Here, we are going to talk about the scope of marketing and why it is essential. As we all know what marketing is. It is the art of recognizing. And then meeting and identifying the needs of people. Marketing is always done for the products which are needed by the customers. Then, by the clients and society at the large.
As mentioned by Philip Kotler ”Marketing is a societal process. By which individuals and groups get what they need or want. By exchanging products or services which are needed by others”.
Now, What Is Marketed?
The things that are basically marketed. Are Goods, Services, Events, Experiences, Peoples, Buildings, Information etc..
Who does all this?
Marketing is always done by an individual. Someone who is seeking feedback or a response from another party or group.
Now, let us understand the scope of marketing?
Definitely, marketing does have a very wide scope. It does not matter how one defines the term ”Marketing”. The scope of marketing is very wide. Moreover, it does include research work, pricing, purchasing, product management, channels of distribution, etc.
Today’s marketplace is tough. Customer spending is low nowadays. Moreover, customers nowadays have become very knowledgeable. Before buying any products nowadays. They first want to know everything regarding the product. Nowadays, customers buying decisions depends on word of mouth marketing, advertising etc.
Now, to understand the scope of marketing in today’s environment. We first need to know some of the current statistics :
- Competition – Nowadays the competition everywhere is very tough. There are “Y” number of products and services present. Everyone is targeting a particular niche. Everyone is competing with each other. Which is leading to many choices each customer are having. And the only way to stand out from this competition. Is to offer better and better products to your customers.
- Word Of Mouth Marketing – Because the internet is so widespread. Nowadays customers are very well aware of the services you offer. Even before entering your shop. For example, if your large group of friends is praising a local shop for their some food. You are very likely to go there anytime soon to taste that food.
Every business in today’s time. Is literally nothing without Marketing. For every business. Marketing is the basis of everything. If a business wants to earn money. Marketing is the groundwork. With different marketing strategies. The businesses make way for their targeted customers to know them. Marketing is all about making the right product, reach the right people at the right time. Marketing is the basic function of each and every organization.
According to me, to know the scope of marketing. The question which frequently arises is ”What product is marketed”? As claimed by Philip Kotler,
Marketing individuals are involved with the following types of structure –
- Goods – This consumes the majority of a country’s goods and production. Which definitely needs marketing efforts. In any country, a number of goods are produced every year, every month. Which includes the production of cars, computers, buildings etc.
- Resources – The next thing which comes is resources. After the production of goods. Comes the resources. As the economy is advancing. Resources are also. Resources include the services provided by someone. I.e., say the services provided by a hotel, or car services etc. There are many needed by the people in day to day activities. Now, if we talk about the restaurants, they provide both goods and services.
- Gathering – Marketers tend to encourage business occasions. It can be trade shows, award functions etc. We can see the worldwide brandishing occasions. Such as Olympics or Commonwealth games are sponsored by both companies as well as fans.
- Consumer Experience – Any product on the market is not only promoted by selling its features. For this extraordinary consumer experience is also essential
- Influencer Marketing – This type of marketing is between us from quite a long time. Every famous celebrity has personal managers. And by tieing up with them. They promote your brand And makes it look more authentic. Of course, this type of marketing is little costly. But those who can afford it can do it. There are different variations in this also.
- Intention – Every product that is in the market. There is an idea behind it. Behind every marketing of products. There is an idea or intention. That the marketer is trying to convey to the public. It can be a great slogan. Or it can be a message the marketer wants to convey to the public. Let us take the example of KFC. Its slogan say ”“Finger-Lickin’ Good”. What is that actually? The marketers here, through this tagline. Wants to say that the Chicken at KFC is heavenly and mouth-watering. Now tell me what you expect the food from a restaurant tastes like? That’s why they are telling too.
The scope of marketing – Why is marketing so important?
Undoubtedly, marketing is very important for any kind of business. Marketing helps a business in many ways. i.e., it builds brand awareness, increases sales, engages customers etc. There is such huge number of business works. That comes with a good marketing strategy only. Moreover, according to me, in today’s modern time. It would sound stupid if any company or business is not giving it a try.
These are few very essential role in marketing. Which are there for successful marketing of any product :
- Know what your customer is seeking
- Educate your customer.
- Provide customer value more than their expectations
- Always go with the right market price. As it brings revenue
- Always make your products. Better and better
- Make your products useful
- Meet the demands of your customers
- Face the tough competition in the market
- Do something useful. Make your brand stand-out
- Do something for the economy.
In today’s time, marketing is not only essential for your business. Marketing is itself the business. The scope of marketing is vast. Moreover, we cannot ignore it. Everything in business is based on marketing itself. As ”marketing brings sales. And if there is no marketing. Then there are no sales”.
The scope of marketing – Why marketing strategy is important?
A well-planned marketing strategy. Is very important for any business or company. It can help a brand or a company in various ways. They are already discussed above. A good marketing strategy can help you achieve your objective. The scope of marketing is wide. You need to understand that without customers. Your brand or company will not survive. There is huge competition out there in the marketplace.
Moreover, no one would just come up to you to purchase anything you are selling. If they don’t know your existence. Here, marketing comes in. In order to enthrall the attention of your customers. And in order to keep them. You definitely need a solid marketing strategy.
” Always remember, it is surely very important to have a marketing strategy. But to keep it up to date is also very essential. Because, if someone is working today. It does not mean it will work tomorrow also. ”
The Scope Of Marketing – What is marketing research?
When we are talking about the scope of marketing. Marketing research is a very essential topic to be discussed here. It comprises gathering data which includes data of companies, marketplace, and people. And when you have the data of everything around. Then, marketing research is about evaluating the data. To get a better understanding of everything. i.e., what the group of people seeks and desires. The outcome of marketing research is that you get a better insight into everything. What I mean here is that this insight is helpful. As it helps the enterprise owners to plan their marketing strategies accordingly. As well as they are able to make better decisions.
The Scope Of Marketing – What is the value of marketing research?
Marketing Research is indeed very valuable. As it helps any company to attract the right and worthy customer base. As well as it helps them to keep the existing customer base satisfied. If any company wants to go ahead. Or to precede the horse race of the market. Then, marketing research is very crucial.
As it is helpful for any organization in various ways. A survey is always the best way of learning. It helps you to know the latest trends in the market. As well you know where you are doing well. And where improvement is needed. Through this, the company gets feedback in many ways.
Through it, you keep yourself up-to-date. They know the customers buying mindset etc. Marketing research is everything. A detailed study of the data you gathered. When you do so. Then you are more able to know your customer base. Their needs and their expectations.
Marketing research is also important in a way. That when you do the research. Every time you know something new. It can be a new trend or anything. And research is obviously not just a one-time job. Every time you do so. You make better decisions. And you are more likely to be successful. Then those who don’t do the research regularly.
The Scope Of Marketing – What Is Marketing Plan?
A marketing plan is quite like the marketing strategy. It is a synopsis through which a company. Put into action its marketing strategy. With this, they use the amalgam of resources. To achieve the company’s objectives. Which includes sales target as well as customer satisfaction. The marketing plan includes a number of things including :
- Company’s financial plan
- The market prospect
- Plan of action
- Advertising strategy
A marketing plan is not something which will remain constant. As the marketing plan needs to change. When new trends evolve. Or when your business is growing. An effective marketing plan can help a company in various ways. Such as with a marketing plan any company can understand the effects and consequence. Of the marketing decisions taken in past. As well as can provide right insights for future gumption.
The Scope Of Marketing – What Is The Purpose Of Marketing Plan?
A marketing plan is always made to provide the direction to the company. It helps you to reach your company’s objectives. It has more to do with a company’s short-term goals. i.e., with a certain plan, what does the company achieve in the next 6 months? Or in 1 year? With the right marketing plan. A company is more focused in the specific sector of the market. For any marketing related activity. The customer base is the groundwork. As no marketing activity can happen in a void.
Moreover, when a marketing plan is made. It serves as the bedrock of all other marketing strategies. The marketing plan unfolds that how the company. Should use the products, advertisements, and strategies.
The Scope Of Marketing – What Are The Benefits Of Marketing Plan?
When we are talking about the marketing plan. Let us now take a look at the benefits of the marketing plan. Which are as follows:
- Marketing plan keeps the company dedicated to its goals
- With a plan, it is easy to figure out new opportunities
- It is a foundation through which you can measure your progress
- This helps you to keep in mind your ultimate goals
- With the help of a plan. You can monitor your daily practices which will take you towards your goal
- A plan helps you to keep a standard for yourself. And your company
- Helps you find the new customer base
- Helps you know what works, and what does not work
The Scope Of Marketing – What Is Marketing Communication?
Now, what is communication? Yes, it is a way of communicating. Here, when we are talking about Marketing communication. We are here talking about the ways in which a brand or a company communicates. With whom? With their customer base. It includes the channels used by the companies. Through which the company expresses itself. About the services and products they sell. With an intention of assuring the customers. And inviting them to make a buy from them.
With the help of marketing communication. We can get the answer to the following questions:
- How is the product better than the other similar products on the market?
- How to use the product?
- Who can use the products?
- How is the product beneficial?
When we are talking about marketing products. It is very important for a company to stay alert. What I am trying to say here is that, When you are communicating with your customers. No matter how many different channels you are using. What matters is that a single message. With a common logo or image should be used. When a company every time uses. Different logos and images for their marketing communication. It is like to give mixed signals to the customers. The logo of your company or brand. Should be same every time you communicate. With your customers.
So that it is easier for people to recognize your brand. Let’s take the example of Mcdonalds. The design of the company changed. But in a way that it is difficult to describe. But what never changed was their arches. It remained the same.
Do you ever wonder why this prestigious company never changed their banner? Even in their advertisements. Their banner remained the same. Because these arches are now emotionally bonded with the people. Moreover, these arches are now so famous. That it is now immediately acknowledged.
The Scope Of Marketing – What Is Ethical Marketing?
Ethical marketing is always considered important. Because as marketing is the foundation. Of the relationship between a brand and its customers. But what we need to understand that we do not only make the relationship with customers. But we are also in contact directly or indirectly. With our competitors, media and so on.
Marketing ethics is important in a way. Or you can say it’s a mindset. That we will not try to do any unethical marketing activities. It is a decision we take to always follow the ethics which are right. Marketing activities have always been the practices which will be seen by everybody. It can be our ideal clients or our competitors. So, the marketers should keep in mind. To always do the activities that are valuable. Not only for the company but for the society too.
To do ethical marketing, it requires a promise. From the very beginning. That no matter what, no ill-suited activities will be accepted.