Features of Marketing
The marketing Management refers to planning, organizing, directing, control of the activates which facilitate the exchange of goods and services between the producers to end consumers. Firms today need to spend money to create time, place and ownership utilities .The main features of modern marketing are as follows:
- Marketing is a science as well as art: Marketing has evolved from the economics but it has a closer relationships with social and behavioral sciences. Marketing is closely associated with streams of science as well humanities and subject lines such as Economics, Law, Psychology, Anthropology, Sociology, Information Technology etc. Marketing heavily depends upon the demographic features of the target market, political environment, philosophy, mathematics, statistics etc.
- Exchange is essence of marketing: Marketing revolves around commercial exchange. This also involves exchange of technology, exchange of information and exchange of ideas.
- Marketing is Goal Oriented: The ultimate goal of marketing is to generate profits through the satisfaction of the customer.
- Marketing is a continuous process: marketing is not an isolated, static process but is a complex, continuous and interrelated process. It involves continuous planning, implementation and control. It is an important functional area of the management.
- Marketing is Consumer Oriented: All firms exist because of their business to satisfy the human needs, wants and demands. The ultimate objective of marketing is to find out what the consumer wants and how to fulfill consumer need. This leads to production of the goods and services as per the needs of the customer.
- Marketing starts with consumer and ends with consumer: Marketing is consumer oriented and it is very important to know what the consumer wants.
List of Topics :Marketing Aptitude for Banking Examinations