Marketing is known to be a socio-economic activity that is significant. The marketing activity is essential in that it satisfies human wants and raises the social welfare. The base of marketing is known to be production…
Marketing is about developing winning offers to each segment of customers. Furthermore, marketing is about managing productive customer relationships by attracting new customers and retaining existing one through offer of quality goods and services as well as satisfying them. They also measure the level of company’s brand image and customer’s satisfaction level. Selling and marketing have to be differentiated clearly. Selling mainly focuses on the sellers needs while marketing focuses on satisfying the buyer’s needs through product and everything that is linked with its creation, delivery and consumption. There are four pillars that support the marketing concept and they include; the target market, the needs of the consumer, integrated marketing and profitability. The marketing concept unlike selling takes a unique perspective. It begins its focus on a market that is well defined, focuses on the various needs of consumers, organizes activities that influence the consumers and makes profits through customer satisfaction. The fundamental marketing concepts include; marketing analysis, customer behavior, marketing instruments and marketing strategies. The nature and scope of marketing Over the past years, the argument on marketing nature and scope has continued to build up. This issue has resulted in newer definitions being introduced in some of the marketing textbooks. However, it is the obligation of the marketers to clearly give a clarification on what they would like the scope of their field to be like. This requirement results from the definition of marketing. It is referred to as a declaration of the scope of the field that has to be decided in a way that benefits the subject’s theoreticians, practitioners, and even teachers. In order to define the marketing scope in a logical way, standards ought to be established. These standards will provide useful guidance in testing all the marketing definition. Usually marketing task is perceived to be that of creating, promoting and delivering different products and services to various consumers and businesses. Marketing is a wide subject involving a number of activities, which are aimed at increasing market share, retaining customers and adding new customers. The scope of marketing is classified to include; first, the study of the needs and wants of a consumer, the aim of production of goods is to satisfy different human wants. Therefore it is the obligation of every marketer to study consumer’s needs and wants. Consumers are motivated to buy the goods and services by their needs and wants. Secondly, marketing concern itself to the study of behavior of the buyer and competitors. The study of an individual buyer behavior is emphasized in the modern marketing. For market segmentation and market targeting, a marketer has to carefully analyze the customers’ pattern of behavior. The study of competitors helps a business entity to establish own competitive advantage and explore the strengths to win more customers. Thirdly, marketing involves planning and development of product. In marketing, product remains to be the core. The planning and development of a product begins with product idea creation and ends with the product commercialization and development. The decisions such as branding, packaging, labeling and grading comes under the product planning. It also covers existing product lines expansion or ...
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