- Customer focus:
The marketing function of a business is focused on consumers. It aims to analyze the requirements of the consumer and manufacture products accordingly. Human requirements are the foundation of business operations. In a competitive market, the products that are most well-received by the customer are those that are most suitable. Subsequently, each business operation is centered around customers.
- Customer satisfaction:
A customer anticipates receiving certain services or advantages from the product for which they have paid. The customer is satisfied if the benefit exceeds the price paid. Customer satisfaction contributes to the maintenance of market demand over the long term. It facilitates the attainment of organizational objectives. Value-added services, which encompass the provision of supplementary amenities at minimal or no cost, can improve customer satisfaction.
- Objective oriented
Objectives are the primary focus of all marketing initiatives. Diversified objectives are established at various levels; however, the primary objective is to generate revenue from the business and fulfill human desire. The objectives are attained by sellers who engage in marketing activities that aim to identify the weaknesses in the current system and implement measures to address them.
- Marketing is a combination of science and art:
Art is a specific skill that is necessary for marketing activities of any form of business. Science is a disciplined body of knowledge that is founded on facts and principles. Marketing encompasses a variety of social sciences, including sociology, economics, psychology, and law. It describes market operations that depend on certain principles. Therefore, marketing is both a science and an art.
- Consistent and consistent activity:
Marketing is a process that is supposed to organize themselves, price, promote, and distribute products. Simultaneously, it targets both present and prospective consumers. Consequently, it is an ongoing procedure. The environment must be consistently monitored by a marketer. This facilitates the development of novel products.
- Exchange procedure:
Marketing is a process that includes the exchange of goods, services, and ideas through the use of money. Sellers and purchasers engage in an exchange. The majority of marketing activities are focused on the exchange of products. Functions like distribution, after-sale services, and packaging facilitate the exchange process. Physical distribution and channels of distribution, which produce place utility, have a significant impact on the exchange process.
- Marketing environment:
Political, technological, demographic, and international factors, as well as market conditions and economic policies, all have an impact on marketing activities. It is impossible to separate marketing activities from these environmental factors. A marketer who is successful must modify their marketing strategies to accommodate new market developments and adapt to these changing factors.
- Marketing mix:
The central component of a company’s marketing system is a combination of four inputs: product, price, place, and promotion. An adjustable mixture of variables is the marketing mix. Consumer behavior, trade factors, competition, and government regulatory measures all have an impact on them.
- Integrated approach
Marketing activities must be coordinated with other functional areas of an organization. Marketing is to be incorporated with functions such as finance, research, purchasing, storekeeping, and public relations (PR). This will facilitate the attainment of organizational objectives. Organizational conflicts will ensue if this is not addressed.
- organizations that are both commercial and non-profit:
The societal marketing concept is acquiring significance, and social marketers are discovering new and practical methods of applying marketing principles. In order to establish long-lasting connections with consumers, commercial organizations are also implementing cause-related marketing.
Educational institutions, hospitals, religious institutions, and charitable trusts are among the organizations that have discovered valuable applications of marketing. Consequently, marketing is pertinent to both commercial and non-commercial entities.
- Sets the stage for and leads production:
The primary responsibility of a marketing manager is to identify consumer requirements and wants. These consumer requirements are accommodated through production activities. Therefore, marketing comes before production. Marketing is instrumental in the distribution of products that are produced upon completion of production. Production and marketing activities are consequently intricately linked.
