Nature Of Marketing

NATURE OF MARKETING:-

Most of us are confused about nature and scope of market. They are of the
opinion that the terms nature of marketing and scope of marketing are
synonymous and as such there is no difference between them and thus they
must be studied, under one and the same heading. But actualy there is wide
difference between the term concept and scope. The term nature indicate the
nature of the subject-matter and whereas the term scope indicate the activities
included in it. Here we shall confine our study to nature of marketing only. The
nature of marketing or modern marketing may be studied under the following
heads:

1. Human Activity: Originally, the term marketing is an human activity
under which human needs are satisfied by human activities. It is a
human action for human satisfactions. Under the nature of marketing, a
business or market exists to satisfy human needs.

2. Consumer-oriented : Since a business exists to satisfy human needs,
hence business must find out what the consumers want and thereby
produce goods according to the needs of the consumers. As such only
those goods should be produced which best satisfy consumer needs and
at a reasonable profit to the producer or manufacturer. What is offered for
sale must be determined by the consumer and not by the seller.

Marketing Management (M.Com. Sem. I) Nagpur
3. Art as well as Science : Marketing is both as an art as well as science.
Most of us describe marketing purely as an art. In the past, marketing
was considered synonymous, with selling, which is purely an art. In this
sense, marketing is a technique of making the goods available at the right
time, right place, into right hands, right quality, in the right form, and at
right price.
However, in its recent developments in theory and practice indicate that
marketig is also a dynamic and development science because it
emphasises to maintain supply of goods according to their demand. As a
matter of fact, many aspects of marketing are becoming increasing8
technical day by day. This has created the need for complex tools of
measurement and experimentation. Thus we conclude, that marketing is
both an art as well as science.

4-Creation of Utilities:-Another nature of marketing is that it is the
creation of utilities. Students of commerce are aware that there are four
forms of utilities i.e. (6) form utility, (i) time utility, (ii) place utility and
(iv) ownership utility. Marketing creates all these four forms of utilities
For example, there is creation of place utility as soon as dry fruits from
Afghanistan reaches to Mumbai market through marketing process. In
the same way, time utility is created through warehousing.

5. Starts and ends with the customer : Marketing starts and ends with the
customer. Under customer-oriented marketing, 1t is most essential to
know what the customer actually wants. This is possible only when the
requisite information is collected from the customer. Thus, it is the start
of marketing. The marketing ends as soon as those goods reaches into the
safe hands of the customers.

6. Guiding Element of Business : Modern marketing is the guiding element
of business. In fact, it is the market potential and not production
resources that guide a business to-day. In the past, it was thought that
marketing was only concerned with getting goods and services into the
hands of ultimate consumers. But later on, it was realised that the goods
must reach the consumers at a maximum speed but with minimum cost
in the right quantity at the right price.
This involves the integration of a number of activities from the conception
of a product idea to its profitable selling and ultimate consumption.
Further, there is wide range of goods and services available in the market.
It is the marketing which helps the consumer in selecting the type of good
and services needed by him.

7-Exchange Process:-. All marketing activities revolve around exchange
process. Exchange implies transactions between buyer and seller.
seller hands over a product or service to thę buyer who in turn Pay
money for it.

8-Marketing is a System.:- Marketing is a system consisting several inter-
Dindent and interacting sub-systems. It obtains the inputs from the
environment, transtorms these inputs and supplies the output according
to the satisfaction of the customers.

9-Delivery of Standard of Living.:- Accordingt con"Paul Mazur, "Marketing is
the deivery of standard of living to society." Effective marketing leads too
nigher standard of living to society, as* it provides various products of
different qualities in sufficient qualities at reasonable rates to the consumers and in this way better standard of living is delivered to the society.


10. Goal-oriented:-. Like other business activities, marketing too seeks to
achieve goals. The ultimate object of marketing is to generate profits of
the business through the satisfaction of human wants.

11. Marketing is a Process.:- Marketing is a process in the sense that it
comprises a series of functions which are inter-related. It is the dynamic
process in the sense that it keeps on adjusting to the changes in the
environment of business. Marketing is also a social process because it is
concerned with the satisfaction of human needs.

12. Marketing is Function. :-According  to the functional nature of marketing,
under marketing we study those activities which directs the flow of goods
and services from the production centres to consuming centres.