What is Nature of Marketing?

Meaning and Nature of Marketing

Marketing is defined as the economic process through which goods and services are exchanged with the means of money value. Here, it includes all the activities regarding transfer of goods and services from manufacturer to consumers or its perspective buyers. Read more about marketing. Here we will talk about nature of marketing, what is nature of marketing, explain nature of marketing, define the nature of marketing, explain marketing and its nature, meaning and nature of marketing, meaning of marketing, explain meaning of marketing.

According to Philip Kotler, “The term Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others”.

Nature of Marketing-

The nature of marketing are described as below –

1. Customer Focus – As we know that the main focus of marketing is the customers. Thus, the marketing intends to satisfy the needs or wants of the customers. Due to this, a marketer can optimism its cost for the customer and allowing the organization to focus on its core competencies in order to achieve its goals.
2. Delivery Value – Delivery is the key objective of marketing to satisfy the customer needs and wants. The Customer value can be determined by dividing the benefit with cost.
3. Surrounded by customer needs – Marketing is always starts with identifying the needs of the customers. Thus, the needs are turns into the features of the product that might satisfy the basic need of the customer.
4. Part of environment – Marketing is a part of environment. Here, the environment is the total of all the resources and institutions which are related to the production and distribution of goods and services to satisfy human wants.
5. Marketing System Affect the Company’s Strategies – Marketing has its own sub-system which interacts with each other and helps to form complete marketing system in response to company marketing strategy. Thus, a marketing system can easily affect the company’s strategies.

Marketing Concept - Marketing Concept is a kind of Management Philosophy through which a marketing manager can set goals and objectives for the firm and the goals and objectives are set in according to the market situation so as to satisfy the needs and wants of the consumers. Read more about marketing concept here..

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