Marketing is the process of identifying the essential needs of the target audience and communicating and developing an offering to meet the audience’s expectations at a profit.
Dr. Philip Kotler defines marketing as “The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.”
Importance of Marketing
Marketing is crucial as it helps businesses to keep the customer in the centre and create companies that provide some value to the society. It further makes its way through all departments of businesses, including product development, distribution, sales, and advertising, making the enterprises follow a comprehensive approach.
- Market research help business understand the wants and needs of their customers.
- The market’s needs are taken care of through marketing, as it helps business produce what is needed.
- Marketing informs about the brand and what it has to offer.
- Marketing is important because it helps the company attract customers and convince them to buy the products, thus reaching an end goal.
- Marketing ensures company sustainability by adapting to the required changes and building identity.
- Marketing is essential to build a smooth brand. It helps businesses to increase sales and increase customers
Scope of Marketing:
Products and Services: Services and products are the basic elements of marketing. It is regarding the kind of products, quality, design, planning and development concerned with branding, packaging, labelling and trademarks.
Marketing Research: Products and services come under traditional marketing, while modern marketing starts with analyzing the various aspects of the market and its related areas. It includes an analysis of several facets of the market and related areas, including an in-depth analysis of customer markets.
Distribution Channel: The passage through which goods move from the producer to the consumer is known as the channel of distribution. Several middle channels, like the wholesaler, retailer etc., are involved.
Physical Distribution of Goods: The movement of merchandise from producer to consumer is known as the physical distribution of goods.
Promotional Decisions: If a product is not adequately promoted, it has no value in the eyes of the consumer. Promotion is informing the market about the availability of a product and creating a demand for it. Various promotional tools exist, such as publicity, public relations, and sales promotion.
Pricing Point: This is the only marketing element that generates monetary gains for the firm. Pricing is related to strategies, discounts, commissions
Analysis of the Conditions Around: Analyzing the environmental conditions is the first step in any organization. The various micro and macro factors should be studied in detail to have a better understanding of the company. This will help formulate not only the corporate strategy but also the marketing strategy.
Customer’s Feedback: For successful marketing of merchandise, proper feedback requirements from customers are needed so that reasons for loss or substandard quality can be identified and necessary alterations can be made
Responsibility Towards Society: Business and society co-exist together. It gets its input from society and therefore owes its responsibility. For example, a marketer owes his responsibility to his shareholders, consumer and employees.