Marketing is important to business and non business organization. It is also beneficial to customers and society. Marketing is one of the vital functional areas of a business organization. Marketing is the art and science of getting and growing Customers by offering products/services that enhance their satisfaction. Today’s business is customer oriented. One need to Build, maintain and enhance long term customer relationship.
* Definition :-
In 2008 American
Marketing association gave a broader definition of marketing as follow:-
“Marketing is the activity, set
of institution and process for creating, communicating, delivering and
exchanging offering value that have value for customers, clients, partners and
society at large.”
* Natures :-
1. Systematic process: -
Marketing is a systematic
process of identifying customer need and wants; and satisfying them by designing
and distributing the right products. The marketing process involves.
1. Identification of customer’s
strength
2. Designing the products.
3. Fixing the right price.
4. Effective promotion of
product.
5. Distributing the products at
the right place. Etc.
2. Continuous process: -
The Marketing process is
a continuous in nature. It starts with marketing research and after the sales
is over, it continues with customer feedback and after sale services.
3. Ideas, goods and services: -
Marketing is undertaken to design and sell
gods and services, as well as ideas.
- · Marketers design and distribute tangible goods like FMCG products and customer durables.
- · Marketers sell services such as that of banks, airlines, hotels, insurance, etc.
- · Charles Revson: - of Revlon remarked ‘In a factory, we make cosmetics; in the store we sell hope’.
4. Target Markets: -
Marketing is concerned with
target markets. One cannot sell everything to everyone. Therefore, one has to
be selective in deciding the target market or buyers.
5. Customer Satisfaction: -
Nowadays, marketing places
focus on customer satisfaction. Customer has a correlation between product
performance and customer expectation. Nowadays, marketers must work towards not
only customer satisfaction, but they must delight the customers by offering
value added services.
6. Competitive Advantages: -
Effective marketing
helps to face competition in the market. Professional marketers are proactive
in decision making. They come up with innovative designs or models, creative
promotion schemes etc.
7. Corporate Image: -
Effective marketing
enables a firm to develop and enhance its corporate image. Due to effective
marketing (right product, price..,) the firm achieves higher performance which
in turn it able to develop corporate image.
8. Organizational Objectives: -
Marketing is
undertaken to achieve organizational objectives. Commercial organization cannot
survive without achieving marketing objectives. Such as increase in profits,
improved brand image, increase in market share, improved corporate image,
enhance customer loyalty, etc.
9. Marketing Environment: -
Marketing
influence by various environmental factors such as customer preferences, competitors,
strategies, government policies, and international environment, economic, etc.,
marketers should actively scan the environment regularly.
10. All Pervasive: -
The process of marketing is
applicable not only to business organization but also to non-business. For
instance, an educational institution needs to offer; the right courses
(product), charge the right fees (price). Etc.
11. Societal Interest: -
Modern marketing
intends to maintain and enhance customers and society welfare. Marketers need to
achieve a balance between; profits + customer Satisfaction + Public Inter
No comments:
Post a Comment