What do you mean by the concept of marketing explain its nature and scope?
Meaning and Definition:- The term “Marketing “is derived from “Market”, which can be defined as–a place where buyers and sellers gather to buy and sell the products.
But Marketing is not only about selling; because in order to sell the product, we must know the needs (basic requirements) of the customers.
“Marketing is a societal the process by which individuals and groups get what they need and want through creating, offering, and exchanging products and services of values with others.”–‘Social Definition,’
“Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create an exchange that satisfies individual and organizational goals.”—The American Marketing Association.
So, Marketing is all about recognizing the needs of the customers and satisfying those needs cost-effectively with the help of the product.
A. Nature of Marketing
Marketing is Customer Oriented
Marketing starts and ends with the client. The job of marketing is not only to satisfy the user
but even to pleasure him/her. All the actions of an organization necessity are focused and attentive towards the consumer.
The organizations cannot disregard developing technologies, materials, instruments, and new traditions
of establishing the things but with the attentions of consumers’ needs.
So, marketers must let their customers order product specifications and standards about quality. The job can only be executed if consumers’ needs are continuously monitored.
Marketing is the Delivery of Value
Once a consumer arises fulfillment from a specific product based on the product’s overall size and
performance is known as the value in consumer’s awareness.
The consumers now make a trade-off between cost and benefit of the product and they reflect the
product’s value and price before deciding.
According to De Rose,
“Value is the satisfaction of customer requirements at the lowest possible cost of acquisition, ownership, and use”.
So, the organization’s policies must be expected at bringing better customer value than that of their competitors.
3. Marketing is a Network of Relationships
The customer is at the center-stage and attention of entirely marketing activities from the 1990s onwards
the focus is not only to recognize the wants and bring them to customers but is shifting to dealings marketing.
The marketers who are clever sufficient to maintain their relationships by bringing high-quality products in time, well facilities and reasonable prices in comparison with their complements.
4. Marketing as a Separate Discipline
Nearby old days when marketing was treated as a part of economics. But now it is known as a completely separate discipline.
By the appearance of the marketing concept, the subjects of green marketing and environmental protection have come up, and about that many laws have been framed.
Once we talk of knowing consumer behavior, it leads us to complete a new world of human behavior and for that matter; A marketer must have the knowledge of psychology.
Thus, marketing has developed as a separate discipline and got its strengths from related areas like law, psychology, anthropology, sociology, and statistics, etc.
5. Marketing is Business
Once it is said that marketing is business, the argument is that all actions start from marketing, i.e.; over-knowing consumers and end up on the consumers i.e.; knowing about consumer conflict. It means the entire business rotates rounded the marketing.
According to Peter F Drucker,
“Marketing is so basic that it cannot be considered as a separate function. It is the whole business seen from the point of view of its final result, that is, from the customer’s point of view. Business success is not determined by the producer but by the customer”.
So, the business seeks customers because they are the business providers and ultimately marketing is business.
B. Scope of Marketing
1.Consumer Research
It deals with product planning and development, pricing policies, advertisement and sales promotion, distribution structure, strengths and weaknesses of the competition, buyer’s behavior’s, etc.
Through conducting research, we can reduce the risk of loss in purchasing, pricing, forecasting and in facing competition.
2.Determination of Product Policies
Product planning is the starting point of the whole marketing activities. It states to launching a product, which is in line with market requirements.
Product development begins with the start of the idea to its successful commercialization. It includes decisions regarding color, shape, quality, size, etc. in order to reach the stability of products, which will give the best profit to producers and maximum fulfillment to the consumers.
3.Purpose of Distribution Channel
A channel of supply for a product is the way taken by which the title of the goods transfers from manufacturer to consumer.
The purpose of the distribution channel is very important in marketing management. It is a bridge to cover the gap between manufacturers and consumers.
4.Advertising Decisions
One of the important requirements of modern marketing is advertising decisions about the product without which it is hard to sell the product in the market.
They resorted to the advertisement and other resources of promotion in order to raise the sale of the product.
The organization has to arrange the training of the salesmen. The decisions about all such actions come under the view of marketing.
You may go through this article 12 Unlocking the Secrets of Marketing: Key Functions for Business Success.