Characteristics of Marketing
Characteristics of Marketing
After understanding the meaning of marketing in my previous article it would be easier to explain the characteristics of marketing. The Characteristics of Marketing can be sub-categorized and explained under the following heads:
1. Marketing is an Integrated Process: Marketing is not a single activity. It is rather a coordination of several inter-related activities. The interaction between different activities gives a unique character to marketing. Marketing is a managerial process in so far as it involves the functions of planning and control. Marketing is also a social process as it is concerned with the satisfaction of human needs and this is one of the most important Characteristics of Marketing.
2. Marketing is customer oriented: Marketing exists to identify and satisfy the wants of present and potential consumers. Customer is the focus of all marketing activities.
3. Marketing is a System: Another important characteristic of marketing is its function as a system. Marketing is a system comprising several sub systems. Under marketing inputs are drawn from the society and converted into outputs which are supplied to the society.
4. Marketing is a part of Total Environment: Marketing operates within the framework of total environment which comprises economic, social, legal, political, international and other forces. Changes in the environment influence marketing activities. Marketing is, therefore, a dynamic process as it keeps on adjusting to the changing environment.
5. Marketing is Creative: Marketing creates time, place and possession utilities. Time utility is created by preserving goods for use in future. Place utility is created by carrying goods to places where they are needed the most. Marketing creates possession utility by transferring products and services from producer to customer. Exchange process between buyer and seller is the essential element in marketing.
6. Marketing is Goal -oriented: Of the many important characteristics of marketing; one very important aspect is it is goal-oriented. Marketing seeks to achieve benefits, for both buyer and seller. It results in mutually beneficial relationship by satisfying wants of customers and by generating revenues for customers.
7. Marketing is Pervasive: marketing is required in business as well in social and other organizations. In other organizations, marketing is necessary for spreading socially useful ideas and programs family planning, adult education, communal harmony, national integration, environmental protection, etc. Such marketing is called social marketing.
8. Know Your Market: It is important to know your market and your customers. If you are advertising a product for elderly citizens, you wouldn’t want to advertise in certain markets or on certain radio stations or during certain television shows. Knowing who you might be advertising to is of a great help to get more customers. Easier said than done actually, but if you know your market it doesn’t have to be that hard.
9. Know Your Customers: This goes along with number 8. Not only do you have to know your market, you also have to know your customers, possible customers and your customer base. For example, if you are advertising car repair supplies, you might want to advertise on sports talk stations instead of an all ladies channel.