Marketing is a comprehensive them. It facilitates the flow of goods and services from producer to consumer. Human efforts, finance, and management constitute the primary resources in marketing. Marketing focuses the resources and objectives of an organization on customer needs.
Marketing is consumer-oriented
A marketing organization exists to satisfy human needs. So, it must first understand consumer wants. But understanding customer needs and wants is not always simple. Some customers have needs of which they are not fully conscious. So, a creative marketer recognizes the customer's needs and produces goods matching them.
Marketing starts with customers and ends with customers
Since businesses exist to satisfy the customer, the latter becomes the focal point in marketing. So, the marketer needs to be in touch with his customer constantly. But in the days of mass production, the producer finds it difficult to have direct and personal contact with customers.
Marketing precedes production
Modern organizations attempt to incorporate customer appeal into products from the design stage onwards. It satisfies the need of its customers by incorporating all that the customers expect in the product. A modern marketer introduces marking even before production. He integrates marketing into each phase of the business.
Marketing is the guiding force of the business.
Modern marketing guides businesses. It is a pervasive force and is capable of controlling the activities of organizations. It focuses the resources of an organization on environmental opportunities and needs. Marketing is a set of concepts, tools, theories, practices, and procedures. These elements constitute a body of knowledge that can be acquired. Moreover, marketing has become universal. Marketing guides organizations to develop high-quality products and market them around the globe.
Marketing is a process.
Marketing translates consumer needs and wants into products and services. Products and services are then matched with markets. This process comprises a series of interrelated functions. Marketing is the management process of planning and executing the conception, pricing, promotion, and distribution of goods and services. Marketing is also a social process as it is concerned with human needs. It is a dynamic process as it keeps on adjusting to the changes in the market. It is capable of dealing with the changes in the environments too.
Marketing is a system.
A System is a set of interacting or interdependent components coordinated to form a unified whole. For example, the marketing system is organized to accomplish a set of objectives. Thus, it has components like inputs, processor, output, and objectives. The marketing system obtains inputs in the form of capital, physical assets, and customer information. It transforms these inputs into outputs with the aid of a processor (production, finance, personnel, and marketing). The objective is to earn profit through customer satisfaction and social welfare.
Role and importance of marketing
Marketing leads to the integration of various core sectors of a nation, such as agriculture and industry.
Marketing is the key to industrial production. It assesses the needs of the consumers and enables the production of goods accordingly.
It facilitates the fullest utilization of the existing assets and productive capacity.
It mobilizes untapped economic energy.
Efficient marketing results in lower costs of distribution and lower prices to consumers.
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