Meaning, Definition, Nature, And Scope Of Marketing?
In this post, let’s try to understand the complete overview of marketing
Meaning Of Marketing
Many people misunderstand the meaning of marketing that it is just limited to sale and purchase of goods and services but in reality, there is wider meaning to it. It is wider in its scope and nature. Marketing is satisfying the needs and wants of customers and making them delighted!
Definition Of Marketing
“Marketing is the creation & delivery of standard of living to the society”
The definition says that marketing is improving the living standards of the people in the society by understanding their needs, wants, and demands by communicating, understanding the problems and creating and delivering the solutions at the right time.
“Marketing is the creation & delivery of standard of living to the society”
Nature Of Marketing
Lets the nature of marketing one by one:
- Marketing Is An Integrated Process
You need to know that marketing is not just one single action. As you might have understood from the meaning of marketing it is a combination of numerous interconnected activities. It is involved with both the managerial processes of the company and the social process for the satisfaction of society needs!
- Marketing Is Customer-oriented
Marketing is done to satisfy the wants and demands of the customer. So the customer is the focal point in all type of marketing activities
- Marketing Is Goal-oriented
Marketing creates a mutually beneficial relationship by satisfying the demands and wants of customers and also by generating revenue from customers for the company. So it is goal-oriented.
- Marketing Is Science As Well As Art
Marketing has a close relationship with the social and behavioral sciences. Marketing is associated with economics, psychology, law, sociology, IT, philosophy, mathematics, statistics, etc.
- Marketing Is A Continuous Process
Marketing always involved with continuous planning, decision making, implementation and control. Marketing will never be isolated; it will always be a continuous process
Scope Of Marketing
Okay now lets dive into the scope of marketing. See what all things that can be marketed:
- Goods
As you already know physical goods is one thing which is marketed by almost everyone. You can market any goods from tiny things such as a pin to huge machines. Gods are less perishable compared to services and are tangible in nature.
- Services
Services are intangible i.e it cannot be touched. Examples of service marketing include barbers and beautifications, parlors, spa’s, car rental firms, accountants, bankers, engineers, doctors, management consultants, etc. Services are perishable in nature and is difficult to measure it.
- Events
Events can also be marketed for example promotion of trade shows and exhibitions, sporting events, musical events, etc.
- Experiences
A company can create an experience to the customers and marketed. For example, a fun-filled amusement park can provide a lot of fun experience to the people by enjoying the fun and thrill rides.
- Places
Places can be marketed for example tourist places to attract people. Cities, states, nation can always be marketed if there is something unique and attractive about that place,
- Information
Information can be marketed as well. For example, schools and colleges produce useful information and they distribute the information for a price.
- Idea
I will explain how ideas can be marketed with an example. Social media marketers promote ideas such as “Alcohol is injurious to health” or “Smoking kills” to educate people and for environmental protection.
Conclusion
In this blog post we have learned:
- Meaning of marketing
- Definition of marketing
- Nature of marketing
- Scope of marketing
I hope now you have a good idea of what marketing is and can get an idea of the things you can market and start a business!
Read more about what is a market
