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







Related Discussions:- Nature, scope and importance of marketing, Assignment Help, Ask Question on Nature, scope and importance of marketing, Get Answer, Expert's Help, Nature, scope and importance of marketing Discussions

Write discussion on Nature, scope and importance of marketing
Your posts are moderated
Related Questions
one primary segmets and two secondary segments

Question 1: Why are relationship marketing (RM) and specifically customer relationship management (CRM) appropriate for Orange in managing its marketing efforts? Question

Question 1: (a) Distinguish between destination branding and country branding? (b) Market Research is of paramount importance prior to developing a branding and a communicat

What do you mean by business to consumer in e-commerce? B2C stands for Business to Consumer ; it is a type of e-commerce. It is where the consumer accesses the system of t


consumer profile of typical buyer of rayban

Q. Show the Legal Regulations on Advertising? Today advertisers face numerous legal restrictions. Consumer-movement has unnatural the government to pass laws to normalize adver

Enumerate about the Target marketing and research Use of target marketing processes in the consumer market has been more advanced and sophisticated than in organisational ma

What is integrated marketing? Integrated Marketing: The duty of a marketer is to diverse marketing activities and assembles completely integrated marketing programs to pro

Question: Classical conditioning theories regard organisms as relatively passive entities that can be taught certain behaviors through repetition. (a) What is "classical co