- Nature of Marketing
- Feature of Marketing
Marketing is a management process that links the business with customer's needs and wants in order to get the right product to the right place at the right time at a profit.
Marketing is the heart of success element of a business. Most of things of your business depend on marketing. Marketing covers advertising, public relation, promotions and sales of a product or service.
It greatly affects on sales. Sales bring profit. And profit help the business organization to operate smoothly.
Marketing is like a process by means a product or service is introduced and promoted to potential customers to your business.
Without marketing, your business may fall down very quickly.
Without marketing, sales of your business may crash and the lasting of your business may fall at risk. Marketing is a very important tool for a business.
Now the characteristics of marketing explained under the following heads:
1. Social Process
Marketing is a one kind of social process. After producing a product of service, a company should concern about the public health, people need and all kinds of public. To be most effective or successful, a program must be specific near the customer and this customers are live in the near the company. If the company gives priority on social demand, the product will cut the market nicely.
2. Managerial Process
Marketing is a managerial process and in that process customers and company get both benefit. In this process involves individuals and groups for obtaining their desire success. The management knowledge is help in the marketing managerial process.
Marketing become more effective when it managed strictly by manager and consider the marketing and the production concepts. You can also say that it is as social process because it is related to people and it always tries to communicate each other in social peoples by commercial way.
3. Process of Creating Utility
Marketing creates four types of utility such as, time, place, possession and form. These four utilities are most important for business owners, marketing and advertising professionals about consumer spending habits. Consumers purchase products for different kinds of reasons. One of the best reasons is the getting more convenience from the product as much as purchasing cost.
4. Exchange Process
The basic issue of marketing is ‘exchange’ that means the satisfaction of the want and need of consumer. Marketing is continuous process of commercial exchange. This exchange also means of the technology, information exchange and exchange of ideas or exchange of consumer needs and satisfaction.
5. Consumer Orientation Process
The owners of business do their marketing by focusing on the consumers demand or needs. There are two types of process are available for consumer orientation marketing on business products. First, they will create products and then they will find the ways to generate demand among consumers. And the second option is to identify the consumers needs and demands then create product by demands of consumers. The second option is called the ‘market-pull’ model of marketing. These are also called marketing strategy for consumer orientation marketing.
6. Process of Earning Profit
The main goal of every business organization is of earning profit. Marketing ensure the customer satisfaction with the delivered value of product. Marketing helps to increase product performance for earning profit by customer’s demands.
7. Dynamic Process
Marketing can be defined as a continuous process of creating value for individual customers and sharing the value and earning the profit. It creates the good relationship between the owners of the business and the consumers. Marketing is the dynamic, continuous process or ongoing process basis for the benefit of both parties.
8. Improvement of Standard of Living
The role of marketing is to improvement of standard of living. Marketing is the exchange of facilitate. It ensures the satisfaction of both parties. Marketing’s value to society is to creates more efficient and facilitate between among individuals and organizations.
9. After Sale Services
Some kinds of goods give after sale services facilities such as, car, ac, TV, freeze etc. The facilities are like home delivery, warranty, guaranty etc. So we can say that the marketing process is a continuous process because this marketing is running after selling a product.
10. Achievement of Organizational Objectives
Marketing is a one kind of powerful activity. It is always helps to achieve the organizational goals or objectives and customers satisfaction. Organizational objective is very important for a commercial organization to earn profit easily.
11. Selection of Target Markets
No marketer can satisfy everyone want and demand by marketing in the market. For this reason, a marketer for marketing his products has to select target markets to go near the customers in easily. If a company wants to cover whole market without targeting market, this company will fail in marketing his product. Marketer should select the target group for reaching them easily to reach this targeted group.
So these are the characteristics of Marketing without these character marketing can’t be successful. The traditional marketing concepts have lost it value and the modern characteristics of marketing is becoming popular day by day.