The Scope of Marketing with Example

To be a marketer, you need to understand what marketing is, how it works, who does it, and what is marketed.

WHAT IS MARKETING?

Marketing Is about identifying and meeting human and social needs. one of the shortest good definanations of marketing is “Meeting needs Profitability” When Google recognized that people needed to more effectively and efficently aceess information on the Internet, it created a powerful search engine that organized and priortized queries. When IKEA noticed that people wanted good furnishing at substaintially lower prices, it created knockdown furniture. These two firms demonstrated marketing savvy and turned a private or social need into a profitable business opportunity.

The American Marketing Association offers the following formal definantion: Marketing is the activity, set of instituions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, Partner, and society at large. Coping with these exchange processes calls for a considerable amount of work and skill. Marketing management takes place when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties. Thus, we see marketing management as the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

We can distinguish between a social and a managerial definantion of marketing. A social definnation shows the role marketing plays in society ; For Example, One marketer has said that marketing’s role is to “deliver a higher standard of living”. Here is social defination that serves our purpose: Marketing is offering, and freely exchanging products and services of value eith others. cocreation and sharing have become important themes in the development of modern marketing thought.

Managers sometimes think of marketing as “The art of selling products,” but many people are surprised when they here that selling is not the most important part of Marketing selling is the only tip of marketing iceberg. Peter Drucker, famed management theorist, put it this way.

There will always, one can assume, be need for some selling. But the aim of marketing is to make selling superfluous. The aim of Marketing is to know and Understand the customer so well that the product or services fits him and sells itself. ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available.

Apple & Toyota Example

When Nintendo designed its Wii game system, when Apple launched its iPad tablet computer, and when Toyota Introduced its Prius hybrid automobile, these manufacturers were swamped with orders because they had designed the right product, based on careful marketing homework about consumers, competition , and all the external factors that affect cost and demand.