Define marketing. Also explain its nature in brief - Education ...

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Q. Define marketing. Also explain its nature in brief.

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Ans. Introduction :?

Marketing is a pervasive phenomenon in the present day world. Every day we are exposed to marketing of goods, services, and ideas. Marketing may be defined as a process by which goods and services are exchanged and the values determined in terms of money prices. The American Marketing Association has defined marketing? as? The performance of business? activities? that direct the flow of goods and services through producers to consumers or users?.

According? to? Philip? Kotler? ,?Marketing? is? a? social? and? managerial process? by? which? individuals? and? groups? obtain? what? they? need? and? want through creating , offering and exchanging products of values with others .?

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Nature? of Marketing :?

1. Marketing is Customer focused :?

Marketing? tends? to? satisfy? and? delight? customer.? The? activities? of marketing? must? be? directed? and? focused? at? the? customer.? Marketers? can remain? in? customer? mind? if? they? are? provided? value? for? what? they? spend. Marketing? efforts? must? be? directed? at? meeting? customer? needs,? not? market shares.? For? this? ,? marketers? must? track? customers? needs? on? a? continuous basis.

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2. Marketing must deliver value :?

Marketer has to track customer needs and deliver the product as per their requirements. The company must satisfy the following equation with resultant value above 1 :

Benefits

Customer value = ???????????

? Cost

The? corporate? strategy? must? be? aimed? at? delivering? greater? customer? value

than competitors.

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3. Marketing is Business :?

When? customer is the focus? of all activities marketer has not? to? search customer? to? seek? response? to? his? products.? Customer? group? is? decided? for whom the product is prepared and presented. All the environmental factors are studied? by? marketing? department? ,keeping? in? mind? the? decided? consumer group.

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4. Marketing is surrounded by customer needs :?

Marketing starts with the customer needs and requirements. These are turned into? probable features that might satisfy the basic needs .The portable form of the product is made out and presented before the customer for approval . The customer suggest changes or improvements in the portable product and the final product is brought to the customer.The following figure illustrates the point:

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5. Marketing is a part of total environment :?

Total environment may be defined as the combination of all the resources and Institutions which are directly related to the production and distribution of goods, services, ideas, places and persons for the satisfaction of human needs. However? it? is? better? to? look? at? remote? and? immediate? environment? of? any marketing organization.

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6. Marketing System affects company strategy :?

Marketing has its own sub system which interact with each other to form complete marketing system that is responsive to company marketing strategy .Through the subsystems shown in the following figure , the company monitor and adapts to the total marketing environment.

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7. Marketing as a Discipline :?

The subject of marketing has emerged out of business which has derived its existence from economics. After emerging from business, marketing has got its? strength? from? related? areas? law,? psychology,? anthropology,? sociology, statistics,? mathematics? because? the? related? problems? impinge? heavily? on consumer behaviour, legal aspects of marketing , research on consumer needs, advertising media, pricing, promotion methods etc.

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8. Marketing creates mutually beneficial relationship :?

The customer is the focus of all marketing activities. But during the last decade, the focus has shifted to the way of doing business, i.e. The strategic aspect? of? marketing.? Here? the? means? of? marketer? are? their? knowledge? and experience, and the end result is in the form of mutually beneficial relationship with the customer

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