Concept And Meaning Of Marketing
Marketing is a process by which individual and organizations obtain their needs and want through creating and exchanging value. It is a process which consists of understanding consumers' needs and wants, building customer relationship and capturing value from customers to create profits and customer quality.
People understand marketing differently. Most of people understand marketing as selling and advertising. But these are only two activities among various activities of marketing. Today, marketing is understood not from the old concept 'Telling and selling' but is understood from the concept of 'Satisfying customers' needs'. This means the modern concept does not accept that marketing is to collect as much profit as can be by selling goods or services through effective advertisement and influencing customers. The modern concept of marketing gives first priority to customers' satisfaction. It accepts profit as the gift of customers' satisfaction.
Organizations need marketing to exist and its development. It helps to produce goods or services by identifying wants and needs of customers. Marketers should at first identify wants of costumers and produce goods or services accordingly.
In conclusion, marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfies individual and organizational needs or wants. It provides employment and increases national income. Marketing creates form utility, place utility and time utility. It bears social responsibility.
Features Of Marketing
The features of marketing are as follows:
1. Satisfying Customers' Needs
Marketing begins from human wants, needs and demands. Marketing satisfies customers' wants, needs etc. by producing goods and supplying them to the customers according to their needs, wants and demands. Therefore, customers satisfaction is the main feature of marketing.
2. Helps To Achieve Organizational Goal
Organizations are established and conducted with certain objectives. Marketing helps to achieve such objectives.
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3. Consists Of Various Activities
Marketing consists of various activities. They are related to product, place, price and promotion.
4. Facilitates Exchanges
Giving and taking between buyer and seller is called exchange. Marketing facilities such exchanges. As a result exchange becomes effective.
