MARKETING CH-1 ( PART- 6) PHILIP KOTLER || HPSC PGT COMMERCE 2023, IBPS SO 2023 , NET COMMERCE 2023

Summary

Welcome to Disha Classes! In this video, we continue our comprehensive coverage of marketing principles from Philip Kotler's 15th edition. We've already covered key aspects like the value and meaning of marketing, market exchanges, and holistic marketing. Today's focus is on the marketing mix, famously introduced by James Culliton and refined by E. Jerome McCarthy into the Four Ps: Product, Price, Place, and Promotion. We also explore modern updates to these concepts by Jagdish Sheth and Rajendra Sisodia. This video completes our first chapter, ensuring you are well-prepared for NET and PGT Commerce exams. Subscribe for more detailed insights!

Takeaways

• 🎉 Welcome to Disha Classes, where you can find chapter-wise and topic-wise videos related to NET Commerce and PGT Commerce.
• 📚 The marketing content is based on Philip Kotler's 15th edition book.
• ✅ The first chapter is completed, covering the basics of marketing, including value, meaning, and philosophies.
• 📖 The focus is on the holistic marketing concept, integrated marketing, and the 4 Ps of marketing (Product, Price, Place, Promotion).
• 🛠 Marketing starts before the product is made, involving market research, product design, and making it available to customers.
• 📈 The term 'marketing mix' was first introduced by James Culliton and later classified into 4 Ps by E. Jerome McCarthy.
• 🔍 The 4 Ps cover various activities: Product (quality, design, features), Price (list price, discounts, payment terms), Place (distribution channels, locations), and Promotion (sales promotion, advertising).
• 🆕 The modern marketing mix includes the 4 As: Acceptability, Affordability, Accessibility, and Awareness, according to Jagdish Sheth and Rajendra Sisodia.
• 🔄 The 4 As emphasize making products acceptable, affordable, accessible, and well-promoted to customers.
• 📢 Disha Classes aims to provide comprehensive coverage of Philip Kotler's book for NET and PGT Commerce exams, ensuring students understand key marketing concepts.

Q & A

What is the main topic of the video from Disha Classes?

The main topic of the video is marketing, specifically from Philip Kotler's book, 15th edition.

What are the 'four Ps' mentioned in the marketing mix?

The 'four Ps' in the marketing mix are Product, Price, Place, and Promotion.

What additional 'four Ps' are introduced for modern marketing?

The modern 'four Ps' introduced are People, Processes, Programs, and Performance.

Who originally coined the term 'marketing mix'?

The term 'marketing mix' was originally coined by James Culliton.

According to Philip Kotler, when does marketing start?

According to Philip Kotler, marketing starts before the product is made, with market research and product design.

What activities are included in the 'Promotion' component of the marketing mix?

The 'Promotion' component includes sales promotion, advertisements, personal selling, and public relations.

What does the 'Place' component in the marketing mix refer to?

The 'Place' component refers to distribution channels, locations, inventory, and logistics.

How did McCarthy classify the marketing activities?

McCarthy classified marketing activities into the 'four Ps': Product, Price, Place, and Promotion.

What does the term 'holistic marketing concept' refer to?

The 'holistic marketing concept' refers to integrated marketing that considers all aspects of marketing activities working together.

What changes did Jagdish and Rajendra Sisodia make to the 'four Ps' concept?

Jagdish and Rajendra Sisodia converted the 'four Ps' into 'four As' for modern marketing, emphasizing customer-centric aspects.