What is marketing explain features of marketing?
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According to the American Marketing Association (AMA) Board of Directors, Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing is traditionally the means by which an organization communicates to, connects with, and engages its target audience to convey the value of and ultimately sell its products and services. However, since the emergence of digital media, in particular social media and technology innovations, it has increasingly become more about companies building deeper, more meaningful and lasting relationships with the people that they want to buy their products and services. The ever-increasingly fragmented world of media complicates marketers’ ability connect and, at the same, time presents incredible opportunity to forge new territory.
The features of marketing:
1. Customer focus:
The marketing function of a business is customer-centred. It makes an attempt to study the customer needs, and goods are produced accordingly.
2. Customer satisfaction:
A customer expects some services or benefits from the product for which payment is made.
3. Objective-oriented:
All marketing activities are objective-oriented. Different objectives are fixed at different levels, but the main objective is to earn profit from business along with the satisfaction of human wants.
4. Marketing is both art and science:
The concept of marketing includes a bunch of social sciences such as economics, sociology, psychology and law. It indicates market operations based on some principles. Hence, marketing is an art as well as a science.
5. Continuous and regular activity:
Marketing is an activity designed to plan, price, promote and distribute products. At the same time, it also addresses both the current and future consumers. Thus, it is a continuous process.
6. Exchange process:
Marketing involves exchange of goods, services and ideas with the medium of money. Exchange takes place between sellers and buyers
8. Marketing mix:
A combination of four inputs constitutes the core of a company’s marketing system—product, price, place, and promotion.
Marketing is traditionally the means by which an organization communicates to, connects with, and engages its target audience to convey the value of and ultimately sell its products and services. However, since the emergence of digital media, in particular social media and technology innovations, it has increasingly become more about companies building deeper, more meaningful and lasting relationships with the people that they want to buy their products and services. The ever-increasingly fragmented world of media complicates marketers’ ability connect and, at the same, time presents incredible opportunity to forge new territory.
The features of marketing:
1. Customer focus:
The marketing function of a business is customer-centred. It makes an attempt to study the customer needs, and goods are produced accordingly.
2. Customer satisfaction:
A customer expects some services or benefits from the product for which payment is made.
3. Objective-oriented:
All marketing activities are objective-oriented. Different objectives are fixed at different levels, but the main objective is to earn profit from business along with the satisfaction of human wants.
4. Marketing is both art and science:
The concept of marketing includes a bunch of social sciences such as economics, sociology, psychology and law. It indicates market operations based on some principles. Hence, marketing is an art as well as a science.
5. Continuous and regular activity:
Marketing is an activity designed to plan, price, promote and distribute products. At the same time, it also addresses both the current and future consumers. Thus, it is a continuous process.
6. Exchange process:
Marketing involves exchange of goods, services and ideas with the medium of money. Exchange takes place between sellers and buyers
8. Marketing mix:
A combination of four inputs constitutes the core of a company’s marketing system—product, price, place, and promotion.
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1
Marketing and its features.
Explanation:
- Marketing is the study of the management of business process in identifying and anticipating the satisfying the customer's needs and wants and is used to attract the customer as the main objective of the business management and commerce.
- Involves B2B and B2C marketing.
- According to the AMA, marketing is the set nf institutions, the process of the communication, and exchanges that have value for the clients, customers, and partners in the society at large.
- It's thus based on the need, wants and demands of the organization as to satisfy the customers.
- Has a customer orientation were all the activities are related to the creation of the contents for the clients.
- The function of marketing are the distribution, market research, setting prices, product management and promotional channels, etc.
- The general factors related to the marketing are the demographic patterns, economic and business cycles, employments trends and government policies, etc.
Learn more about the marketing explain features of marketing.
- brainly.in/question/3506116 answered by Meg136.
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