1. SCOPE OF MARKETING?
The scope of marketing is explained from the view point of functional areas of marketing which are as follows:
1. Marketing Research: - It is one of the important areas of marketing. Marketing research is a process which consists of systematic gathering, recording and analyzing data about marketing problems. Marketing Research helps to design effective marketing plans to develop and sell products in the market.
TWO main areas of marketing research are; 1. Consumer Research…2. Dealer Research.
2. Product Design: -Firms need to come up with new products designs or models to cater to the satisfaction of customers, introduction of new products design helps to generate goodwill in the market which in turn expands the business.
3. Advertising: -Now-a-days, advertising is considered to be one of the most effective ways of promoting goods and services. Advertising is the paid form of non-personal promotion of ideas, goods and services by an identified sponsor. The main objectives of advertising are to create awareness of the product.
4. Sales Promotion: -Sales promotion is an important element of promotion mix; sales promotion involves various tools to induce the customers to buy the products. The sales promotion tools include; 1. Buyback offer 2. With stripes or to induce the customers to buy the products. 3. Coupons or cash vouchers. 4. Discounts. 5. Exchange offers. 6. Free samples. Etc.
5. Pricing: -Price refers to the exchange value at which the seller is willing to sell and buyer is willing to buy. Effective pricing is vital to the success of the product in the market. The price should be right and within the lines of the competitors.
6. Physical distribution: -it refers to the place of sale and the channel used for selling. Consumers want products to be available at a convenient place and on time. The marketer can use either direct or indirect channel to reach the products to the buyer.
7. Personal selling: -one of the important areas of marketing involves personal selling. The personal selling staff or the sales force makes a big difference not only in promoting the products but also to generate goodwill of the firm. The sales force needs to be constantly motivated to achieve sales targets.
8. After sale service: - Effective after sale service is a must in case of consumer durables. Consumers value a company by the quality and speed of after sale service. To promote a good name and reputation in the market, the marketer must offer very well after sale service to its customer.
9. Branding: -Branding is a important aspect in today’s competitive business world. The marketer must consider certain essential while selecting a suitable brand name for a particular product. A good brand name aids customers in identifying the branded item. It creates brand loyalty and among other things aids in brand extensions.
10. Test Marketing: -it is a process of introducing a product or service in a very limited market area in order to find out whether or not the consumers would accept with product or service. If test marketing is successful; the product may be launched over a large market area.
11. Customer Relationship Management: - Now-a-days, professional firms place lot of emphasis on CRM. It is concerned with managing detailed information about individual customers and all ‘customer touch points’ (every contact between the customer and the company-right from order placement to after-sale-service), the product of CRM is to enhance customer loyalty.
12. Other Areas: -There are several other areas which need attention of the marketers. The other areas include, product positioning, packaging, public relations, participation in trade fairs and exhibitions, etc.