Nature of Marketing
Marketing is Customer-focused. Marketing intends to satisfy and delight: Customer. The activities of marketing must be directed and of the customer. Marketers can remain in customer mind if they are value for what they spend. Customer focus can optimize costs for the while allowing the organization to focus on its core competencies.
customer makes constant trade-offs between quality, price, and benthos, marketers must allow customers to dictate product specifications quality standards. Marketing efforts must be directed at meeting caser needs, not market shares. For this, marketers must track customer
on a continuous basis.
2. Marketing must Deliver Value. Marketer have to track customer weds and deliver the product as per their requirements. This is not an end in The company must satisfy the following equation with resultant valueabo ve 1:
The corporate strategy must be aimed at delivering greater customer than competitors. The corporate planning, processes, and people must :. e-conflgurecl around the customer.
3. Marketing is Business. When customer is the focus of all activities see Fig. 2 below), marketer has not to search customers to seek response to is products. Customer group is decided for whom the product is prepared and presented.
4. Marketing is Surrounded by Customer Needs. Marketing starts with the identification of customer needs and requirements. These are turned into probable features that might satisfy the basic needs. The portable form of product is made out and presented before the customer for approval. The customer suggests changes or improvements in the portable product and the final product is brought before the customer. Fig. 3illustrates the point.
5. Marketing is a Part of Total Environment. Total environment may be defined as the combination of all resources and institutions which are directly related to the production and distribution of goods, services, ideas, places and persons for the satisfaction of human needs. However, it is better to look at remote and immediate environment of any marketing organisation as shown below in Fig. 4.
6 marketing Systems Affect Company Strategy. Marketing has its sub-systems which interact with each other to form complete marketing seem that is responsive to company marketing strategy. Through the sub-‘ s Marketing Information System, Marketing Planning System, MarC isation and Implementation System and Marketing Control
Fig. 5, the company monitors and adapts to the total ziment. The interaction between marketing sub-systems
(7).Marketing as a Discipline. The subject of marketing has emerged business which has derived its existence from economics. After from business, marketing has got its strength from related areas law, psychology, anthropology, sociology, statistics, mathematics because the related impinge heavily on consumer behavior, legal aspects of research on consumer needs, advertising media, pricing, promo
etc. Thus, marketing as a discipline stands tested as an art and a science.
8. Marketing Creates Mutually-beneficial Relationships. The customer is the focus of all marketing activities. But, during the last decade, the focus has. shifted to the way of doing business, i.e., the strategic aspects of marketing. Here the means of marketers are their knowledge and experience, and the end result is in the form of mutual beneficial relationship. Thus, marketing is everything that results in the mutually beneficial relationships with the customer. For example, if social contribution can help enhance company image, help to aged, children and disabled would definitely attract the consumer confidence in the organisation because of its assumption of social responsibility. Thus, customer might differentiate between Coke and Pepsi, Whirlpool and Godrej refrigerators, etc.
