BA Sem IV Business Management

Directorate of Distance Education UNIVERSITY OF JAMMU JAMMU SELF LEARNING MATERIAL B.A SEMESTER-IV SUBJECT : BUSINESS MANAGEMENT UNIT - I - V COURSE NO. BM-401 LESSON NO. 1-15 DR. HINA S. ABROL COURSE CO-ORDINATOR http:/www.distanceeducation.in Printed and Published on behalf of the Directorate of Distance Education, University of Jammu, Jammu by the Director, DDE, University of Jammu BUSINESS MANAGEMENT Lesson Writer : Prof. Charandeep Handa 1 - 5 Govt. S.P.M.R. College of Commerce, Jammu. Prof. Rajni Bala 6 - 10 Govt. S.P.M.R. College of Commerce, Jammu. Prof. Rishu Mahajan 11 - 15 Govt. S.P.M.R. College of Commerce Jammu. © Directorate of Distance Education, University of Jammu, 2021 • All rights reserved. No part of this work may be reproduced in any form, by mimeograph or any other means, without permission in writing from the DDE, University of Jammu. • The script writer shall be responsible for the lesson / script submitted to the DDE and any plagiarism shall be his/her entire responsbility. • Printed by : BMS Printers / 2021 / BUSINESS MANAGEMENT Paper - 4 Total Marks - 100 Course No.: BM-401 Internal Marks : 20 Examination : 3 Hrs External Marks : 80 The syllabus is for examinations of BA Business Management Semester IV to be held in May 2020, May 2021, May 2022 Objective: To introduce the concepts, principles and techniques of Marketing Management UNIT I Meaning of market and marketing: The marketing Mix and the role of marketing in a developing econemy-tike Hndia; Social marketing: Diferenee between marketing-of product and servies-Markesng function and approaches; Marketing versus Selling: The modern concept of marketing. UNIT II Concept of product: Product decision and strategies: Classification of products: Product life cycle; New product development process; Why products fail? Concept of price; Pricing policies and strategies; Factors determining pricing decisions; Role if cost in pricing; Pricing methods and objectives. UNIT III Branding and packaging decisions; Marketing segmentation and its bases; Considerations involved and methods of designing marketing organisation, Meaning of marketing research-its applications; Procedure and the marketing research scenario in India UNIT IV Meaning of sales forecast; Approaches to and methods of torecasting Importance and objectives of channels of distribution; Major channels of distribution; Functions and 1 services of wholesalers and retailers; Selection of a channel of distribution; Physical distribution tasks and decisions on channels of distribution. UNIT V Concept and importance of consumer behaviour; Types of consumers; Models of consumer behaviour; Factors influencing consumer behaviour; Consumer decision making process and stages; Indian consumer environiment; Consumerism. Note for Paper Setter : The paper setter is requested to set 10 questions in all with at least 2 questions from each unit. All the questions shall carry equal marks. The students are required to attempt 5 questions selecting one from each unit necessarily i.e. internal choice is available. Suggested Reading : 1. Marketing Management : Philip Kotler 2. Basic Marketing : Cundiff, Still and Govani 3. Modern Marketing Management: R.S. Davar 4. Fundamentals of Marketing : William J. Stanton 5. Marketing Principles and Method : Philips and Duncon 6. Marketing Management in Indian Perspective: Jha and Singh 7. Marketing Management: Ramaswami and Namakumari 2 C. No. : BM-401 UNIT I SEMESTER : IV LESSON : 1 Meaning of Market and Marketing; The Role of Marketing Mix; Role of Marketing in Developing Economy like India Structure 1.1 Introduction 1.2 Objectives 1.3 Meaning and Definition of Market 1.4 Importance of Market 1.5 Classification of Markets 1.6 Meaning and Definition of Marketing 1.7 Key differences between Market and Marketing 1.8 Scope of Marketing 1.9 Evolution of Marketing 1.10 Importance of Marketing 1.11 Marketing Mix 1.12 Marketing and Economic Development 1.13 Role of Marketing in Indian Economy 1.14 Summary 1.15 Glossary 3 1.16 Self-assessment Questions 1.17 Lesson End Exercise 1.18 Suggested Readings 1.1 INTRODUCTION Marketing is everywhere and it affects our day- to-day life in every possible manner. Each day is filled with consuming products made available by marketers. Formally or informally people and organisations are engage in a vast number of activities that could be called as marketing. The two most important activities undertaken by the business is production or procurement of products and its distribution to the end user. The procurement of raw materials and its conversion into a finished product is an easy job. However, the disbursement of the product is a strenuous one, because creating a place for a product in the market is a bit difficult task, as the market is already flooded with lacs and lacs of products, where no one knows about your product and in this way the marketing comes into the picture. Good marketing is no accident, but a result of careful planning and execution. It is both an art and science. Marketing begins with the fundamental idea that most human behaviour is a purposeful quest for need satisfaction. Marketing starts with customers and ends with customers. Marketing is used to identify the customer, satisfy the customer, and keep the customer. With the customer as the focus of its activities, it can be concluded that marketing management is one of the major components of business management. The term marketing concept holds that achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions. It proposes that in order to satisfy its organizational objectives, an organisation should anticipate the needs and wants of consumers and satisfy these more effectively than competitors. The adoption of marketing strategies requires businesses to shift their focus from production to the perceived needs and wants of their customers as the means of staying profitable. Marketing is responsible for satisfying customers, which in turn, increases our standard of living and quality of life. Creation of superior customer value and delivering high levels of customer satisfaction are at the heart of present day marketing. Marketing is a product or service selling related overall activities. It generates the strategy that underlies sales techniques, business communication, and business developments. It is 4 an integrated process through which companies build strong customer relationships and create value for their customers and for themselves. Marketing can be defined 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. 1.2 OBJECTIVES After studying this lesson, you will be able to: • Define marketing and the related concepts • Discuss the evolution and scope of marketing • Acquaint yourself with different market classifications • State the importance of marketing to various stakeholders • Distinguish between market and marketing • Understand the concept and role of marketing mix • Realise how marketing can help building an economy 1.3 MEANING AND DEFINITION OF MARKET ‘Market’, the term originates from Latin word ‘mercatus’ meaning “trade or marketplace,” which is derived from ‘mercari’ meaning “to trade”. ‘Mercari’ is derived from merc- meaning “merchandise”. In simple terms, Market refers to a particular place where goods are purchased and sold. The term market is defined as a place where the parties meet and exchange their goods, services and information for consideration. The purchase and sale of commodities between parties are known as the transaction. The two parties engaged in an exchange are buyer and seller. Market refers to a place where buyer and sellers can come in contact with each other either directly or indirectly, so as to trade goods and services for value. The transaction can proceed, either directly or through intermediaries like agents or institutions. The numerous buyers and sellers in a market play a significant role in fixing prices of goods and services with the help of demand and supply factors. The buyers decide the demand, whereas sellers determine the supply. It is a set up where trade is easily concluded, and resources are allocated, among different members of the society. 5 Market is a system by which buyers and sellers come in contact with each other, bargain for the price of a product, settle the price and transact their business- buy or sell a product. Physical contact between the buyers and sellers is not necessary. Markets at present, are not confined to a physical location only, rather they are extended virtually also i.e. media market, internet market (e-commerce) are a good example of that. Market are bifurcated as local, national or global, that can be for a short period or long period. It can also be divided as a wholesale market, retail market, financial market and so on. Definitions of Market 1. According to Philip Kotler, “a market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want.” 2. According to Cournot, “Economists understand by the ‘Market’ not any particular market place in which things are bought and sold but the whole of any region in which buyers and sellers are in such free intercourse with one another that the prices of the same goods tend to be at equality.” 3. According to Jevons, “Originally a market was a public place in a town where provision and other objects were exposed for sale, but the word has been generalized so as to mean anybody or persons, who are in intimate business relation and carry on extensive transaction in any commodity.” 4. As Chapman has said, “The term market refers not necessarily to a place but always to commodity or commodities and the buyers and sellers of the same who are in direct competition with each other.” 5. According to Prof.

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