 Welcome learners to the part 2 of your unit 1 video of marketing management. In unit 1 part 1 we discuss about market we discuss about marketing management is not it. Now we shall build on those concepts further and we shall have some coverage of discussion about the other contents in the study material that has been provided to you by the university. And as I have told you that these videos are mostly based on the learning objectives which are given at the beginning of your self learning material. So in the first part of the video we covered three learning objectives exchange process knowing about the key concepts and like that. And here we shall build on those and we shall take these two learning objectives to explain core concepts of marketing that is one. We shall try to understand some of the core concepts of marketing because as you make your progress in the learning you shall be able to know more and more about marketing. But here only the basic the core concepts of marketing we shall try to understand. Then we shall discuss the functions of marketing what marketing is supposed to do in an organization. First let us take the first learning objectives that the core concepts of marketing what are the core concepts of marketing. Dear learners marketing is highly need centric entire marketing it is all about customer needs. Needs once and demands you see in our day to day language we may use these three words almost in an interchangeable process that we may denote the same thing for needs we may denote the same thing for one we may denote the same thing for demands. But as far as marketing is concerned these needs once and demands have got three different connotations needs are basic. Suppose we all are human beings see that it so we have got we are basically physiological that we have got a biological thing at the same time we are also social beings so we have got some social needs we have got our biological needs so biological needs we all know food water air shelter is not it these are basic things but at the same time we also need love affection is not it esteem. So these are basically the core groups of needs now these needs will give rise to once suppose right our basic needs is transportation we want to go from place a to place b now in order to satisfy this need we have got a number of options that we can think about a bicycle we can think about processing a car we can think about processing a motorcycle these are basically once so need will give rise to once as if these are things are in the hierarchy now in order to satisfy this need suppose right I need transportation so I need a car I can go for a second hand car I can go for a brand new car if I go for a brand new car a number of brands will be available if I go for a second hand car that we can go for rather used cars used cars so room or I can think about a buy. Suppose I want to buy a Maruti esteem but the thing is that I do not have the purchasing power so means what for me there is no demand demand is not only having the need it has to be backed by affordability so willingness backed by affordability results in demand so from from this explanation you can easily understand that needs are the basic needs will give rise to once once will give rise to demand not all ones are will give rise to demand so this is basically in the form of a hierarchy so marketing this is a primary concept this is needs centric but needs specific needs once specific satisfies demand willingness backed by affordability then the learners there is another concept which is called product and we also intersensibly in marketing terminology we use a right a word called offer or offering so by product we mean anything that is capable of satisfying a need or want suppose this visual lecture this is also a product because this is trying to satisfy a need of the learner this particular thing right this is also a product because this is capable of satisfying a need or want so anything that is capable of satisfying a need or want is called product so product might be goods tangible things products might be services also out of goods some products could be fast moving like say toothbrush toothpaste some products could be we can make use for years suppose a television is not it some are durable goods some are non-durable goods some are services which can be seen which can be felt only so product is that thing which embraces anything which is capable of satisfying a need or want then customer value and satisfaction why do the customers will purchase a product customers will purchase a product because the customers wants to maximize the value so customer has given 100 rupees so customer will go with 100 rupees to the market and with that 100 rupees the customers will try to purchase those things which will best satisfy the needs of the customers so to that extent the customers will have a wider choice and they will go for decision making later on right you will study some units of consumer buying behavior in which right we shall discuss all those things in details but as of now because this is the introductory video so you just be clear that marketing is all concerned about maximization of customer value and customer satisfaction means maximization of benefits to the customers and the minimization of other cost so that the customers feel satisfied that is at the core of marketing then another concept as far as marketing is concerned about the role of marketing channels so marketer and the customer that directly it may not be always possible though we are talking about direct marketing internet marketing but still a large number of intermediary forces are available so they suppose it could be distributors it could be dealers it could be wholesalers it could be CNF agents isn't it so they play their own distinctive role in meeting the requirements of the customers then all these things involve a supply chain suppose a manufacturer in order to manufacture something will have to purchase the raw material will have to purchase the equipment will have to purchase the machineries that is at the back end then the manufacturer will process the things and will produce the finish output which will be sold to the final market to the target market now to the till the manufacturer and from the manufacturer to the customer the things will move raw materials will move equipment will move machineries will move right the goods will move in cartons that is the supply chain part and how much time will it take how much cost will it take by different modes of transportation we can make use of railways we can make use of trucks we can make use of auto vans all these things are related with marketing channels supply chain etc then the marketer does not work in isolation marketer is an essential part of the competitive environment marketer is not a right someone who will be selling his or her product only the marketer will have to be reactive to the forces of competition so the competitive forces will be there and based on that the marketer will have to design the product will have to think about the price will have to think about way to distribute how much to distribute how to promote this is basically competition and to that extent the marketer would have to be concerned about the marketing environment because a marketer is a part of the larger environment the overall demographic environment economic environment say Indian marketing environment is different from American marketing environment American marketing environment will be completely different from the Russian marketing environment or say Japanese marketing environment or say marketing environment in Aizel town could be different from the marketing environment in said the burger is not it there will be different components which will be influencing the environment so these are the important aspects of marketing then let us discuss the functions of marketing what marketing is supposed to do in an organization what should be the ideal role of a marketing or what the marketing is expected to perform in an organization in order to be customers and trick and organization the marketing will play the role of gathering and analyzing market related information what do the customers want how much do they want what are the features they want what kind of benefits they are looking for the marketer marketing function will have to get the pulse of the customers and that needs to be translated into the product so that the customers needs can be satisfied now marketing is highly involved with planning because customer needs and once are changing so the marketers will have to see that the planning that in order to see the future what could be the future trends what could be the future designs so that we need we can produce the things accordingly what will be the sales potential of a given territory we will have to think ahead then based on that only we can think about product design and development I can give you an example of say future group kishore biani led they have got an outfit called pantaloon so this pantaloon they are basically involved in selling clothes is not it and we define varieties apparels but they will have to sell that the in certain designs so those designs they will have to predict otherwise the things will not get sold in the pantaloon outlets so they will have to be highly concerned about this planning function they will have to be highly concerned about this design function they will have to be highly concerned about packaging and leveling in marketing there is a concept called say that packaging is the silent sales person because many customers may not be familiar with the product as such at the point of process only they will see the product they will see the level and based on that they will take a decision because the packaging information the packaging will communicate to the target customer about the contents of the product about the price about the various ingredients about the various benefits how to use so packaging acts as a silent sales person then branding you know in the market unbranded products do not get sold much nowadays in today's context earlier suppose as a tta salt right these were the products which are not at all branded but in today's context right how many customers are purchasing lose a tta even everything is branded basmati rice is branded aizhong rice is branded is not it a silver tta mayur tta tta is branded oils are branded is not it so it's branding establishing the brand giving a name of your product and getting that brand established that is the purpose of marketing then marketing will have to be highly concerned about the customer support services it's not only selling the car giving the after sale services also first service second service right replacement of the various components right these are all aspects which are important as far as marketing is concerned in addition to this marketers are highly concerned about pricing of the products the exact pricing of the product at the same time giving margin to the retailers distributors wholesalers it requires lots of mechanism so in your marketing course you will discuss a full unit on pricing how to set price how to maintain price how to sense price the marketing is highly concerned about physical distribution and transportation whether the things goods need to be sold by railway by aircraft by say transportation other modes like say trucks auto vans how much at what time so that the retailers and the distributors do not go out of the stock the customers do not feel deprived customers are always supplied with the required products so marketing is highly concerned about that then marketing is also equally concerned with the warehousing function because that go down network has to be very very strong because market is scattered we need to scattered to the very requirements of the customers located at different places so we have discussed all these aspects we shall discuss some other aspects of marketing in our third video thank you