 Welcome, learners. Continuing our discussion of Unit 1 of Marketing. So, Marketing Management course, we are discussing about the introduction to marketing. So, we shall take up the other two learning objectives of your Salaam, self-learning material. We have already discussed the five learning objectives. We shall discuss importance of marketing. Shall try to explain the importance of marketing. Then we shall discuss the various marketing orientations, because marketing is conducted under certain philosophies. It could be selling philosophy, it could be production philosophy, it could be holistic marketing philosophy, it could be product philosophy. We shall come to know about the various kinds of orientations or philosophies by which a marketer executes the marketing function. Let us first discuss the importance of marketing. As you all know, as I have told you, marketing is something which is right from the point in the morning that we get up until we go to the bed and we sleep on a carlone mattress. We use the toothpaste in the morning, everything is branded. We go to a certain restaurant only to have our food or we buy a particular brand of atta only to prepare our chapatis. All these sellers, why they are in the business? They are in the business in order to unprofit in order to declare dividends to their investors, to their shareholders and to sustain in the market and to grow in the market. How will they do that? They will have to unprofit and how will they unprofit? Because they will have to satisfy the needs and wants of the customers. So, it enables the business organizations to earn more profits. Marketing only facilitates that and that is the basic primary interest of the business organizations. At the same time, marketers are based on the marketing inputs only. The marketers will decide about what product to be offered in the market, what product not to be offered in the market, what product to be revamped in the market, what product to be discontinued from the market because the needs and wants always keep on changing in the market. So, marketing function gives us, gives the organization the required inputs to design the products and then marketing function only helps the organization to know about the changing needs of the customers because based on the changing needs of the customers, the marketers will have to design offers. Marketing is important, why? Because it is true which production and purchasing power are convertible consumption. It is all the producers, the industry will go for production and the market or the consumers will go for consumption. This production and consumption, that is the essential pieces of an economy also. As I told you, say 60 percent of the GDP will come from the consumer consumption only means the consumers will consume. Those consumers could be right, you and me, individual consumers, those consumers could be business consumers and retailing suppose, retailing contributes a lot towards the gross domestic product of a given country or could be any country. The retailing is an employment intensive sector. So, marketing is very powerful as far as facilitating protection, as far as facilitating consumption, as far as creation of demand, creation of needs. Marketing function is performed by different individuals and it provides significant employment. It is a retailer, number of retailers are there, wholesalers are there, CNFSNs are there, the transportation houses are there, the go downs are there and all of them are employing a huge number of people. Because of marketing function only, as because production and consumption is taking place, that is why the employments are being generated. So, that is why marketing is very, very important. Then marketing bridges the gap between the producers and the consumers. Producers, as we have discussed in part one of this video, there is a simple marketing system in which the constant interaction takes place in terms of communication from the producer to the consumers and the feedback from the consumers to the marketer. So, for an economy, marketing is very, very important. Even for a developing economy, suppose we are constructing a bridge in one part and constructing a bridge in another part of it. So, we will have to see what is the need, that how much of the needs of the local residents will be catered to by constructing the bridge. And accordingly, we will have to design the bridge. Accordingly, we will have to construct the bridge. So, in a developing economy, constructing the railway lines, constructing the bridges, constructing the highways, all will have to be basically needs centric. What do the civilians want? So, these are important aspects of marketing. Then we come to the discussion of marketing orientations. Say, marketing is carried out under certain beliefs, certain philosophies. One philosophy is the production concept. You see the under production concept, the marketers will be guided by a deal if that you go for mass production, you go for mass selling and that will lead to mass consumption, means produce in bulk, sale in bulk, sale in bulk and the consumers will purchase in bulk and because of which the cost of production of the goods will come down. Because in economics, there is a concept called scale benefits. We shall be able to achieve a scale, higher scale and because of that higher scale, what will happen? The cost of production will come down. That is the belief of production concept. Compared to this, we have the other concept, the product concept. In the product concept, we will be guided by a belief that ultimately the top quality sales in the market. So, as a marketer, we should be highly concerned about giving the best of the best to the target market. We shall be highly obsessed with the product. We shall try to give the maximum quality in the product and to that extent we shall charge a very high price also. So, our orientation will be on that only, that we do not manufacture ordinary products. We manufacture very good quality products and we shall be marketing those products only. So, with this also the marketers may be guided. The marketers may be guided by the selling concept that you go for maximization of sales so that the customers can be persuaded to buy the things. Then we discuss the marketing concept. So, marketing concept is something which starts with the needs of the customers and it ends with the satisfaction of the customers. The beginning is customer, end is customer. And in order to satisfy the customer, we shall have to think about various aspects. First of all, we shall have to think about the customer, customer, customer. Customer is at the focus. To have the customer in the focus, we have to research what do the customers want? What do the customers need? What do the customers are looking for? What are the features, benefits they are looking for? That is the pulse. Then we can produce the things and after producing we shall have to communicate to them that this is what we have to offer to you. Then the sales will take place and it is a continued process. That is all about marketing orientation. Then in today's context the marketers are not only concerned with marketing concept. We have discussed production concept. Production concept is about thinking about production and production. Product concept, thinking about quality and quality. Selling concept, thinking about sales and sales only. Marketing concept, thinking about the customer, thinking about the needs of the customers, thinking about satisfying the customers. Then in today's context the marketers are talking about another concept called holistic marketing concept. So, in this holistic marketing concept there are four aspects. One is internal marketing means these organizations will try to treat their employees as customers, not only the outside customers because if the employees are treated as customers, if the employees are satisfied then only they will be able to satisfy the external customers. So, that is the belief. The first you satisfy your employees, then the employees will be able to satisfy the external customers. That is the interactive marketing, internal marketing, interactive marketing and marketers directly means the external marketing. Then the marketer is not only making the sale of the product, marketer will have to make it in terms of a given price at a particular place with distinct type of advertisement is not it. We cannot think about giving a say Ramon shooting advertisement, right, in a very ordinary medium, right. Suppose in the times of India this would be suitable that is the integration. So, Ramon shooting we cannot think about offering it at a very very low price because we cannot give that quality in a very low price. So, product, price, place, distribution that integration is important. Then another concept is about relationship marketing. The marketer is highly concerned about the mutually, beneficially, exchange relationship with the target customers. So, not only the new customers retaining the existing customers that is the mantra, customer retention and how can we retain the customers through satisfying the customers. And then ultimately we will have to be concerned about the social causes also to what extent we are responsive to the social needs, to the needs of the society. So, today's marketers not only are concerned about, right, basically they are guided by this kind of philosophies and there is nothing, right, that this philosophy is right, that philosophy is wrong, right, it is nothing like that. But it talks about that the marketers are basically guided by the philosophies like say production concept, product concept, selling concept, marketing concept and holistic marketing concept. So, this is basically all about the philosophies of marketing. Thank you.