Marketing is the source that results in the generation of the revenue for a firm. Bangladesh since its independence has gone through a substantial amount of changes in its industry composition and so has the marketing system of our country.
This paper focuses on the flaws the marketing system has in our country. Both in the goods markets and services markets, marketers are still maintaining traditional approaches. It is high time that these approaches are modified.
These faults could be overcome by adopting some modern strategies in the marketing plan. Some recommendations are given at the end of the paper that can help the marketers to eliminate the defects.
The report has ...view middle of the document...
1.2 Objectives of the Study
This report is prepared primarily to fulfill the term paper requirement of the course Marketing Management at MBA (Evening) at Dhaka University.
Every study is carried out with some basic purpose. The main objectives of this study are as follows-
To discover the defects of marketing system in Bangladesh.
Search for solutions to resolve the defects.
While preparing this report several difficulties had to be faced that hampered the quality of this report. The findings could have been better if these limitations could have been overcome. Although the obstacles might seem less in number but still the hindrances created by this small group was massive which has stopped to produce the quality of the report at the desired or optimum level. The obstacles those were faced while preparing the report are as follows-
The comprehensiveness of the topic.
Lack of sufficient due data.
The study has been conducted mainly based on secondary data. The main foundation of the study has been laid with the help of secondary data such as articles, websites, documents, journals etc.
2.1 Definition of marketing
Many people think of marketing only as selling and advertising. And no wonder—every day we are bombarded with television commercials, newspaper ads, direct-mail campaigns, and sales calls. However, selling and advertising are only the tip of the marketing iceberg. Although they are important, they are only two of many marketing functions and are often not the most important ones.
From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships.
Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.
Marketing is often performed by a department within the organization. This is both good and bad. It’s good because it unites a group of trained people who focus on the marketing task. It’s bad because marketing activities should not be carried out in a single department but they should be manifest in all the activities of the organization.
Marketing’s key processes are: (1) opportunity identification, (2) new product development, (3) customer attraction, (4) customer retention and loyalty building, and (5) order fulfillment. A company that handles all of these processes well will normally enjoy success. But when a company fails at any one of these processes, it will not survive....