SCOPE /NATURE/ objOF MARKTNG • Marketing is an ancient art & is everywhere.
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Formally or informally, people & organizations engage in a vast numbers of activities that could
be called marketing. According to American Marketing Association (2004) - "Marketing is an
organisational function and set of processes for creating, communicating and delivering value to
customers and for managing relationships in a way that benefits both the organisation and the
stakeholder." According to Philip Kotler, “Marketing is a social process by which individuals and
groups obtain what they need and want through creating, offering, freely exchanging products and
services of value with others” Nature of Marketing Marketing is an Economic Function,
Marketing is a Legal Process by which Ownership Transfers , . Marketing is a System of
Interacting Business Activities , Marketing is a Managerial function , Marketing is a social
process , Marketing is a philosophy based on consumer orientation and satisfaction,Marketing
had dual objectives - profit making and consumer satisfaction OBJECTIVE Customer
Satisfaction: The primary motive of a company is to satisfy the needs of customers.Ensure
Profitability: Every business is run for profit, and so goes for marketing.Building
Organizational Goodwill: It portrays the product and the company’s positive image in front of
the customers.Create Demand: It works for generating the demand for products and services
among the customers.Increase Sales Volume: It is a rigorous process of increasing the sale
of product or service to generate revenue.Enhance Product Quality: Marketing initiates
customer feedback and reviews to implement them for product enhancement.Create Time
and Place Utility: It makes sure that the product or service is available to the consumer
whenever and wherever they need it.Functions/ SCOPE of Marketing Marketing is not just
selling off goods and services to the customers; it means a lot more than that. Study of
Consumer Wants and Needs: Goods are produced to satisfy consumer wants. Therefore
study is done to identify consumer needs and wants. These needs and wants motivates
consumer to purchase. • Study of Consumer behaviour: Marketers performs study of
consumer behaviour. Analysis of buyer behaviour helps marketer in market segmentation and
targeting. • Product Planning and development : It includes the activities of product
research, marketing research, market segmentation, product development, determination of
the attributes, quantity and quality of the products. • Branding: Branding of products is
adopted by many reputed enterprises to make their products popular among their customer
and for many other benefits. Marketing manager has to take decision regarding the branding
policy, procedures and implementation programs. • Packaging: Packaging is to provide a
container or wrapper to the product for safety, attraction and ease of use and transportation of
the product.• Channels of Distribution: Decision regarding selection of most appropriate
channel of distribution like wholesaling, distribution and retailing is taken by the marketing
manager and sales manager. • Pricing Policies: Marketer has to determine pricing policies for
their products. Pricing policies differs form product to product. It depends on the level of
competition, product life cycle, marketing goals and objectives, etc. • Sales Management:
Selling is a part of marketing. Marketing is concerned about all the selling activities like
customer identification, finding customer needs, persuading customer to buy products,
customer service, etc. • Promotion: Promotion includes personal selling, sales promotion, and
advertising. Right promotion mix is crucial in accomplishment of marketing goals. • Finance:
Marketing is also concerned about the finance, as for every marketing activity be it packaging,
advertising, sales force budget is fixed and all the activities have to be completed with in the
limit of that budget. • After Sales services: Marketing covers after sales services given to
customers, maintaining good relationships with customers, attending their queries and solving
their problems.
