NATURE OF MARKETING?

1.          NATURE OF MARKETING?
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.”

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 Interest.

No comments:

PDF FILE TO YOUR EMAIL IMMEDIATELY PURCHASE NOTES & PAPER SOLUTION. @ Rs. 50/- each (GST extra)

HINDI ENTIRE PAPER SOLUTION

MARATHI PAPER SOLUTION

SSC MATHS I PAPER SOLUTION

SSC MATHS II PAPER SOLUTION

SSC SCIENCE I PAPER SOLUTION

SSC SCIENCE II PAPER SOLUTION

SSC ENGLISH PAPER SOLUTION

SSC & HSC ENGLISH WRITING SKILL

HSC ACCOUNTS NOTES

HSC OCM NOTES

HSC ECONOMICS NOTES

HSC SECRETARIAL PRACTICE NOTES

2019 Board Paper Solution

HSC ENGLISH SET A 2019 21st February, 2019

HSC ENGLISH SET B 2019 21st February, 2019

HSC ENGLISH SET C 2019 21st February, 2019

HSC ENGLISH SET D 2019 21st February, 2019

SECRETARIAL PRACTICE (S.P) 2019 25th February, 2019

HSC XII PHYSICS 2019 25th February, 2019

CHEMISTRY XII HSC SOLUTION 27th, February, 2019

OCM PAPER SOLUTION 2019 27th, February, 2019

HSC MATHS PAPER SOLUTION COMMERCE, 2nd March, 2019

HSC MATHS PAPER SOLUTION SCIENCE 2nd, March, 2019

SSC ENGLISH STD 10 5TH MARCH, 2019.

HSC XII ACCOUNTS 2019 6th March, 2019

HSC XII BIOLOGY 2019 6TH March, 2019

HSC XII ECONOMICS 9Th March 2019

SSC Maths I March 2019 Solution 10th Standard11th, March, 2019

SSC MATHS II MARCH 2019 SOLUTION 10TH STD.13th March, 2019

SSC SCIENCE I MARCH 2019 SOLUTION 10TH STD. 15th March, 2019.

SSC SCIENCE II MARCH 2019 SOLUTION 10TH STD. 18th March, 2019.

SSC SOCIAL SCIENCE I MARCH 2019 SOLUTION20th March, 2019

SSC SOCIAL SCIENCE II MARCH 2019 SOLUTION, 22nd March, 2019

XII CBSE - BOARD - MARCH - 2019 ENGLISH - QP + SOLUTIONS, 2nd March, 2019


BUY FROM PLAY STORE

DOWNLOAD OUR APP


HOW TO PURCHASE OUR NOTES?



S.P. Important Questions For Board Exam 2020


O.C.M. Important Questions for Board Exam. 2020


Economics Important Questions for Board Exam 2020


Chemistry Important Question Bank for board exam 2020


Physics – Section I- Important Question Bank for Maharashtra Board HSC Examination


Physics – Section II – Science- Important Question Bank for Maharashtra Board HSC 2020 Examination


MUST REMEMBER THINGS on the day of Exam


Are you prepared? for English Grammar in Board Exam.


Paper Presentation In Board Exam


How to Score Good Marks in SSC Board Exams


Tips To Score More Than 90% Marks In 12th Board Exam


How to write English exams?


How to prepare for board exam when less time is left


How to memorise what you learn for board exam


No. 1 Simple Hack, you can try out, in preparing for Board Exam

How to Study for CBSE Class 10 Board Exams Subject Wise Tips?

JEE Main 2020 Registration Process – Exam Pattern & Important Dates

NEET UG 2020 Registration Process Exam Pattern & Important Dates

How can One Prepare for two Competitive Exams at the same time?

8 Proven Tips to Handle Anxiety before Exams!