What is Marketing?
Marketing is a function of an organization which aims at creating and delivering value in the form of product and service to the customers. It also works for maintaining this relationship for a longer time by satisfying potential customers. Marketing balances the benefits to both the company as well as the customer.
Marketing, in General, is Called Holistic Marketing. It has Four Aspects:
- Internal Marketing: It involves interaction between the senior management and the marketing department. The senior management ensures smooth working between the marketing department and other departments of the company to ensure the growth of the company.
- Integrated Marketing: It involves communication channel improvement to offer product and services offered by the company to the respective customers.
- Performance Marketing: Performance marketing is based upon the performance of the company in terms of sales, brand name, equity, ethics, environment and the community response.
- Relationship Marketing: It involves a sound and healthy relationship between customers and the company. Also, the channel partners are taken into consideration.
What is the Nature and Scope of Marketing?
Nature of Marketing:
- It is an economic function: As marketing involves the selling of goods and services to the prospective customers, it is an economic function.
- It is a legal process: This is because it involves a transfer of ownership of goods from the producer to the end user.
- It is an interactive business system: A company through marketing builds a relationship with customers by providing them goods and services they demand. They, in turn, earn profit and value.
- It is a managerial function: Marketing is based on the strategic planning by the management to market their products and services.
- It is a social process: Marketing involves the supply of customers needs to improve the standard of living in a society.
- It is a philosophy: Marketing is successful only when the customer is satisfied.
- It has dual functions: There are two main functions of marketing. One is to satisfy the customer and other is to maximize the profit of the company.
The Scope of Marketing:
- It studies consumer’s needs and wants: This is done to identify the needs and their continuous supply to the customers.
- It studies the behavior of consumer: This helps to segment the market and target the most potential customers.
- It involves production planning and development: It is the generation of product idea and the finished final product. The branding and packaging also come under it.
- It determines pricing policies: A marketing executive determines the price of a product based on demand, competition, goals etc.
- It studies distribution channels: This is done to minimize costs and maximize profits.
- It studies promotion: It involves personal selling, promotion, and advertisement of the products and services.
- It aims at customer satisfaction: Marketing processes are such that they aim at maximizing customer satisfaction.
- It involves market control: Marketing activities are controlled by the market audit.
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