Friday, 5 July 2013

Nature and Scope of Marketing,

The activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. People who work in marketing departments of companies try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements and general media exposure. The four 'Ps' of marketing are product, place, price and promotion.

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. 

Philip Kotler defines marketing as 'satisfying needs and wants through an exchange process'Customers will only undertake the exchange, if they feel that their needs are being satisfied, clearly the transactional value can not be more than the amount customers are prepared to pay to satisfy their need.

P.Tailor suggests that 'Marketing is not about providing products or services it is essentially about providing changing benefits to the changing needs and demands of the customer.

Scope of Marketing
    The scope of marketing really is related to the old and new concept of ‘marketing’. Formerly the scope of marketing used to remain very much limited since the wants of the consumers too were quite limited. The competition was almost equivalent to nil. In the marketing, the satisfaction of the consumers was not at all con­sidered. The marketing was commodity based and immediately after the sale of the products, the marketing process was over. Nowa­days, the scope of marketing has become quite extensive, and the satisfaction of the customers too is kept in view. The process of marketing continues even after the sales have been affected. Today, the function of conforming the product, in accordance with the changing wants, habits and fashions of people, is undertaken by the process of marketing. Within the scope of marketing, -the following activities are covered:
Decisions and Researches Pertaining to Customers. Now-a-days, the customer is considered to be the crownless ruler of the market: Every producer or manufacturer or business concern in­tends to know as to what is the interest, fashion, economic position, of the customers; where do they live, what is their paying capacity, etc. Taking decisions on the basis of all these things, the producers bring their products to the customers accordingly and by means of their satisfaction, earn the maximum profits.
Decisions Regarding the Commodity. Before manufac­turing the product, various decisions have to be taken up, for in­stance, the size of the product, its shade or colour, design and brand, packing, etc. These all are equally the main components forming the marketing process.
Decisions Regarding Price-Determination. Every produ­cer or manufacturer and the business organization has also to deter­mine beforehand, prior to undertaking its marketing, as to what shall be the price of their product ? While deciding the price of the product, the paying capacity of the customer and the cost of produc­tion has to be borne in mind.
Decisions Regarding the Medium of Distribution. There are various media of distribution.: the multiple or chain shops, the super bazar, the wholesellers, the retailer, etc. The manufacturer or the business concern has also to determine as to what shall remain the medium of distribution of the commodity and how much long shall be its chain, requiring how much of expenditure. While taking the decision of the means of distribution, various matters have also to be borne into mind.
Decisions Regarding Sales Promotion and Advertise­ments. In this age of stiff competition, the sales promotion and ad­vertisements have become almost an inseparable part of the marketing. There are various media of sales promotion and advertisements taking the decisions about which is also an indispensable part of the sphere of marketing management. In the sales promotion, various decisions are required to be taken regarding the training of the sales representatives, their emoluments and the relevant incentives, etc.
Decisions Regarding After-Sales Service. For the satis­faction of the customers, the provision of after-sales service is very necessary. Within the after-sales service, are included the free repairs, the return or exchange of the product during the guarantee period if the product proves defective or worthless, etc. In it is in­cluded the decision that for how much period, what type of service has to be extended to the customers, and through whom.

Nature of Marketing
With regard to the nature of marketing, it is observed as to whether the marketing is a science or an art or both. On this topic, the discussion can be held as follows:
Marketing As a 'Science’. It is essential for being called marketing that there be some of the rules or principles of its own and in it the scientific practices are followed. Marketing proves to be the most effective in the form of a science since it has some of its own principles and rules, and in it are used the scientific methods like those of other social sciences. Today, before undertaking the manufacturing of a product, the producer tries to collect various kinds of researches and knowledge for instance, marketing research, purchaser-behavior research, etc. All these facts prove the marke­ting to be a science.
Marketing As an Art. Along with a special qualification and ability, if some work is undertaken, it is known as 'art'. Within the marketing itself, is covered the salesmanship. On the basis of sales­manship, some of the shopkeepers extend their sales too much in comparison to that of their other contemporary sellers. Marketing too is an art which is acquired by studies and ability and by the proper training this art is led to perfection. The various problems of marketing are solved by a special art only.
After studying both the above, it might be said that marketing is both an art and a science, since in it the scientific techniques and art are used, and thereafter various decisions undertaken.

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