Nature, scope and importance of marketing, Marketing Management

Q. Describe the nature & scope of marketing & importance of marketing?

Ans.:  Nature & Scope of Marketing: Marketing is an ancient art and is everywhere. Formally or informally, organizations and people engage in a huge numbers of activities that could be known as marketing. Good marketing has become an increasingly very important ingredient for business success. It is embedded in all. We do from the clothes we wear, to the web sites we click on, to the advertisement we see. Marketing deals with identifying and meeting social & human requirement or it can be defined as "meeting requirement profitably".

The American Marketing Association has explained marketing as "an organizational function and a set of procedure for communicating, creating and delivering product to the customers and for managing customer's relations in ways that benefit the organization  and the stake holders.

                                                  Or

Marketing management is the art and science of selecting target markets & getting, keeping & growing customers via creating, delivering & communicating superior customer value.

                                                  Or

"Delivering a higher standard of living"

For a managerial description, marketing has been described as "the art of selling products" but people are astonished when they hear that the most essential part of marketing is not selling. Selling is just the tip of marketing iceberg.

Peter Drucker says it in this way that the goal of marketing is to know & understand the customer so well that the service and product fits him & sells itself. All of that should be required is to make the service or the product available.

For example: success of Indica, the first indigenously designed car by Tata Motors. Supported by strong customers delight, the company makes a vehicle with luggage space and legroom & offered it a charge easily available & affordable to middle class.

(2) Gillette has launched its March III razor.

Marketing people are concerned in marketing ten kinds of entities:, events, goods services experiences, places, persons, organizations, information and  ideas. So ideal marketing should result in a customer who is ready to buy.

Importance of Marketing: Financial success of any organization depends on marketing skill of that organization. There should be enough demand for services and products so the company can make profit. Then many companies formed chief marketing officer (CMO) position to put marketing on a more identical footing with other e-level executives. Marketing is tricky & vast well known business such as, Kodak, Levi's ,Xerox etc. had to rethink their business models, Even Wal-Mart, Microsoft, Nike who are market leaders cannot relax. So, we may say that making the proper decision is not simple & marketing managers have to take major decisions regarding the features of the product cost &design of the product, where to sell products & expenses on sales and advertising. Good marketing is no accident but a result of careful C execution and planning. Marketing practices are constantly being refined to increase the chances of success. But marketing excellence is rare & hard to achieve & is a never ending task.

For example: NIRMA - The brand icon of the little girl has decorated the package of Nirma washing powder. The jingle has become 1 of the lasting times in Indian advertising.

Posted Date: 10/15/2012 3:27:52 AM | Location : United States







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