advertising the product through printed or electronic form but this is not the truth marketing is not just about advertising rather advertising is just a tool of marketing. Marketing is a very vast concept which has its own set of principles and techniques. It is a process which involves a series of functions.So, after the above discussion we can say that; “marketing is the study and management of exchange relationships.” Exchange relationships here are between the company and the consumer. The consumer buys the product from the company in exchange of money and the company sells the product to the consumer in exchange of money.  Marketing is used to create, keep and satisfy the customer. Marketing is a proper scientific process with the help of which the company tries to gather the loyalty of the consumers and to get a larger share of the market to earn higher profits. Basically the main aim of today’s marketing strategies is to earn higher profits along with the complete satisfaction of the consumers. DEFINITION OF MARKETING:-According to the American Marketing Association, marketing is defined as “the activity and set of processes for creating, communicating, delivering, exchanging, offerings that have value for customers, clients, partners and society at large” “Marketing is the process of planning, designing, executing marketing strategies to achieve the organizational objectives of the company along with the satisfaction of the consumers.”Marketing is one of the most creative, strategic and difficult process of business management as it is not easy to impress someone and gain someone’s loyalty. One has to plan strategically and cautiously the process through which one is going to impress the consumers. Marketing is not just limited to a particular area of customers but it is for the complete society of a particular nation or of another nation as well. Marketing activities done within a particular country then it is called Domestic Marketing and when marketing activities are done in different nations then it is referred to as International Marketing. CONCEPTS OF MARKETING:- Marketing has evolved through different centuries to gain its true form. From being just a name to a separate branch of study. Marketing has two major concepts and they are:- Traditional conceptModern concept According to the Traditional concept, the producers are the king of the market. That time the market was producer oriented. Producers used to rule the market. They by their choice and according to their profit used to create the product. Consumer demands are not given any preferences. According to the traditional concept, profit maximization is the main aim of the producers.According to the Modern concept of marketing, consumers are given more and more preferences. They are considered as the king of the market. Products and services are created according to the needs and wants of the consumers. Consumer’s demands are given as the first priorities then come anything else. According to the modern concept of marketing, consumer satisfaction is the main objective along with profit maximization because considering only for profit maximization is just a short-term achievement but profit maximization along with the customer satisfaction is long-term achievement. Now a days marketing is not just treated as an activity rather it is a specialized branch of knowledge which has its own principles and techniques which makes it separate from others. It is a specialized branch of knowledge which is taught in institutions. Earlier marketing practice tends to be seen as a creative industry in past which just includes advertising, distribution and selling. However because the academic study makes an extensive use of social science, psychology, sociology, mathematics, economics, anthropology and neuroscience due to which the profession is recognized as a science.The process of marketing involves that of bringing a product or a service to the market. As such the steps include broad market research, market targeting, market segmentation, distribution channels, pricing and promotional strategies, developing a communication strategy, budgeting, visioning and long term market development goals. Many of these parts of the marketing process involve the use of creative arts which makes as an creative art. AIM OF MARKETING:- The main aim of marketing is to achieve the organizational goals or objectives by anticipating the needs and wants of the customers and satisfying those needs and wants more efficiently than the competitors. The aim of the marketing also includes profit maximization but along with the satisfaction of the consumers. This means gathering the loyalty of the consumers. In order to achieve the above mentioned aim, the organization has to make certain strategies or have to follow a process.PROCESS OF MARKETING:-Marketing process is a continual series of actions and reactions between the customers and the organizations. It involves the ways which are created to satisfy the needs of the customers. In marketing process the situation or the market is analyzed to identify the opportunities, the strategy is formulated for the value proposition, tactical decisions are taken, plan is implemented, and results are monitored. Marketing process is a series of steps and they are as follows:-SETTING MARKETING OBJECTIVES:-The first step of marketing involves the setting of the marketing objectives. This is the primary step of marketing process because without the objectives no work can be done. Marketing objectives here means the standards that one has to set. For example:-” we will be targeting at least one lakh customers this year”,” we will be increasing our sales by 20%.” Etc.ANALYSING THE MARKETING OPPORTUNITIES:-After setting the objectives then comes the second step of marketing process which is analyzing the marketing opportunities. The market opportunities can be analyzed by using various techniques one of these techniques is SWOT analysis (strength, weaknesses, opportunities and threats). In this step market area is not only analyzed but also the possible available opportunities are identified.RESEARCH AND SELECTING TARGET MARKET:-Then comes the third step of marketing process which is research and selecting market area. Before applying any policies the management has to conduct a deep market survey or research of the market as well as customers. For this purpose various market research experts are appointed for this purpose. Target market refers to the area of the market which is targeted to sell the product. DESIGNING MARKETING STRATEGIES:-Marketing strategies refers to the various plans and policies that the company formulated in order to compete with their competitors. These are basically the policies of playing safe into the market. Before entering into the market the company has to define or formulate certain policies to increase their sales as well as the customers of their product.PLANNING MARKETING PROGRAMMES:-Then comes the next step of planning marketing plans. Marketing programmes are those plans or programmes that are we going to use for the introduction of our product into the market. This includes the distribution channel through which we are going to send our product to the customers, ways through which we are going to introduce our product in the market, discount schemes etc.ORGANISING, IMPLEMENTING AND CONTROLLING MARKETING EFFORT:-Then comes the final step of marketing process which is the organization, implementation and control of marketing efforts. The above efforts are organized in a well mannered and systematic form so that they can be implemented and understood easily. After the implementation of the strategies, plans and policies then comes the controlling of these plans. Controlling is done by setting some standards and comparing the actual standards with that of the established standards. If any deviations are found then these are corrected using various schemes and techniques.The above mentioned is the process of the marketing which the organization has to follow before introducing their product to the market. Marketing process is well systematic form of process which benefits the organization as there are some steps involved in the marketing process which are performed for the aim of future growth. A well systematic marketing process should not be much rigid and much flexible. If it will be rigid then it will be difficult for the organization to make certain required changes and if the process will be very flexible then it will not be implementable. So it should be designed in such a manner that it should not be more rigid not more flexible.MARKETING MIX:- Marketing mix is the combination of the factors that can be controlled by company to influence the customers to purchase their product. Marketing mix is the foundation model in marketing. The marketing mix has been defined as the “set of marketing tools that the firm uses to pursue its marketing objectives in the target.” Marketing mix consists of the 4Ps and they are as follows:-ProductPricePlace/Physical distribution/PlacementPromotionPRODUCT:-A product is anything which has a pre-determine value according to which it is sold or bought. A product can be a good or service. It is both tangible and intangible. A product is graded upon many factors or features but the most common feature of the product which is seen by the customers is the quality of that product. Customers mostly prefer good quality products at a reasonable rate. The brands and logos of the company are designed according the product. Before introducing the product into the market amongst the customers many types of strategies are taken into consideration i.e branding decision, packaging decision, product strategy, promotional decision etc. Goodwill earned on the basis of the product lasts longer than brand. A product is bunch of satisfaction for the customers example:- maggi, patanjali, knorr soups etc.PRICE:- A price is the pre- determined value of the product according to which it is bought or sold. It is the amount of satisfaction of the consumer which the consumer has to pay. The price of the product is decided according to the demand and supply forces of the market and various policies are framed which are to be kept in mind while deciding the price of the product and they are as follows:-Skimming price policy: According to the skimming the price policy firstly the prices are set higher then afterwards the prices are lowered. It is done for the unique products which are not easily available in the market.Penetration: According to the penetration policy, firstly prices are set lower in order to attract the customers then rapidly the prices are increased when good amount of customers are attracted. This is done basically for normal products which are normally available in the market. PLACE/PHYSICAL DISTRIBUTION/PLACEMENT: Place is the location where the products are stored after production for distribution to the customers. This includes the channel of distribution, transportation, stores and warehouses, storage facilities, insurance facilities etc. The channel of distribution is of two types; Direct distribution channel and Indirect distribution channel. Indirect distribution channel is when the company with the help of intermediaries such as suppliers, retailers, wholesalers etc sell their products to the customers. Direct distribution channel is when the company sell its products directly to the customers without the help of the intermediaries.PROMOTION:Promotion refers to the introduction of the product amongst the customers using various promotional tools. There are six promotional tools and they are as follows:AdvertisingSales promotionDirect marketingPersonal sellingPublicityInternet marketing Marketing is a very vast concept. This concept is never ending concept which goes on continuously and is increasing and gaining more and more importance according to the passage of time. With the passage of many centuries marketing has shown its place in the society aqnd gained the importance of being a separate branch of knowledge. IMPACTS OF MARKETING ON SOCIETY:- Since marketing is directly related to the customers and society as it works for the society. Marketing today permeates every facts of our daily life. Companies use this marketing as a tool to convince us to buy their products and services. Non-profit organizations use marketing tools to promote their cause and encourage donations. Political organizations use marketing tools to motivate people to vote their candidates. Now let us look upon the positive and negative impacts of marketing to the society. POSITIVE IMPACTS OF MARKETING ON SOCIETY:-We cannot deny the positives that the marketing has brought upon the society. The wealth of our technology that we have on our hands is just because of the marketing. Let us look upon these positive contributions of marketing on the society.INCREASED EMPLOYMENT:Since marketing is a different subject of study which people study and which helps them to get jobs and in all which enhance the employment opportunities in the society. Marketing involves conducting surveys for which the company has to hire individuals who can do survey of the society which helps the company to get its work done and gather the required information and for the individuals it helps them to get a job. There are many activities in the marketing which involves hiring of more and more persons which helps the society to get employment.FREEDOM OF CHOICE AND CONSUMPTION:Due to the tool of marketing which is advertising the consumers are getting aware about more and more similar products in the market, which present before them the wider and freedom of choice. The customers are free to choose and consume any of the products available in the market. This has only happened just because of the competition and marketing tools in the society. The consumers have the full freedom to choose whatever product they like and what they not like. Nobody not even the manufacturers can force them to buy the product.INCREASED STANDARD OF LIVING:Marketing has increased the standard of living of the people in the society. Marketing has provided the customers   various types of products whether the traditional ones or the modern ones at reasonable rates so that the consumers can buy those products and can increase their standard of living. CREATING AWARENESS AMONG THE SOCIETY:Marketing is not just only used to introduce the product into the market rather it is also used to create awareness among the society regarding various social, environmental, national, international, political etc. marketing is used by every organization differently.  Companies use this marketing as a tool to convince us to buy their products and services. Non-profit organizations use marketing tools to promote their cause and encourage donations. Political organizations use marketing tools to motivate people to vote their candidates. FUNDRAISING FOR EVENTS AND CAUSES:Marketing can also be used for the awareness of the society regarding various social issues happening in the society so that the people of the society can gather to help the victims or to work for the betterment of the society and for gathering the funds for that particular event or the cause. For example; at the time of uttarakhand disaster all the TV channels were showing about that disaster in advertisements which help the people to know about the prevailing conditions in that area and help those people by donating funds to improve their situation.INTRODUCTION AND DEVELOPMENT OF NEW TECHNOLOGY AND INNOVATION:Marketing also helps in the introduction of the prevailing technological advancements to the society and people in the society especially the researcher or scientists starts to research about that technology and starts to develop it. After this the marketing helps in implementation of that technology. So that the consumers can get more and more advantage of that technology. For example; cell phones, MP3s etcINTEGRAL TO ECONOMIC GROWTH AND PROSPERITY:Marketing drives a consumer economy, promoting goods and services and targeting consumers most likely to become buyers. Higher sales for a business that employs successful marketing strategies and have used the marketing tools efficiently would translate into higher tax revenue for government, expansion, job creation and eventually overall economic growth.MODELING BEHAVIOR:Market researchers work to understand consumer behavior and produce the marketing strategies that are likely to influence them to become the buyers. By examining the market data and its correlation to consumer behavior, analyst can learn how people make decisions. This will be useful in crafting awareness campaigns for major public and social issues and towards their product.MANAGING CONSUMER EXPECTATIONS:Besides providing useful information to the consumers about the product and services, marketing also helps in setting and managing customer expectations. Consumers mostly rely on brands and the consistency that comes from brand loyalty. They also use the information from the customers advocacy groups to learn more about their demands and also about which brands are mostly reliable and represent the best value.PROVIDES BETTER QUALITY PRODUCTS:Marketers after so much research of the market as well as the consumers and suppliers of raw materials suggest the manufacturers to improve the quality of the product by using the best quality raw material available at reasonable rates. This will help the society to get best quality products. These were the positive contributions of the marketing towards the society. Let us look at the other side of the coin that is the negative impacts of the marketing towards the society and they are as follows:NEGATIVE IMPACTS OF MARKETING ON THE SOCIETY:WE DON’T GET WHAT WE PAID FOR:Sometimes the manufactures didn’t provide us what we want and what we paid for. In their marketing schemes they show different provide and after buying what we get is different. Is it worth the extra rupee, to spend on a branded product when the generic product offers the matching qualities? Sometimes the price paid for brands do not justify the quality and value of the brand.MASS BRAINWASHING:Most of the times the consumers fall as victims of pervasive and ubiquitous marketing. Creating persuasive and manipulative marketing tactics that appeal to all consumer senses such as meticulously selecting images and scenes that will influence the consumer, carefully selecting words and provokes, diligently selecting songs to play alongside and many more which can evenly brainwash the minds of the people of the society.MATERIALISM:Marketing has been often criticized for such a hedonistic lifestyle and producing a consumer culture where products and services are the core of social identity at the expense of other traditional values. For example: the culture in cities like Hong Kong, Japan ,and Singapore are extremely brand conscious. Consumers there are more concerned with status symbol.EXCESSIVE CONSUMPTION AND WSATAGE:Today’s generation has chosen to “live better today” at the expense of our tomorrows and our children’s tomorrow by depleting our reserves, borrowing imprudently, deferring critical investments, and relying excessively on foreign resources. Example: buffet promotion is just the wastage of food when the consumers are over ambitious of the amount of food they can consume.MARKETING TO MINORS:Children view a lot of advertisement which makes the better consumers of that product. This receptiveness translates into- Pester Power. Pester is the new buzz word used in marketing. Market researchers realized that the child is the key to loosen his parent’s pursuing strings. Example; fast food and sugary sweets being advertised as good and healthy  food for kids.ANTI-COMPETITIVE STRATEGIES:Anti-competitive strategies are those strategies that create barriers to prevent or discourage the other firms from entering into the industry. This trend is of three types:The first is the price wars in which the biggest mega chains systematically undersell tall their competitors.The second is the practice of blitzing out the competition by setting up chain-stores referred to as “clusters”The third is the arrival of the palatial flagship superstore which appears on prime real estate and acts as a three dimensional ad for the brand.Example: the formula that made Wall-mart the largest retailer in the world.UNETHICAL MEASURES:Sometimes the companies use unethical means to increase the sales of the product that not only exploits the individual but the whole society. For example: over advertising done by patanjali brand.CONCLUSION Every story has two sides, just the same is with marketing. Although marketing is the boon for us but it is also a bane for us. No doubt it has done so much good to our society but side by side it also harmed our society as well. Marketing is not just a subject to study rather it is a tool to influence people. It has the power to change the mindset of the person.Earlier, marketing is only used to introduce and promote the products and services but now a days it is also used to generate awareness and educate people about various environmental social, political, national, international and technological changes happening in this world. , marketing is not just creating consumers but creating “Aware Consumers”. But side by side it is exploiting customers by using unethical and unnecessary ways of influencing customers.Although marketing has brought so much cultural diversification. People today are adopting foreign culture which is good but also bad for the society as people are forgetting their own culture and rapidly adopting other culture. People are becoming more and more brand conscious. They are spending so much on brands of which the same benefits are provided by the traditional products.The bottom line is that though there is a negative impact of marketing in the society, there is a positive to balance it out as well and it’s our job as society to reward the good guys with our purchases and punish the unethical companies by completely neglecting them in the marketplace. As we continue to do this over and again, we will make our companies make more money they honor their ethics policies and do that right thing on consistent basis by purchasing their product. In this way the business will grow rapidly and make higher profits  which will lead to economic growth and increased welfare of the society. Every coin has two sides and so as marketing, if it is good for us then it is also bad for us.

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