15233755-Relevance-of-Marketing-Concepts-to-Indian-Companies

Relevance of Marketing Concepts to Indian Companies:

Relevance of Marketing Concepts to Indian Companies

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Two divisions of Marketing Concepts:

Two divisions of Marketing Concepts Traditional Marketing Concept Modern Marketing Concept Traditional Marketing Concept Not Relevant in Indian Companies Adopts Attitude of Profit Maximization at Expense of Customers Consumers are taken for granted Entirely Profit Oriented Outdated Concepts Dangerous for Business

Modern Marketing Concept :

Modern Marketing Concept Production as per needs and expectations of customers Modern concept which is against profit maximization and exploitation of customers Uses Marketing as a means for social welfare Consumer Orientation Realising organizational goals including adequate profit earning Consumer is treated as purpose of marketing New Orientation Of Marketing Production Orientation – Marketing Orientation Product Orientation – Customer Orientation Supply Orientation – Demand Orientation Sales Orientation – Satisfaction Orientation Internal Orientation – External Orientation

Marketing environment :

Marketing environment Marketing environment refers to the socio-economic and political situation within which the business enterprises have to operate. This environment creates new opportunities and challenges for the business. Thus it is a result of various marketing forces like market competition, introduction of new products in the market etc. Features of marketing environment It is the situation within which the marketing firms have to operate. Marketing firms have practically no control over it. It is a net result of various socio economic factors. It is always flexible or liable to change. Marketing environment and marketing management are both related concepts.

Factors determining marketing Environment:

Factors determining marketing Environment Micro / Internal factors Corporate resources Suppliers Customers Middlemen Competitors Society Macro / External factors Demographic Economic Social and cultural Political Technological Natural / physical Market competition Factors affecting consumer demand

Present Marketing Environment in India :

Present Marketing Environment in India Population Growth Liberal Economic Situation Favorable Agricultural Situation Growing Importance of Social Situation Changing Needs of Consumers Importance of Advertising and Publicity Role of Computers in Marketing Activities

Marketing Challenges After Liberalization:

Marketing Challenges After Liberalization De-licensing Increased competition Pressure of buyer’s market Dominance of multinationals Going global Far Reaching Change in Indian Business Environment Entrepreneurial freedom Rise in foreign investment Radical changes in capital markets Significant changes in banking sector Superiority of private sector

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