Intro to Marketing L2 PDF

NATURE & SCOPE OF MARKETING  Nature(features) of Marketing The main features of modern marketing are as follows:  Marketing is consumer oriented  Marketing starts and end with the consumer  Modern marketing proceeds and succeeds product  Marketing is science as well as an art  Exchange p...

NATURE & SCOPE OF MARKETING  Nature(features) of Marketing The main features of modern marketing are as follows:  Marketing is consumer oriented  Marketing starts and end with the consumer  Modern marketing proceeds and succeeds product  Marketing is science as well as an art  Exchange process is the essence of marketing  Marketing is the system  Marketing is goal oriented  Marketing is Both Art & Science  Marketing is art as it deals with understanding the nuances of human behavior and planning accordingly. It is also considered as science as the entire marketing activities revolves around the data management and processing, which is science.  SCOPE OF MARKETING Marketing is prevalent in all sectors of Market. Any type of entity which is of value to a market segment can be marketed.  Scope of Marketing  People  Ideas  Experience  Events  Places  Properties  Organizations  Information  1. GOODS A tangible item which can be an article, commodity, material, merchandise, supply, wares produced from agricultural, construction, manufacturing or mining activities.  2. SERVICES Products that have intangible properties are Considered as Services. Example: banking, consultancy, education, insurance, accounting, expertise, medical treatment, transportation….  3. EXPERIENCE Marketers can create stage and market experiences to the customers. Example: Water Park, and theme parks provide experience to customers.  4. PEOPLE  Marketing can help people to market themselves.  Politicians market themselves to the customers (voters) by promising them certain bundle of benefits.  Celebrities endorse for products/services.  These people are not only successful in marketing themselves but also, they lent their names to products.  5. PLACES  Cities, state and nation can be marketed to the consumers. Place marketers include Tourism, real estate, commercial banks, businesses etc.  6. ORGANISATION  Organizations market themselves to create and boost their image in customers mind. They try to create a unique and favorable image in the eyes of customers that can give organizations can edge over others in the market place.  7. PROPERTY  Properties, whether tangible like real estate or intangibles like stocks can be marketed to the customers. Properties are bought and sold and this exchange process seeks the role of marketing.  8. EVENTS  Marketers promote different events from time to time their customers.  These events can be for individuals or organizations as well.  9. Information Information is basically produced, marketed and distributed by universities, schools, colleges, newspapers, magazines, government etc.  10. IDEAS Every marketer offers some idea. Some offer it for money others do it for society in general. Marketers make profit from society and they shall also give back to the society. Social marketing comprises of creating awareness on few ideas like AIDS awareness, discouraging-smoking, child labor, etc