 Welcome learners of the MBA program of KK Handic State of University. We are having a course on marketing management and in this video we shall have a discussion of unit one and this unit one based on the study material that has been provided to you and based on the learning objectives which are given at the beginning of unit one what I have done I have divided the portion into 3 videos small videos and each one will be of about 9 to 10 minutes and these in these 3 videos I shall cover the entire unit on unit one of marketing management. So, this is basically an introductory unit introduction to marketing management. Now first of all I would like to extend the warm welcome to all of you to the field of marketing is a very fascinating field. It is a highly interesting field and all of us always highly exposed to the intricacies of marketing when we get up in the morning we take a toothbrush toothpaste we go for the branch and we talk about standard of living we talk about quality of life everything we come across with the influences of marketing. So, in this introductory video on this introduction of marketing management we shall discuss the various aspects of marketing management in 3 parts. Let us start the first part as I have told you this video will be based on the learning objectives. So, we shall take up 3 learning objectives one is first to explain the concept of market because marketing is intricately related with market then we shall discuss the concept of marketing management then we shall discuss the accents process then the remaining learning objectives we shall discuss in the other parts of the video. Now to explain the concept of market normally what do we mean by market a place where business is contacted like sepancy buzzer pun buzzer bore buzzer is not it that is what we mean by market as if it is a place in which exchanges take place buying and selling takes place it is a place where business is conducted with definite geographic boundaries but in the marketing terminology that we are going to discuss in this course market will have some other meaning it is basically you can say it is a set of actual and potential customers of a given product or a service. Suppose we talk about bus shop market we talk about shampoo market we talk about television market. So, television market the actual customers of television and a prospective customers will be the future customers of television they are all parts of market. So, television market in Guwahati television market in northeast in that case it can be place specific but otherwise by market we shall mean and you know there is a in your SLM there is a definition given on market that what do we mean by market market is defined as a group of potential customers including the actual customers with similar needs or ones who are willing to exchange something of value with sellers offering various goods and services to satisfy those needs and funds. So, market will comprise of a set of actual or potential customers of a given product or service and they will be having a similar needs. So, in the suppose I have given you the example of bus shop market in the bus shop market some may be interested in going for the Harvelle things only. So, they will be there are neem shop or say the toothpaste right there could be someone who may be interested in clove oil say promise or say Colgate Harvelle right that is Colgate bath shop tea. So, these are the different examples right in which the set of consumers will have a similar kinds of needs or ones and ultimately they will be engaged in an exchange process in which the marketers will offer the things and the consumers will make the payment and this can be extrapolated also this can be extrapolated in this sense that we can talk about a simple marketing system very simple marketing system. Here you can see basically it is an interaction between the industry and the market. By industry we mean a sale right a set of sellers. By market we mean the set of collection of buyers the set of consumers. Industry is collection of marketers or sellers. So, the sellers and buyers interact. So, sellers sell goods and services in case of banking say they will sell services in case of insurance they will sell services in case of consumer goods durable goods they will sell goods. So, the industry will sell goods services and the market will make payment and they will buy the products. But in between while doing this what they will do the industry will communicate to the target market about the kinds of products their prices their features their benefits and the market will give the feedback about their extent of satisfaction or there could be some complaints in respect of uses of the product. So, this is basically a simple marketing system in which there will be continual interaction between the industry as well as the market. So, we can talk about key customer markets you see one is say consumer markets even me we all are consumers we buy lot many things as I have told you we buy toothpaste we buy toothbrush we buy bath soap we buy shampoo we buy televisions is not it. So, consumer markets even me and these consumer markets contribute about 60 percent of the gross domestic product in our country. So, huge market consumer market then there is the business market business market means the industry. Suppose, I have been giving you the example of Colgate toothpaste Colgate toothpaste Colgate Colgate is also a customer Colgate sells the products but in order to manifest those products Colgate needs something. So, they will buy something. So, they belong to the business market somebody will sell something to Colgate. So, that is business market business to business consumer market business to consumer. Then government markets suppose this business market say L&T or say Jindal Iron and Steel Company or say Tata Steel they will sell say Tata Steel will sell lots of steel to Indian Railways. So, Indian Railways is an example of government markets global markets. Suppose, right LG is a Korean company. So, LG is here right and we say German technology somebody says Japanese automobile companies right all these are Japanese automobile companies will be making their sales in say America or say in Canada that is global market and in addition to all these things there could be the non-profit markets. Suppose, the universities they are not profit making organizations charitable organizations they are not profit making organizations they also are a big market. So, market is not necessarily a place market comprises various key customer markets as I have told you consumer markets even me business markets the business to business raw materials right business will process raw materials they will process equipment they will process machineries government markets say I have given you the example of Indian Railways global markets right a Japanese automobile company or say German manufacturer which says Japanese technology will sell something in Vietnam that is a global market and a non-profit market like say universities charitable organizations etc. Then based on this understanding let us try to discuss what is marketing management. They are learners when we discuss marketing normally we will sell come across with a glossary of terms just now we have explained market likewise what is marketing what is marketing management you say American marketing association AMA is a novel agency and they provide various definitions. So, the definition of marketing management that American marketing management association marketing association has given that marketing is an organizational function. So, you know organization there is production there is process there is materials there is research there is engineering. So, marketing is an organizational function and it involves a set of processes like what creating communicating and delivering value to the customers means offering making some offer to the target customers. So, that the customers with the customers relationship can be maintained and that ultimately if we can make a mutually beneficial relationship with the customers what will happen the customers will get the services of the product they will make the payment and we shall be able to unprofit it becomes a mutually beneficial relationship process. So, marketing management according to American marketing association basically talks about that kind of an organizational function which is highly focused about creating and maintaining a mutually beneficial exchange relationship of the customers as well as the marketers. So, that is basically all about the marketing management. So, this involves exchange marketing involves exchange you cannot force something on the customer. If you see suppose a hungry person you are feeling hungry in order to get rid of your hunger what you can do you can go to a restaurant means what you will have to go to the restaurant you will have to make payment then you will be served food that is an exchange or you can go to the grocery store you can process something means again exchange going back home you can prepare your own food but before that you had to be engaged in the exchange process. So, whatever we do whether we cook at home or whether we go to the restaurant whatsoever it is always exchange suppose we talk about say our own garden kitchen garden there also we shall have to process the seeds we shall have to process the fertilizers chemicals is not it it could be organic chemicals it could be organic manure whatsoever. So, suppose for a thief for a thief or a burglar they can rush food possibly they can take food or someone who can beg food a beggar say for a beggar for a thief for a dacoit exchange may not be involved but for all others exchange is involved. So, when exchange is involved that is basically marketing so marketing is all about that all pervasive exchange processes. So, this exchange process so basically core concept of marketing and it involves obtaining a desired product from someone by offering something. So, we make payment and then we get something earlier suppose they have the barter system that was also an exchange system but for an exchange to have its meaningful context certain conditions what are those conditions for exchange there has to be two parties is not it and each party has something that might be offered to the other party and each party is capable of communication and delivery they will have to be because they know suppose I am a marketer I know what I am offering you are a consumer you know what you are buying and each party is free to accept or reject there will not be any kind of imposition and each party believes that it is desirable to deal with the other party. So, marketing will take place when all these conditions will be there then it becomes meaningful marketing it becomes mutually beneficially exchange relationship which is a desirable thing as for marketing. We shall talk more about marketing more about unit 1 in the subsequent videos. Thank you.