What is Marketing?
Marketing derived from the word Market. A market is a place where buyers and sellers come together and exchange products and services. Marketing is a process of determining the needs and wants of consumers. It helps the customers to provide them with those products that they are looking for. It helps the company to find out new customers.
Definitions of Marketing
According to Cardiff and Still
Marketing is a social process by which products are matched with markets and through which the consumer is able to use or enjoy the product. It makes goods and services more useful to the society by creating the place, time and possession utilities
According to William MPride and OC Ferrel
Marketing is the process of creating, distributing, promoting, and pricing goods, services and ideas to facilitate satisfying exchange relationships in a dynamic environment”
Scope of Marketing
Informing customers about the company’s products is a must for attracting them to buy products. Marketing is the medium through which companies communicate with the public and explain the features or benefits of their products. Marketing helps in creating wide publicity of goods and services in the market.
Studies customer’s wants
Marketing helps in understanding the needs or wants of customers which enables them to provide satisfactory services. Business through their marketing programs interacts with customers and understands their behaviors. Proper understanding of customers’ demands helps in designing the right product which satisfies their needs.
A product refers to a bundle of benefits that offers satisfaction to the consumers. Product planning starts with the generation of the idea and continues until the product is ready to be launched in the market. To create a successful product the company must understand the needs of the consumer and the currently available competition in the market.
Advertising is the best tool for marketing. It makes the consumers aware of the product that is going to hit the market. Through marketing, big companies are able to condition our subconscious mind about the goodness of the product. The advertisement also helps to increase the sale drastically and ultimately the profits. Advertising can be done through various media sources such as newspapers, television, magazines, hoardings, the internet, etc.
Determination of the pricing policies of the product is crucial because good pricing policies will definitely help in attracting more consumers. generally, consumers are highly-priced elastic which means lower the price, higher will be the demand and higher the price, lower will be the demand. Cost of manufacturing the product, government policies, marketing, competitors price, etc. are the factors that influence the price of the product.
The selection of the proper distribution channel is very necessary for the product to attract new consumers towards it. Selecting a distribution channel means defining the route of the goods they will take while reaching from the producer to the ultimate consumer. Wholesaling and retailing are the two most popular distribution channels.
It refers to the process of selling what is manufactured by the company as a product in the market. selling refers to the supply of goods and services directly or indirectly to the targeted consumers. Selling involves performing and managing various activities simultaneously such as approaching to the new consumers, distributing the free samples, making sales on a huge discount, and getting feedback.
The packaging is essential for delivering the product safely and secure a good image in the consumer’s mind. It also helps in the goodwill formulation. Packaging involves designing and producing the external covering for the product which will keep the product safe and hygienic. packaging is inclusive of the product information which adds to the appeal of the product which ultimately helps in the sales promotion.
The term marketing includes after-sale services to be provided by the business to its customers. Resolving issues of the customer’s and problems in case of any product failure will help in developing better relations with customers.
Collects the feedback
It involves collecting the feedback or suggestions of customers once the product is sold. Through this, satisfaction or dissatisfaction level of customers can be easily identified which helps in improving the service quality using suggestions provided by them.
Essential Features of Marketing
Marketing is a customer-centered function of the business. It aims at finding out what customers want and fulfilling their needs by delivering them the right products.
Creates Market Offering
Marketing provides offers of various goods and services to potential customers. It is the one that communicates all information regarding products like its prices, uses, quality, and technology to customers.
It is a process which aims at exchanging products among buyer and seller. Marketing attracts and influences people to buy the products of the company.
Marketing is a regular and continuous activity of business for selling their products. Businesses always need to monitor the marketing environment and should accordingly plan, implement, and control all marketing programs.
Marketing is a goal-oriented business activity that aims at achieving the desired sales and profitability. It focuses on approaching more and more customers and thereby satisfying their needs by delivering them the required goods or services.
Manages 4 P’s
It is a combination of four elements that are product, place, price, and promotion. The whole marketing system is made up of these variable factors which are influenced by customer behavior, competition, trade factors, etc.
Marketing creates various utilities such as form utility, time utility, and place utility. It creates form utility by manufacturing the right product using inputs, time utility by storing goods in warehouses, and place utility by delivering goods properly to end customers.
It is a process that involves exchanges of goods in monetary terms. Marketing is one by means of which monetary transactions as per the exchange value of goods take place for transferring goods among buyers and sellers.