CHAPTER 1 – {Introduction to Marketing:

Concept, Understanding the Basics: Transfer Vs

Transactions, Concept of Need, Want and Demand,
Concept of Product and Brand, Scope of Marketing}
1.What is Marketing Concept?
Marketing concept is a set of strategies that the firms adopt where they analyse the needs of their
customers and implement strategies to fulfil those needs which will result in an increase in sales,
profit maximisation and also beat the existing competition.

The marketing concept has been widely used by companies all over the world in the present age, but
the situation was not the same earlier. As per this concept, it is said that for an organisation to satisfy
the objectives of the organisation, the needs and wants of the customer should be satisfied. This
theory was first mentioned in Adam Smith’s book “The Wealth of Nations” in 1776 but came into
widespread use only 200 years later.

Therefore, marketing can be said as a process of acquiring customers and maintaining relations with
them and at the same time matching needs and wants with the services or product offered by the
organisation, which ensures that the organisation will become profitable.

The modern role of marketing goes way beyond the simple promotions of a product and/or service.
It is an influential tool that helps in establishing and fostering long-term relationships with clients and
the entire target group at large.

In this way, the purpose of marketing operations can be categorised into the following –

1. Recognising the needs and expectations of the consumer

Understanding the pulse of the market lies at the core of your marketing operations. It includes
identifying the pain points of the consumer and coming up with innovative solutions that address the
problems of the consumer.

2. Develop products and services that contribute value to the end-user

The second phase of the marketing operation requires you to translate raw data and subjective
preferences into quantifiable user-oriented products and services. The primary goal in this phase is
to conceptualise a product that users can instantly identify with and are encouraged to interact with
it.

3. Effectively communicate with the audience to increase profitability

Now this is the final and most vital purpose of a marketing operation – the promotion. Once the
product or service is ideated, it requires an elaborate marketing plan to create awareness among the
target group. It may be through targeted ads, local SEO, or social media marketing campaigns –
marketers need to choose the ideal tool that may provide streamlined results against the campaign.

For example, if you are selling comic book merchandise that targets teens and young adults – social
media and influencer marketing may be the more ROI-driven choice out there.
2.What are Needs, Wants and Demand
Marketing concept focuses on the needs, wants and demands of customers. Let us understand them
in brief.

1. Needs:

Needs are basic requirements that enable a healthy and active life. If needs are not fulfilled, it will
result in the dysfunction of the system, which can result in disability or death. It can be objective as
well as physical as in need of food, water and shelter.

2. Wants:

Wants are something that is desired by the person. These are not required for day to day functioning.
Wants are not necessary for basic survival and are mostly moulded by cultural influence.

3. Demands:

When the needs and wants are supported by an ability to pay, it becomes a demand.

Types of Marketing Concept

Five types of marketing concepts are as follows:

1. Production Concept

2. Product Concept

3. Selling concept

4. Marketing concept

5. Societal marketing concept

Production Concept

This concept was based on the assumption that customers are primarily interested in products which
are accessible and affordable. This concept was introduced at a time when business was focused
mainly on production. It says that a business will be able to lower costs by producing more quantity
or mass production of goods.

Solely focusing on producing goods may lead to the firm deviating from its objective.

Product Concept

The product concept is based on the assumption that customers will be more inclined towards
products that are offering more quality, innovative features and top-level performance.

In this type of marketing concept, a business focuses on creating high-quality products and refining it
every time in order to develop a better and improved product.

Selling Concept

While the previous two concepts focused on production, the selling concept is focused on selling. It
believes that customers will be buying products only when the product is aggressively marketed by
the company. It does not focus on building relationships with customers, and ensuring customer
satisfaction is also not deemed necessary.

Marketing Concept

A marketing concept places the centre of focus on the customer. All the activities that are
undertaken by an organisation are done keeping the customer in mind. The organisations are more
concerned about creating value propositions for the customers, which will differentiate them from
the competition.

Societal Marketing Concept

This is the fifth and most advanced form of the marketing concept. Here the focus is on needs and
wants of the customer as well as ensuring the safety of the customer and society first. It believes in
giving back to society and making the world a better place for all human beings.

This was all about the different marketing concepts. For more such interesting concepts, stay tuned
to BYJU’S.

3. What are the Scopes of Marketing?

The scope of marketing involves both science and an art that needs a dynamic approach to solve
real-world problems and crises in society. In modern business, the marketing department uses key
strategies to guide a product from conceptualisation, development, and execution to promotion and
distribution.

1. Study of Consumer Behaviour

The first and foremost role of marketing professionals is to be familiar with the expectations and
expenditure patterns of the consumer in general. A thorough understanding of what they like to
purchase? When do they do that? How much expense they are prepared to make for a novel item,
what is their usual budget for the category of your product and so on.

It helps to determine the time and approach for your product launches. It lies in the nature of
marketing management to gauge your consumer behaviour and strategize accordingly.

2. Identify Their Wants and Requirements

To ensure a streamlined product launch and satisfy the user demand, marketers first need to identify
the pain points of the audience. A strategic approach to marketing requires a complete
understanding of the consumer lifestyle. Only this allows you to place a product or service that
amplifies or complements their life.

3. Planning & Product Development

In this phase, the idea of the product is conceptualised. With the ideation of the product, it lies in the
scope of marketing channels to determine the correct branding strategy that addresses consumer
demands and desires.

4. Pricing and Policy Determination

Marketing professionals may leverage various factors in the product development cycle to identify
the correct pricing. It takes into consideration existing competition in the market and the expenditure
pattern of the target audience. The strategy should help marketers determine attractive packaging
and prices that encourage buyers.

5. Distribution

Identifying the proper distribution channel for the product is vital to optimise your ROI. To ensure the
desired amount of sales, the distribution line must ensure wider target group outreach at the
minimum cost.

6. Promotion

In this step, marketers can use a mix of online and offline marketing channels to promote the
product or service. Based on the type of product/service, and its target group – a particular
marketing channel might be more suitable than others.

7. Consumer Satisfaction

Every product or service is created and distributed in the market with the end goal of satisfying the
user’s demand or making their life easier. Therefore, after market distribution, it is essential to get
feedback from the clients on how the product is being received. Depending on the kind of response,
a future iteration of the same product or service can be improved to target the maximum number of
potential customers.

8. Marketing Control

It befalls the marketing department to ensure that the strategies implemented are able to produce
the desired amount of results. After the product distribution and launch, marketers perform an in-
depth audit to determine the utility of the approach and optimise it accordingly.
4. What is the Key Importance of Marketing?
Marketing is directed at consumer satisfaction. In its natural form, marketing operations fulfil the
needs of the market to help an enterprise earn profits and boost its sales. Here is a thorough
breakdown of the various significance of marketing:

1. Creates Awareness

The scope of marketing enables an enterprise to run campaigns that generate awareness in the
market about a product or a service. This is also the preliminary step of marketing and helps lay the
groundwork during product launch.

2. Guides Buyer’s Journey

Marketing campaigns allow an enterprise or organisation to guide the consumer – offering

knowledge and the relevant guidance that ultimately leads to purchase.

Let us take 3D printers as an example. When a company sells 3D printers, it may produce customised
web blogs, articles and videos that educate and inform people. Different genres of web based
content work as marketing tools that illustrate the benefits of 3D printers and create the necessary
knowledge crucial to operate one.

3. Builds Brand Identity

One of the crucial ways that marketing helps a business is by building a unique identity. It takes
creativity of thought and expression to crack an exclusive message that works for your company.

So, it falls upon the marketing department to conjure up a distinctive message that fosters better
communication between the company and the target audience. And thereby establishing a brand
identity that creates a unique position among the competition.

4. Boosts Sales

By adopting a robust marketing channel, businesses can adopt a continuous messaging model. It may
include targeted advertisements or Search Engine Marketing (SEM) to get maximum visibility to the
target group of audience. And thereby increase the sales of your products.

5. Helps Scale Up the Business

Marketing is a powerful tool for when you want to take your business to the next level. Whether you
are targeting a new demographic of audience or trying to offer a variety of services – let your existing
reputation guide your new journey.

It reduces the obstacles of capturing a new market or penetrating a segment different from your core
products and services. Thus, utilising marketing tools effectively can help you avert multiple
roadblocks to a flourishing business.

5. What are the Different Types of Marketing?

In this digital age, marketing has gone through a severe transition to introduce several new
strategies. This helps target consumers in different phases of their buying journey along
the marketing funnel. Some of the prevalent marketing methods include –
1. Content Marketing

Content marketing is a crucial tool in the scope of marketing. It helps an enterprise target consumers
across the spectrum by promoting useful content in search engines. Mostly such content would
contain thorough information about a product or service and help middle of the funnel users to
make an informed decision.

2. Digital Marketing

This is an umbrella term referring to a wide set of tools and strategies used to promote a business.
Digital marketing includes PPC (pay-per-click), targeted ads, sponsored links and a variety of other
methods to connect with the audience and influence their buying patterns.

3. Search Engine Marketing

It is a part of digital marketing whereby search engines like Google, Bing, and Yahoo are leveraged to
endorse a business. Marketers strive to target intent specific keywords with Search Engine Optimised
(SEO) content that ranks high on the SERP and draws an increased amount of traffic to the website.

4. Social Media Marketing

Social media marketing is among the popular methods leveraging different social media channels like
Facebook, Instagram, Snapchat, TikTok and X (formerly Twitter) to recommend a product or service.
It may include sponsored posts, videos or micro content like Reels to create awareness about a
product and draw relevant audience to the website.

5. Email Marketing

We can further categorise email marketing into two sections – cold emails and email newsletters.
While newsletters are a prevalent practice to grow enthusiasm and awareness among the dormant
audience, cold email can be good to draw relevant traffic to your website. Needless to say, newsletter
audiences are more likely to convert than cold email recipients.

6. Influencer Marketing

Influencer marketing is a new age marketing strategy where brands use social media influencers and
their established audience base to reach a potential target group. It mainly relies on the influencer’s
audience and brand image to create a reputation for a new product. It is mainly useful for new
products or brands to create a niche audience base and kick-start their marketing campaign.

7. Affiliate Marketing

Affiliate marketing is a great way to draw traffic from around the internet. This is also a potent tool
for SEO as affiliate marketing helps to get backlinks from relevant websites with higher domain
authority and helps send trust signals to your site.

6. What is the Difference Between Marketing and Sales?

Marketing Sales
It is a systematic strategy to promote a It is a straightforward transaction
product or service and establish where the buyer receives a product or
communication with the audience. service in exchange for money.
It is extensive in approach and relies on It is only concerned about closing a
predicting the trends and requirements sale i.e. performing a transaction.
of the market.
Marketing is entrusted to create new Sales are expected to fulfil the
demands in the market. demands of the market.
The target is broad and focuses on a Target is small and it focuses on only
particular group. one person or an organisation at a
time.
It requires creative as well as critical Sales need good communication skills
problem-solving skills and persuasive capacity

7. What is the Difference Between Marketing and

Advertising?
Topic Marketing Advertising

Identifies customer needs It involves continuous

and determines the communication through
Approach
strategy to meet the marketing channels to promote a
needs. product or service.

Strengthening customer Encouraging users to complete a

Focus
relationships. transaction.

It is long-lasting and can The duration is shorter and

Scope promote a brand as a usually promotes a single product
whole. or service.
8. Transaction vs Transfer?

9. What are the 4P’s of Marketing?

As discussed already beforehand, marketing is not only about promoting a
new product or service. By establishing communication between consumers
and enterprises, marketing plays a crucial social role in bridging the gap
between businesses and the market. The 4 principles of marketing define its
crucial role –
• Product: the actual commodity. It considers the usage of the product
and how it may affect the pain points of the audience.
• Price: How much will the company charge for the offering? It determines
the target group of the product.
• Place: It identifies where the product will be sold. In a physical store or
online store.
• Promotion: Finally, here the approach for promoting the product is
determined by the company.
 Example of the Four Ps of Marketing
To put this into perspective, let's consider a fictional skincare company
that produces organic skincare products. Here's how the four Ps might
be utilized:
1. Product: The company offers a range of organic skincare products,
including cleansers, moisturizers, and serums. These products are
formulated with natural ingredients, free from harsh chemicals, and
designed to promote healthy and radiant skin.
2. Price: The pricing strategy for these skincare products is positioned as
premium, reflecting the high quality of ingredients and the company's
commitment to sustainability and ethical sourcing.
3. Place: The products are sold through multiple channels, including the
company's website, select retail stores specializing in organic products,
and high-end spas and salons. This distribution strategy ensures
accessibility to environmentally conscious consumers seeking natural
skincare solutions.
4. Promotion: The company's promotional efforts focus on emphasizing the
benefits of organic skincare, such as nourishment, hydration, and skin
rejuvenation. This includes social media campaigns, influencer
partnerships, and educational content highlighting the importance of
using non-toxic products for skincare routines

When Did the 4 Ps Become the 7 Ps?

The focus on the four Ps—product, price, place, and promotion—has
been a core tenet of marketing since the 1950s. Three newer Ps expand
the marketing mix for the 21st century.
• People- places the focus on the personalities who represent the product.
In the current era, that means not only sales and customer service
employees but social media influencers and viral media campaigns.
• Proces - is logistics. Consumers increasingly demand fast and efficient
delivery of the things they want, when they want them.
• Physical evidence - is perhaps the most thoroughly modern of the
seven Ps. If you're selling diamond jewellery on a website, it must be
immediately clear to the consumer that you are a legitimate
 established business that will deliver as promised. A professionally
designed website with excellent functionality, an "About" section that
lists the principals of the company and its physical address,
professional packaging, and efficient delivery service are all critical to
convincing the consumer that your product is not only good, it's real.

What Are Some Examples of the 4 Ps of Marketing?

• Place refers to where consumers buy your product, or where they
discover it. Today's consumers may learn about products and buy them
online, through a smartphone app, at retail locations, or through a sales
professional.
• Price refers to the cost of the product or service. Properly determining
product price includes an analysis of the competition, the demand,
production costs, and what consumers are willing to spend. Various
pricing models may be considered, such as choosing between one-time
purchase and subscription models.
• The product a company provides depends on the type of company and
what it does best. For example, McDonald's provides consistent fast food
in a casual setting. The corporation may expand its offerings, but it
wouldn't stray far from its core identity.
• Promotion refers to specific and thoughtful advertising that reaches the
target market for the product. You might use an Instagram campaign, a
public relations campaign, advertising placement, email marketing, or
some combination of all of these to promote your products and reach
the right audience in the right place.

CHAPTER 2 – {4C framework, DMU, Product – Company Fit,

Capabilities in R&D, Finance, Manufacturing;
Collaborators, and Competitors; Context.}
1. 4C FRAMEWORK?

1. Consumer wants and needs

Consumer wants and needs, also known as customer value, focus on
conducting research, creating customer profiles, seeking feedback and
monitoring social media related to your brand to understand your
customer's needs and wants. This component promotes a customer-first
approach rather than a company-first approach.
2.Cost
Cost is an essential C in marketing because it can affect your return on
investment. For example, if you invest in a product that costs $100 to
produce it but sells for only $50 when it’s launched, you’ve lost $50. So,
the cost is important to consider when making investment decisions.
Another way cost affects your ROI is by influencing the target audience.
It means that if you launch a product aimed at young people interested
in fashion, you may make more sales than if you projected the same
product to adults who like sports. So, cost plays an important role when
designing your marketing strategy and identifying your ideal target
audience.
Finally, cost is also important when deciding how much money to spend
on advertising or what discount rate to use for financing.
3.Convenience
Convenience refers to the consumer’s shopping experience. It is
something that everyone needs, maybe not all the time, but more often
than not. It makes life easier, and it’s one of the things that people look
for when they want to make a purchase.
 You should know if a consumer wants to shop online or at stores. If a
consumer prefers to shop at a store, your store location should be easily
accessible. Convenience is important in marketing because it helps
people decide whether or not to buy a product or service. It makes their
lives easier and makes them more likely to buy from a company that
understands their needs.
4.Communication
Communication is conveying information and ideas from one person or
group to another. Communication can take place through written,
spoken, and visual channels. With proper communication, you can
convey your message effectively, and the right people hear it.
In marketing, communication is about sharing information about your
company and products with potential customers. This can be done
through traditional advertising, social media campaigns, and word-of-
mouth. A strong understanding of both the technical and non-technical
aspects of communication will help you effectively reach out to your
target audience.
When you build trust with your target audience, they are more likely to
buy from you than your competitors. You can build trust and increase
sales by having a solid understanding of the language of your target
audience and using accurate messaging.

2. Benefits of 4C’s model

The 4Cs, or the four pillars of the marketing mix, are a modern twist on
the traditional 4 P’s. These principles focus on customer value,
convenience, communication, and cost-efficiency. As a result, marketing
campaigns must be designed around customer value. Listed below are
some of the benefits of using the 4C’s.
• The 4C model of marketing helps businesses of all sizes compete with
each other. By understanding your target audience, you can offer better
products and services tailored to their needs. As a result, your sales will
skyrocket. You can use the four-point model to determine your target
market. The 4 C’s include product/service worth, competitive advantage,
and market positioning. Your market position is based on the perceived
value of your product or service.
• By incorporating the 4C’s model into your marketing communications,
you’ll be more likely to receive good customer feedback and improve
 your brand’s image and reputation. You’ll be able to measure individual
communications against brand policies and guidelines and devise slogans
based on your results. Aim to create a clear brand image by following
these four principles. You’ll be amazed at the difference it makes. With
these principles at your fingertips, you’ll be on your way to building a
successful business.
• They encourage creativity and collaboration. Creative thinking, the
building block of the modern world, is integral to many skills, including
originality, mental flexibility, and communication. The 4C’s model is not
only fun, but they also foster healthy emotional development.
• In the marketing mix, the 4P’s traditionally have a place, but modern
consumers demand that retailers cater to their needs. With increasingly
busy lifestyles and lack of time, retailers are under pressure to cater to
these demands. In addition to the 4P’s, they must consider their
customers’ perspectives.
• The 4C’s approach focuses on customers and a direct line of
communication between the customer and brand. Ultimately, it makes it
possible to create a brand that is a customer’s first choice

3. What Is Collaboration Marketing?

Collaboration marketing, also known as co-branding, is when similar or
like-minded organizations come together to create campaigns or
products designed to increase brand exposure, awareness, and leads.
This strategic partnership expands the audience and reach of all the
brands involved.
Collaborative marketing can be as simple as co-produced social media
posts or as complicated as launching an entirely new product created for
the brands’ target audiences. Collaborative enterprises are extremely
likely to use external collaborative marketing strategies within public
advertisements and across social media platforms.
Benefits of Collaboration Marketing
While internal workplace collaboration is crucial to an organization’s
success, external collaborative marketing can produce other unique,
pivotal benefits for the brands involved, including the following:
• Brand Awareness: Each brand in a collaborative partnership has its own
specific audience. When brands collaborate, they are introduced to each
 others’ audiences, which effectively increases their own brand reach and
awareness.
• New Leads and Potential Customers: In addition to increasing brand
awareness, having a new audience can also expand both companies’
sources of lead generation and potential customers.
• Increased Conversions: If co-brands introduce new-and-improved
products with unique campaigns together, potential customers can be
encouraged to purchase their products and services. Additionally, brands
may see conversions from purchasers outside their regular target
audience.
• Improved Engagement: Co-branding partnerships can lead to increased
engagement across all types of platforms, including social media and e-
commerce sites.
• Innovative Marketing Ideas: Both partners can bring their respective
customer data to the table. Working together, companies have a better
chance of coming up with unique, innovative marketing strategies that
they can then use throughout a collaboration.
• Decreased Brand Weaknesses: Collaborative projects can help
organizations identify and regulate current brand weaknesses. For
example, a co-brand with a strong customer management system but
poor data analysis could identify ways to improve collection and analysis
by partnering with a like-minded company.
• New Expertise: Partnerships also provide a space for brands to learn
from each other. During the course of the collaboration, you will
inevitably gain new perspectives on marketing strategy and execution;
this will arm your own business with greater expertise for the future.

Collaborative Marketing Examples

Collaborative marketing is a popular marketing tool for a variety of industries.
These five examples showcase some of the most notable and successful
collaborations around.
1.Apple and Mastercard
When Apple and Mastercard agreed to collaborate, they decided to prioritize
practicality by introducing Apple Pay. This simple application opened the door
for virtual payments from phones and Apple Watches. Mastercard became the
first card company to partner with Apple’s newest technology, allowing both
companies and their audiences to evolve alongside consumer tech changes.
2.Spotify and Uber
Ridesharing apps changed the transportation game, but the partnership
between Spotify and Uber elevated it. Together, these two companies
 designed and implemented an option known as Soundtrack Your Ride. Users
were able to choose their own music while traveling from one place to the
next by connecting the Uber app with their Spotify account — creating a
unique edge over other music and rideshare competitors.
3. GoPro and Red Bull
GoPro and Red Bull are both well-known for the products they sell, but they
may be even more popular for the lifestyles they promote. Those who identify
as adventure seekers and extreme sports fanatics are more likely to use
these brands’ products, so GoPro and Red Bull developed an out-of-this-
world collaborative stunt known as Stratos, designed to delight and amaze
onlookers while promoting both companies’ products.

4. Manufacturing marketing.
Manufacturing marketing is B2B marketing. It can be more complex, and the
sales cycle is longer than with B2C.
• Target audience: Other businesses, including downline supply chain
manufacturers, wholesalers, retailers, or business end-users, like restaurants
or construction firms. You should know which industry you’re targeting, the
size and type of companies that need or want your products, and who within
those organizations can make purchasing decisions.
• Customer needs: Business customers need quality products that fit within
their processes and budgets. They need to be able to supply and
serve their clients with peace of mind while also making a profit.
• Drivers: Whether or not a business chooses your products depends on
factors that include price, credit, and terms; what consumers think of your
brand; how much support you provide via technical, marketing, and other
resources; and whether you can get buy-in from all the right decision-makers.
• Purchase process: Business procurement can be complicated. The process
includes discovery and pricing comparisons, quotes, demos, and final
purchase decisions. You may have to prove your worth to more than one level
of decision-makers; typically, the bigger the purchase is, the more levels you
have to impress.
• People involved with the purchase: Managers, purchasing agents,
executive decision-makers, accounting or finance teams, and other subject
matter experts.

https://www.bigcommerce.com/blog/marketing-for-manufacturers/
(REFER FOR BETTER UNDERSTANDING IF NEEDED AND ADVANTAGES
AND DISADVANTAGES)

5.WHAT IS DMU?
Decision Making Unit (DMU)
Individuals who make up the DMU
The decision Making Unit (DMU) is a collection or team of
individuals who participate in a buyer decision process. Generally
DMU relates to business or organisational buying decisions rather
than to those of a family for example. There are a number of key
players in this process namely the initiators, the gatekeepers, the
buyers, the deciders, the users and the influencers. Let’s consider
these individually prior to applying the decision making unit to an
example of organisational buying.

1.Influencers
Influencers are those who may have a persuasive role in relation to the
deciders. They may be specialists who make recommendations based
upon experience and their knowledge of products and services.
Examples are consultants employed by businesses to help deciders make
a final decision, or another example might be lawyers employed to offer
legal advice. There are also informal influences such as family and
friends, and people that you meet at trade associations or informal
gatherings.
The relationship amongst the key players will be different for every
organisation and in every purchase situation. Individuals may influences
as well as initiators, and therefore none of these categories is mutually
exclusive i.e. stand alone, since there is much crossover and blurring
around the edges of roles.
2.Initiators
Initiators are the players who recognise that there is a need to be
satisfied or a problem to be solved. This might come from a drive for
efficiency due to the fact that some equipment will need replacing.
There could be many reasons which stimulate the initiation.
3.Gatekeepers
Gatekeepers are individuals who press the stop/go button in
the process. Often gatekeepers will be proactive in searching for
information and delivering recommendations for those decision-makers
further up the line. On other occasions gatekeepers can be seen stalling
the flow of the decision-making process.
4.Buyers
Buyers are the professional function within an organisation generally
responsible for purchasing. They are given a brief with a series of criteria
against which to judge potential products or services, and their
suppliers. They tend to be responsible for sourcing and negotiation.
5.Deciders
Deciders in a large organisation certainly are responsible for making the
final deal or decision. Their role carries the responsibility of placing the
final order. They might be senior managers or agents acting on behalf of
an organisation in the market. The deciders will review information
provided from lower down the buyer decision process from the buyers,
gatekeepers and the original initiators.
6.Users
Users are those who put the service or product into operation once the
deal has been clinched. Their opinions will be important especially if
they are using manufacturing equipment, flying aircraft, using software
to improve customer satisfaction, and so on. Users will be heavily
involved in the post-purchase evaluation phase of the buyer
decision process.

Product – Company Fit,

Capabilities in R&D, Finance{TOPICS LEFT TO FIND}