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.
