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.
