Marketing is a comprehensive term and it includes all resources and a set of activities necessary to direct and facilitate the flow of goods, services, and ideas from producer to consumer in the process of distribution.
It may be said that marketing covers all availability activities necessary for ascertaining market demand, planning product availability, affecting the transfer of ownership of products, providing for their physical distribution, and facilitating the entire marketing process.
It is an ongoing process of discovering and translating consumer needs and desires into products and services.
Marketing starts with consumers and ends at consumers by satisfying their needs.
It is a system of integrated business activities designed to develop marketing plans and programs leading to the satisfaction of consumer wants, along with the creation and delivery of standards and quality of life.
What are the Key Features of Marketing?
Some of the important features of marketing are as follows:
1. Business Activity
Marketing is a business activity.
The basic object of every marketing firm is to earn profit by selling products or services to consumers.
The purpose of any marketing activity is to earn profits except for non-profit organizations.
2. Dynamic Process
Marketing is an ongoing or dynamic process involving several interacting and interrelated activities.
Every marketing firm redesigns its marketing mix, policies, and strategies, keeping in view the changed scenario, Therefore, Marketing is not static, it is a dynamic process.
3. Universal in Nature
Marketing is universal in nature.
By and large, marketing operations are applicable to every organization whether it is a commercial, non-profits organization, political, social, cultural, or educational organization.
4. Complete System
Marketing is the complete system.
The marketing system has its own environment.
The marketing environment in which firms operate may be further divided into two parts: External and Internal, which are interrelated and interdependent in nature.
5. Managerial Activity
Marketing is a managerial activity.
It involves planning, organizing, coordination, motivation, and control.
6. Four Ps-Planning
Marketing activities cover the four Ps-planning of new products, pricing, promotion, and physical distribution of the products or services.
7. Consumer Satisfaction
The consumer wants satisfaction is the sole objective of marketing operations.
8. Separate Function
Marketing is so basic that it cannot be considered a separate function.
It is really the whole business seen from the point of view of the final result, i.e. from the point of view of the consumer.
9. Target Marketing Operations
The goals of Marketing operations are not confined to the present customers, but it keeps in mind the prospective customers also.
10. An Art
Marketing is basically an art.
In a highly competitive environment, it is really an art to sell the company’s products and services effectively.
The methods and operations are supported by the cause and effect relationship.
Therefore, Marketing is science also.
11. Creation of Utilities
Marketing is the creation of utilities. The manufacturers create form utility by converting raw materials into finished goods.
Channels of distribution create time utility by the warehousing function.
Retailers create title utility by selling the products to ultimate consumers or users.
12. Matching Process
Marketing is a matching process.
It is both consumer-oriented and company oriented.
13. Activities of Exchange
Marketing encompasses all activities of exchange conducted by producers and middlemen in commerce for the purpose of satisfying consumer demand.
14. Management Function
Marketing is the most important function of management.
15. Process of Planning
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create an exchange that satisfies individual and organization goals.
Marketing must deliver goods and services in exchange for money.
16. Integrated Process
Marketing is an integrated process that is based on strategies and models.
17. Continuous Process
Marketing is the continuous process of defining, anticipating, and creating customer needs and wants of organizing all the resources of the enterprise to satisfy customer demand at the desirable profits to the firm and also to the customer.
18. Different from Selling
Though Marketing is the art of selling products ( goods, services, ideas, etc.), it’s the most important part is not selling.
Selling is only the tip of the marketing iceberg.
19. Viewpoint
Marketing is a viewpoint, which looks at the entire business process as highly integrated efforts to discover, create, arouse, and satisfy consumer needs.
20. Subject Matter
The subject matter of marketing includes products and services and ideas.
21. Economic Process
Marketing is the economic process by means of which goods and services are exchanged and their values determined in terms of a money price.
Marketing is universal in nature. By and large, marketing operations are applicable to every organization whether it is a commercial, non-profits organization, political, social, cultural, or educational organization. What are the features of modern marketing?
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