Production Management & Marketing 1st Paper Question 2018 Rajshahi, Cumilla, Chattogram, Barishal Board
Production Management & Marketing 1st Paper Question 2018 Rajshahi, Cumilla, Chattogram, Barishal Board. Production Management & Marketing Suggestion and Question Patterns of HSC Examination 2017. Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling the product or service. It is a critical business function for attracting customers.
Production Management & Marketing 1st Paper Question 2018 Rajshahi, Cumilla, Chattogram, Barishal Board
Marketing is defined by the American Marketing Association as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large”. The term developed from the original meaning which referred literally to going to market with goods for sale. From a sales process engineering perspective, marketing is “a set of processes that are interconnected and interdependent with other functions of a business aimed at achieving customer interest and satisfaction”.
Philip Kotler defined marketing as “Satisfying needs and wants through an exchange process”. and a decade later defines it as “a social and managerial process by which individuals and groups obtain what they want and need through creating, offering and exchanging products of value with others.”
The Chartered Institute of Marketing defines marketing as “the management process responsible for identifying, anticipating and satisfying customer requirements profitably”. A similar concept is the value-based marketing which states the role of marketing to contribute to increasing shareholder value. In this context, marketing can be defined as “the management process that seeks to maximize returns to shareholders by developing relationships with valued customers and creating a competitive advantage”.
In the past, marketing practice tended to be seen as a creative industry, which included advertising, distribution, and selling. However, because the academic study of marketing makes extensive use of social sciences, psychology, sociology, mathematics, economics, anthropology and neuroscience, the profession is now widely recognized as a science, allowing numerous universities to offer Master-of-Science (MSc) programs.
The process of marketing is that of bringing a product to market, which includes these steps: broad market research; market targeting and market segmentation; determining distribution, pricing, and promotion strategies; developing a communications strategy; budgeting; and visioning long-term market development goals. Many parts of the marketing process (e.g. product design, art director, brand management, advertising, inbound marketing, copywriting, etc.) involve the use of the creative arts.
Marketing research, conducted for the purpose of new product development or product improvement, is often concerned with identifying the consumer’s unmet needs. Customer needs are central to market segmentation which is concerned with dividing markets into distinct groups of buyers on the basis of “distinct needs, characteristics, or behaviors who might require separate products or marketing mixes.” Needs-based segmentation “places the customers’ desires at the forefront of how a company designs and markets products or services.”
Although needs-based segmentation is difficult to do in practice, it has been proved to be one of the most effective ways to segment a market. In addition, a great deal of advertising and promotion is designed to show how a given product’s benefits meet the customer’s needs, wants or expectations in a unique way
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