Nature and Scope of MarketingPrinciples of Marketing Notes CBCS Pattern
Marketing
Marketing is an ancient art and is found everywhere.
Formally or informally, people and organizations engage in a vast numbers of
activities relating to exchange of goods and services that could be called
marketing. Good marketing has become an increasingly vital ingredient for
business success. It is embedded in everything we do- from the clothes we wear,
to the web sites we click on, to the ads we see. Marketing deals with
identifying and meeting human and social needs or it can be defined as “meeting
needs profitably”.
The American Marketing Association has defined
marketing as “an organizational function and a set of processes for creating,
communicating and delivering value to the customers and for managing customer’s
relations in ways that benefit the organization and the stake holders.”
Peter Drucker says it this way that,” the aim of
marketing is to know & understand the customer so well that the product or
service fits him and sells itself. All that should be needed is to make the
product or the service available.”
Nature of marketing
Buyer and seller affect the demand for products in
aggregate areas, market includes both the place and region which buyers and
sellers are in a free inter course with another.
1) Marketing is
a customer focus: Market intense to satisfy and
delight the customer, the activities of marketing must be directed and focused
at the customer marketers can remain in customers mind. As they are provided
value for what they spend.
2) Marketing
must deliver value: Marketer has to track customer
needs and deliver the product as per their requirement. The co-operate storage
must be aimed at delivering greater customer value than competitors.
3) Marketing is
business: When a customer is the focus of all
activities the marketer has not to search customer to see response to his
product. Customer group is decided from whom the product is prepared and
presented.
4) Marketing is
surrounded by customer need: Marketing starts with
identification of customer needs and requirements’. These are termed into
probable features that might satisfy the basic needs
5) Marketing is
a part of total environment: Total environment
mainly defined as the combination of all resources and institutions which are
directly related to the production, distribution of goods, services, ideas,
places and persons for satisfaction of human needs.
6) Marketing
systems effect companies strategies: Marketing has
its own sub-systems which interact with each other to turn complete marketing
system that is responsible to company’s marketing strategy.
7) Marketing
has a discipline: The sub of marketing has emerged
out of business which has derived its existence from economic. These are
different disciplines of marketing such as consumer behavior, legal aspects
marketing research, advertising media, pricing, promotion method etc.
8) Marketing
creates mutual beneficial relationship: As the
customer is the focus of all marketing activities. The strategies of marketing
have been shifting to different ways. Marketing is there for everything that
results in mutual benefit of the customer.
9) Universal function: Marketing has a universal function in the sense that it can be
applied to both profit motive and non-profit motive organization.
Scope of Marketing
The scope of marketing really
is related to the old and new concept of ‘marketing’. Formerly the scope of
marketing used to remain very much limited since the wants of the consumers too
were quite limited. The competition was almost equivalent to nil. In the
marketing, the satisfaction of the consumers was not at all considered. The
marketing was commodity based and immediately after the sale of the products,
the marketing process was over. Nowadays, the scope of marketing has become
quite extensive, and the satisfaction of the customers too is kept in view. The
process of marketing continues even after the sales have been affected. Today,
the function of confirming the product, in accordance with the changing wants,
habits and fashions of people, is undertaken by the process of marketing. Within
the scope of marketing, -the following activities are covered:
1) Study of Consumer Wants and Needs:
Goods are produced to satisfy consumer wants. Therefore study is done to
identify consumer needs and wants. These needs and wants motivates consumer to
purchase.
2) Study of Consumer behaviour: Marketers performs study of
consumer behaviour. Analysis of buyer behaviour helps marketer in market
segmentation and targeting.
3) Production planning and development:
Product planning and development starts with the generation of product idea and
ends with the product development and commercialisation. Product planning
includes everything from branding and packaging to product line expansion and
contraction.
4) Pricing Policies: Marketer has to determine
pricing policies for their products. Pricing policies differs from product to
product. It depends on the level of competition, product life cycle, marketing
goals and objectives, etc.
5) Distribution: Study of distribution channel
is important in marketing. For maximum sales and profit goods are required to
be distributed to the maximum consumers at minimum cost.
6) Promotion: Promotion includes personal
selling, sales promotion, and advertising. Right promotion mix is crucial in
accomplishment of marketing goals.
7) Consumer Satisfaction: The product or service offered
must satisfy consumer. Consumer satisfaction is the major objective of
marketing.
8) Marketing Control: Marketing audit is done to
control the marketing activities.
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