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Nature And Scope Of Marketing For Marketing Management Mcom Sem 2 Delhi University  Complete Notes

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Nature And Scope Of Marketing For Marketing Management MCOM Sem 2 Delhi University  Complete Notes

Nature And Scope Of Marketing For Marketing Management MCOM Sem 2 Delhi University  :  Some of the most important scope of marketing are as follows: 1. Goods 2. Services 3. Events 4. Experiences 5. Persons 6. Places 7. Properties 8. Organizations 9. Information 10. Idea.

The scope of marketing deals with the question, ‘what is marketed?’ According to Kotler, marketing people are involved with ten types of entities.

1. Goods:

Physical goods constitute the major part of a country’s production and marketing effort. Companies market billions of food products, and millions of cars, refrigerators, television and machines.

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2. Services:

As economies advance, a large proportion of their activities is focused on the pro­duction of services. Services include the work of airlines, hotels, car rental firms, beauticians, software programmers, management consultants, and so on. Many market offerings consist of a mix of goods and services. For example, a restaurant offers both goods and services.

3. Events:

Marketers promote events. Events can be trade shows, company anniversaries, entertainment award shows, local festivals, health camps, and so on. For example, global sporting events such as the Olympics or Common Wealth Games are promoted aggressively to both companies and fans.

4. Experiences:

Marketers create experiences by offering a mix of both goods and services. A product is promoted not only by communicating features but also by giving unique and interesting experiences to customers. For example, Maruti Sx4 comes with Bluetooth technology to ensure connectivity while driving, similarly residential townships offer landscaped gardens and gaming zones.

5. Persons:

Due to a rise in testimonial advertising, celebrity marketing has become a business. All popular personalities such as film stars, TV artists, and sportspersons have agents and personal managers. They also tie up with PR agencies for better marketing of oneself

6. Places:

Cities, states, regions, and countries compete to attract tourists. Today, states and coun­tries are also marketing places to factories, companies, new residents, real estate agents, banks and business associations. Place marketers are largely real estate agents and builders. They are using mega events and exhibitions to market places. The tourism ministry is also aggressively promoting tourist spots locally and globally.

7. Properties:

Properties can be categorized as real properties or financial properties. Real property is the ownership of real estates, whereas financial property relates to stocks and bonds. Properties are bought and sold through marketing.

Marketing enhances the need of ownership and creates possession utility. With improving income levels in the economy, people are seeking better ways of saving money. Financial and real property marketing need to build trust and confidence at higher levels.

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8. Organizations:

Organizations actively work to build image in the minds of their target public. The PR department plays an active role in marketing an organization’s image. Marketers of the services need to build the corporate image, as exchange of services does not result in the owner­ship of anything. The organization’s goodwill promotes trust and reliability. The organization’s image also helps the companies in the smooth introduction of new products.

9. Information:

Information can be produced and marketed as a product. Educational institutions, encyclopedias, non-fiction books, specialized magazines and newspapers market information. The production, packaging, and distribution of information is a major industry. Media revolution and increased literacy levels have widened the scope of informa­tion marketing.

10. Idea:

Every market offering includes a basic idea. Products and services are used as platforms for delivering some idea or benefit. Social marketers widely promote ideas. Maruti Udyog Limited promoted safe driving habits, need to wear seat belts, need to prohibit children from sitting near the driver’s seat, and so on.

Download here Nature And Scope Of Marketing For Marketing Management MCOM Sem 2 Delhi University  Complete Notes  in pdf format

Nature And Scope Of Marketing For Marketing Management MCOM Sem 2 Delhi University  Complete Notes

Nature And Scope Of Marketing For Marketing Management MCOM Sem 2 Delhi University  : Marketing research is the best way to establish the status of the market before you can initiate the marketing campaign.  The benefits of marketing research are great and this brings the question; what the nature and scope of marketing is the best?  Essentially, this is about the extent to which the research is done.

Market research in the current time does not have to be done by the marketing firm, it can also be assigned to a research agency which then reverts back with the results and the advice needed.  But with regard to the scope of marketing research, there are various factors which determine the extent to which you carry out research.

The Quality Of Data Needed

When initiating a marketing research, there are objectives set.  These are the guiding factors and so, they play a major role in spelling out the scope of marketing research.

Depending on the objectives, the research can either be shallow or detailed.  If more detailed data is needed, then the scope of marketing research is higher and vice versa.

This factor is also responsible for the determination of other factors like the methodology of the research and the nature of the research.  Also, if the objectives for the research are complex, it will require the stakes for the research to also be higher.

Nature Of Marketing Research

The nature of the research dictates the methodology which then impacts on the scope of marketing research.  For example, some marketing researches will require the application of a research methodology that is long term and complex.

For example, a market research to establish the effect of a certain cereal in the market requires a long term study.  It involves the release of the seeds into the market, observation when the farmers plant it and then the effect of the cereals to the market after harvest.

The scope of this marketing research is higher as it will also require the installation of control experiments.

The Personnel Doing The Research

The scope of marketing research is also determined by those who are doing it.  For example, if the field research staff is well trained, carefully selected and tested to ascertain their research skills, then it is more likely that the scope of the research will be high.

This is because they are more likely to collect the data from the field in the right manner and with the least error if any.  This way data is collected from the primary sources.

Otherwise, the scope of marketing research will be low as the field personnel will rely on secondary materials for the data.

Finances Power Of Marketing Research

This is the financial power behind the research expedition.  If the research is not well funded, then it might not be possible to hit a higher scope of marketing research.

This is because the level of marketing research, which is scope, and the financial requirement are directly related.  To have a higher scope of marketing research, you need to have a good financial backing.

Nature And Scope Of Marketing For Marketing Management MCOM Sem 2 Delhi University  Complete Notes

Nature And Scope Of Marketing For Marketing Management MCOM Sem 2 Delhi University  : The term marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions. It proposes that in order to satisfy its organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors.
Production Oriented: The focus of the business is not the needs of the customer, but of reducing costs by mass production. By reaching economies of scale the business will maximize profits by reducing costs.
Sales Orientation: The focus here is to make the product, and then try to sell it to the target market. It is basically a push concept of marketing concerned with selling the produced products and making profits, without caring what the customer needs are?
Market Orientation: Puts the customer first and at the heart of the business. The organization tries to understand the needs of the customers by using appropriate research methods, processes and developing products to satisfy their needs. In essence all activities in the organisation are based around the customer. The customer is the truly king.
In today’s competitive world putting the customer at the heart of the operation is strategically important. Whilst some organizations in certain industries may follow anything other then the market orientation concept, those that follow the market orientation concept have a greater chance of being successful.

Apart from these there can be many concepts of marketing like societal concept, product concept, branding concept, etc.

Nature And Scope Of Marketing For Marketing Management MCOM Sem 2 Delhi University  Complete Notes

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