Question

What is marketing? State two features of the modern concept of marketing? 

Answer 1

Traditionally marketing has been described in terms of its functions or activities. In this respect, marketing has been referred to like the performance of business activities that direct the flow of goods and services from producers to consumers.

In modern times, the emphasis is placed on describing marketing as a social process. It is a process whereby people exchange goods and sen ices for money or for something of value to them.

The main features of marketing are as follow:
Needs and Wants:
The main objective of the marketing process is to satisfy the needs and wants of the customers. All the marketing activities are carried out to fulfill this objective. A need can be defined as sum total of all those items which are basic to human beings. For example, food, shelter, clothing, water etc. Culturally defined objects that are potential satisfies of needs are known as Wants. For example, the basic need for water can take many forms such as cold drink or lemon water or tea or coffee, etc. These forms are known as wants. An organisation must identify’ the various needs of its customers and should develop products and services that satisfy the same.

Creating a Market Offering:
Market offering means giving an offer for goods and services by describing its features like shape, size, qualify, uses, etc. Suppose a computer is offered in a market: its various features like different sizes and prices at which it is available, technologies used, location of the shops at which it is available, etc. are described. A good ’market offer’ is one that aims at complete consumers’ satisfaction.