Nature of Marketing
These are the nature of marketing explained below:
- Marketing is Customer Oriented
- Marketing is Delivery of Value
- Marketing is a Network of Relationships
- Marketing as a Separate Discipline
- Marketing is Business
Marketing is Customer Oriented
Marketing begins and ends with the customer. The job of marketing is not only to satisfy the consumer but even to delight him/her. All the activities of an organization must be directed and focused on the consumer. Organizations can not ignore emerging technologies, materials, instruments, and new ways of organizing things but with the consideration of consumers.
Therefore, marketers must allow their customers to dictate product specifications and standards regarding quality. This job can only be performed if consumers’ needs are continuously monitored.
Marketing is Delivery of Value
when a consumer derives satisfaction from a particular product on the basis of the product’s overall capacity and performance is known as the value in the consumer’s perception. Consumers today make a trade-off between the cost and benefit of the product and they consider the product’s value and price before making a decision.
At times they will have to give up a particular product to obtain the other one since the first one involves a big cost. Thus, he will choose the product that gives him more value per rupee. According to De Rose, “Value is the satisfaction of customer requirements at the lowest possible cost of acquisition, ownership, and use”. Thus, the organizations’ strategies must be aimed at delivering greater customer value than that of their competitors.
Marketing is a Network of Relationships
The customer is at the center stage and the focus of all marketing activities. From the 1990s onwards the focus is not only to identify the needs and deliver them to customers but is shifting towards relationship marketing.
According to Philip Kotler “Relationship marketing is the practice of building long-term satisfying relations with key parties like customers, suppliers and distributors in order to retain their long-term preference and business”. The marketers are smart enough to maintain their relationships by delivering high-quality products in time, better services, and fair prices in comparison with their counterparts.
Marketing as a Separate Discipline
There used to be the days when marketing was treated as a part of economics. But now it is recognized as a full-fledged separate discipline. It is not the time when we just talk of sales and purchases or the quality of the product or the monopoly.
With the emergence of the modern marketing concept, the issue of green marketing and environmental protection have come up and regarding that various laws have been framed. When we talk of knowing consumer behavior, it leads us to an entirely new world of human behavior, and for that matter, a marketer must possess the knowledge of psychology.
Why a particular product is preferred by a consumer and other declines its use? The answer has in the study of culture. Therefore, marketing has emerged as a separate discipline and got its strength from related areas like law, psychology, anthropology, sociology, and statistics, etc.
Marketing is Business
When it is said that marketing is business, the contention is that the all activities starts from marketing i.e. through knowing consumer and end up on the consumers i.e. knowing consumer dissonance. It means the entire business revolves around marketing.
According to Peter F. Drecker “Marketing is so basic that it can not be considered as a separate function. It is the whole business seen from the point of view of its final result, that is, from the customer’s point of view. Business success is not determined by the producer but by the customer”. So, the business seeks customers because they are the business providers and ultimately marketing is business.
What is the nature of marketing?
Following are the nature of marketing:
1. Marketing is Customer Oriented
2. Marketing is Delivery of Value
3. Marketing is a Network of Relationships
4. Marketing as a Separate Discipline
5. Marketing is Business.