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Business & Marketing

‘Business is marketing ‘is the new slogan and business is no more trading. It is a process aimed at customer satisfaction or customer delight. When we discuss business there are many elements to be discussed- the product, the customer, the market and all the variables of marketing. A product can be anything that meets the need of a potential customer. It can be a commodity or a service or a mere feeling that provides delight to the potential customer. The customer can be an individual or a group who experience a genuine need that can be met with a product or service and the market is the domain of such individuals or groups.

The term MARKETING involves identifying the need, designing a product of service, developing,  packaging , delivering and ultimately ensuring customer satisfaction. The new trends in today’s business include marketing even Money as a commodity! Credit business, insurance, money transfer business and stock broking are the most popular in today’s world. In the commodity market, the concept is that a customer should get a safety pin to a fancy car under one roof and today’s business centre like Shopping Malls have mini digital theatres, coffee bars, eateries, pubs and other entertainment centres that encourage people to even spend the entire day hanging around the area.

In developing countries, the new concepts of business have drawn a lot of criticism as the traditional traders and small-time vendors are being denied the opportunity of growth in their sector. In fact, they rightly believe that it is a matter of their survival. But, the customers who look for better facilities and comfort welcome the new changes as they are guaranteed quality and service. Success of business lays in innovation, product modification, service modification and better credit facilities with minimum paper works and procedures.

In the mid-eighties some of the top-notch companies had introduced door-to-door marketing of their products. It was a new concept at that time. Initially customers were a little apprehensive as it was difficult for them to believe that companies would bring their expensive and fancy products at their doorstep and offer convenient pay-back measures and financing.

Today Tele-marketing, and internet based businesses are getting popularized as a customer can sit at home and do business without being troubled. When we discuss about the new concepts in business we cannot ignore the success of some network marketing companies that achieved millions of dollars’ turnover worldwide. These companies introduced multi-level marketing in which customers form a network and a share a part of the profits. They were very successful because customers take the initiative to market the products. A good spectrum of products and word-of-mouth marketing - the most reliable marketing technique, proved to be the secret of their success.

Business and business management is a vast subject. In a nutshell, the motto of a successful business venture is proper understanding of customer needs and the effort and pursuance towards customer delight.