What is Marketing?
Marketing words derived from the Market. 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.
in this article, we learn about the Scope of Marketing
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
A product refers to a bundle of benefit 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 of 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 help to increase the sale drastically and ultimately the profits. Advertising can be done through various media sources such as newspapers, television, magazines, hoardings, 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.
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.
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