What is Marketing - Marketing Lecture by Prof. Vijay Prakash Anand - YouTube

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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THANK YOU!

Camera and Editing: Poonam Verma

Produced and Directed by

Vıjay Prakash Anand

Copyright: Vijay Prakash Anand