Q. Define marketing. Also explain its nature in brief.
Ans. Introduction :–
Marketing is a pervasive phenomenon in the present day world. Every day we are exposed to marketing of goods, services, and ideas. Marketing may be defined as a process by which goods and services are exchanged and the values determined in terms of money prices. The American Marketing Association has defined marketing as” The performance of business activities that direct the flow of goods and services through producers to consumers or users”.
According to Philip Kotler ,”Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating , offering and exchanging products of values with others .”
Nature of Marketing :–
1. Marketing is Customer focused :–
Marketing tends to satisfy and delight customer. The activities of marketing must be directed and focused at the customer. Marketers can remain in customer mind if they are provided value for what they spend. Marketing efforts must be directed at meeting customer needs, not market shares. For this , marketers must track customers needs on a continuous basis.
2. Marketing must deliver value :–
Marketer has to track customer needs and deliver the product as per their requirements. The company must satisfy the following equation with resultant value above 1 :
Customer value = –––––––––––
The corporate strategy must be aimed at delivering greater customer value
3. Marketing is Business :–
When customer is the focus of all activities marketer has not to search customer to seek response to his products. Customer group is decided for whom the product is prepared and presented. All the environmental factors are studied by marketing department ,keeping in mind the decided consumer group.
4. Marketing is surrounded by customer needs :–
Marketing starts with the customer needs and requirements. These are turned into probable features that might satisfy the basic needs .The portable form of the product is made out and presented before the customer for approval . The customer suggest changes or improvements in the portable product and the final product is brought to the customer.The following figure illustrates the point:
5. Marketing is a part of total environment :–
Total environment may be defined as the combination of all the resources and Institutions which are directly related to the production and distribution of goods, services, ideas, places and persons for the satisfaction of human needs. However it is better to look at remote and immediate environment of any marketing organization.
6. Marketing System affects company strategy :–
Marketing has its own sub system which interact with each other to form complete marketing system that is responsive to company marketing strategy .Through the subsystems shown in the following figure , the company monitor and adapts to the total marketing environment.
7. Marketing as a Discipline :–
The subject of marketing has emerged out of business which has derived its existence from economics. After emerging from business, marketing has got its strength from related areas law, psychology, anthropology, sociology, statistics, mathematics because the related problems impinge heavily on consumer behaviour, legal aspects of marketing , research on consumer needs, advertising media, pricing, promotion methods etc.
8. Marketing creates mutually beneficial relationship :–
The customer is the focus of all marketing activities. But during the last decade, the focus has shifted to the way of doing business, i.e. The strategic aspect of marketing. Here the means of marketer are their knowledge and experience, and the end result is in the form of mutually beneficial relationship with the customer
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