Question 16. Define Nature of Marketing?
Answer 16. The main features of modern marketing are as follows :
1. MARKETING IS CONSUMER ORIENTED : A business exist to satisfy human needs. The activities of marketing must be directed and focused at the customer oriented. By satisfying the existing needs of customers and creating new needs and wants for better and improved products, marketing sets the pattern of consumption and therefore improves the living standard of the people.
2. MARKETING IS A SPECIALIZED BUSINESS FUNCTION : In a business the selling function did not required any specialized skill but marketing required it. The management of a firm has to develop a particular organisation with a view to observing nee ideas , new approaches and new market demand.
3. MARKETING IS A COMPLETE SYSTEM : Marketing system may be referred to as a socio-economic process. The broader view, the marketing as a system that connects the firm with the society.
4. MARKETING IS A TOTAL ENVIRONMENT : The firm's environment defines it's threats and opportunities. The marketing system is directly related to production and distribution services, goods , Ideas, places and persons for the satisfaction of human needs . However it is better to look at the immediate environment of any marketing association.