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What are the features of marketing ? Give me some notes for B. Com
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What are the features of marketing ? Give me some notes for B. Co...
Features of Marketing:
1. Customer focus:
1. Customer focus:
The marketing function of a business is customer-centred. It makes an attempt to study the customer needs, and goods are produced accordingly. The business existence depends on human needs. In a competitive market, the goods that are best suited to the customer are the ones that are well-accepted. Hence, every activity of a business is customer-oriented.
2. Customer satisfaction:
A customer expects some services or benefits from the product for which payment is made. If this benefit is more than the amount paid, then the customer is satisfied. In the long run, customer satisfaction helps to retain market demand. It helps achieve organizational objectives. Customer satisfaction can be enhanced by providing value-added services, which includes providing additional facilities at little or no extra cost.
3. Objective-oriented:
All marketing activities are objective-oriented. Different objectives are fixed at different levels, but the main objective is to earn profit from business along with the satisfac�tion of human wants. Marketing activities undertaken by sellers make an attempt to find out the weaknesses in the existing system, and measures are taken to improve the shortfalls so that the objectives are achieved.
4. Marketing is both art and science:
Art refers to a specific skill that is required in marketing activities of any type of business. Science refers to a systematic body of knowledge, based on facts and principles. The concept of marketing includes a bunch of social sciences such as economics, sociology, psychology and law. It indicates market operations based on some principles. Hence, marketing is an art as well as a science.
5. Continuous and regular activity:
Marketing is an activity designed to plan, price, promote and distribute products. At the same time, it also addresses both the current and future consumers. Thus, it is a continuous process. A marketer has to consistently monitor environment. This helps in coming up with new products.
6. Exchange process:
Marketing involves exchange of goods, services and ideas with the medium of money. Exchange takes place between sellers and buyers. Most of marketing activities are concerned with the exchange of goods. Functions such as distribution, after-sale services and packaging help in the exchange process. Channels of distribution and physical distribution play an important role in the exchange process by creating place utility.
7. Marketing environment:
Economic policies, market conditions, and environmental factors, such as political, technological, demographic and international, influence marketing activities. Marketing activities are inseparable from such environmental factors. A successful marketer needs to adapt to these changing factors and adjust marketing strategies to suit new market developments.
8. Marketing mix:
A combination of four inputs constitutes the core of a company’s marketing system—product, price, place, and promotion. Marketing mix is a flexible combination of vari�ables. They are influenced by consumer behaviour, trade factors, competition and government regulatory measures.
9. Integrated approach:
The marketing activities must be co-ordinated with other functional areas of an organization. Functions such as production, finance, research, purchasing, storekeeping and public relations (PR) are to be integrated with marketing. This will help in achieving organiza�tional objectives. Otherwise, it will result in organizational conflicts.
10. Commercial and non-commercial organizations:
With the societal marketing concept gaining importance, social marketers are finding useful new ways of applying marketing principles. Com�mercial organizations are also adopting cause-related marketing to strike long-term relations with consumers.
Business organizations such as educational institutions, hospitals, religious institu�tions and charitable trusts have also found meaningful applications of marketing. Thus, marketing is applicable to both business and non-business organizations.
11. Precedes and follows production:
Identifying consumer needs and wants is the primary task of a marketing manager. Production activities are adapted to these consumer needs. Thus, marketing precedes production. Marketing helps in the distribution of the goods which follows production. Hence, production and marketing activities are closely related to each other.
This question is part of UPSC exam. View all B Com courses
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What are the features of marketing ? Give me some notes for B. Co...
Meaning of Marketing
Marketing is the process of identifying, anticipating, and satisfying customer needs and wants profitably. It involves the activities of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing is not limited to selling products or services; it encompasses a range of activities aimed at building and maintaining strong customer relationships.
Nature of Marketing
1. Customer Orientation: Marketing is focused on understanding and fulfilling the needs and wants of customers. It involves identifying customer segments, conducting market research, and developing products and services that meet their specific requirements.
2. Exchange Process: Marketing revolves around the exchange of goods, services, or ideas between the buyer and the seller. It involves creating value for customers and capturing value in return through transactions and relationships.
3. Value Creation: Marketing aims to create value for customers by offering products or services that satisfy their needs better than competitors. This involves developing unique selling propositions, innovative features, and superior customer experiences.
4. Integrated Approach: Marketing is not a standalone function but a holistic approach that involves coordination and integration of various activities within an organization. It encompasses product development, pricing, promotion, distribution, and customer service.
5. Dynamic and Evolving: Marketing is constantly evolving due to changing customer preferences, technological advancements, and competitive landscapes. Marketers need to adapt to new trends, technologies, and market conditions to stay relevant and competitive.
Scope of Marketing
1. Product and Service Management: This involves identifying customer needs, developing and launching new products or services, and managing their lifecycle.
2. Pricing: Determining the appropriate pricing strategy based on factors such as costs, competition, and customer perceptions of value.
3. Promotion: Creating awareness and interest in products or services through advertising, sales promotions, public relations, and other marketing communication tools.
4. Distribution: Managing the distribution channels and logistics involved in delivering products or services to customers.
5. Market Research: Conducting research to gather information about customer preferences, market trends, and competitors to make informed marketing decisions.
6. Customer Relationship Management: Building and maintaining strong relationships with customers through personalized marketing strategies, customer service, and loyalty programs.
7. Marketing Analytics: Using data and analytics to measure and analyze marketing performance, track customer behavior, and optimize marketing strategies.
8. Social Responsibility: Considering the social and ethical implications of marketing activities and adopting sustainable and responsible practices.
In conclusion, marketing plays a vital role in understanding and fulfilling customer needs, creating value, and building strong customer relationships. It encompasses various activities and functions that contribute to the success of organizations in today's competitive business environment.
Marketing is the process of identifying, anticipating, and satisfying customer needs and wants profitably. It involves the activities of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing is not limited to selling products or services; it encompasses a range of activities aimed at building and maintaining strong customer relationships.
Nature of Marketing
1. Customer Orientation: Marketing is focused on understanding and fulfilling the needs and wants of customers. It involves identifying customer segments, conducting market research, and developing products and services that meet their specific requirements.
2. Exchange Process: Marketing revolves around the exchange of goods, services, or ideas between the buyer and the seller. It involves creating value for customers and capturing value in return through transactions and relationships.
3. Value Creation: Marketing aims to create value for customers by offering products or services that satisfy their needs better than competitors. This involves developing unique selling propositions, innovative features, and superior customer experiences.
4. Integrated Approach: Marketing is not a standalone function but a holistic approach that involves coordination and integration of various activities within an organization. It encompasses product development, pricing, promotion, distribution, and customer service.
5. Dynamic and Evolving: Marketing is constantly evolving due to changing customer preferences, technological advancements, and competitive landscapes. Marketers need to adapt to new trends, technologies, and market conditions to stay relevant and competitive.
Scope of Marketing
1. Product and Service Management: This involves identifying customer needs, developing and launching new products or services, and managing their lifecycle.
2. Pricing: Determining the appropriate pricing strategy based on factors such as costs, competition, and customer perceptions of value.
3. Promotion: Creating awareness and interest in products or services through advertising, sales promotions, public relations, and other marketing communication tools.
4. Distribution: Managing the distribution channels and logistics involved in delivering products or services to customers.
5. Market Research: Conducting research to gather information about customer preferences, market trends, and competitors to make informed marketing decisions.
6. Customer Relationship Management: Building and maintaining strong relationships with customers through personalized marketing strategies, customer service, and loyalty programs.
7. Marketing Analytics: Using data and analytics to measure and analyze marketing performance, track customer behavior, and optimize marketing strategies.
8. Social Responsibility: Considering the social and ethical implications of marketing activities and adopting sustainable and responsible practices.
In conclusion, marketing plays a vital role in understanding and fulfilling customer needs, creating value, and building strong customer relationships. It encompasses various activities and functions that contribute to the success of organizations in today's competitive business environment.
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What are the features of marketing ? Give me some notes for B. Com Related: Meaning, Nature and Scope of Marketing - Marketing Management? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about What are the features of marketing ? Give me some notes for B. Com Related: Meaning, Nature and Scope of Marketing - Marketing Management? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What are the features of marketing ? Give me some notes for B. Com Related: Meaning, Nature and Scope of Marketing - Marketing Management?.
What are the features of marketing ? Give me some notes for B. Com Related: Meaning, Nature and Scope of Marketing - Marketing Management? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about What are the features of marketing ? Give me some notes for B. Com Related: Meaning, Nature and Scope of Marketing - Marketing Management? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What are the features of marketing ? Give me some notes for B. Com Related: Meaning, Nature and Scope of Marketing - Marketing Management?.
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