Marketing is well defined as a process of creating, communicating, delivering and exchanging value through profitable customer relationship. Marketing is not only selling or promoting goods/services, it is more than that, which includes number of activities which satisfy customer needs. The scope of marketing includes developing right product to satisfy customer needs by enhancing society’s quality of life, creating competitive advantage through operational excellence and overall cost leadership, communicating values and benefits to change societal behavior in positive way, distributing the right product at the right place at the right time.
The objective of any organization, whether for-profit or not-for-profit, is to create benefit for the organization as well as for customers. Marketing contributes directly to achieve the goal of an organization by building brand and customer equity; and by providing critical inputs in major areas like markets, competitors and strategic decision- making. Marketing is also responsible for customer’s and society’s long-run welfare. Today many organizations are practicing ‘societal marketing concept’ which not only consider the consumer short-term wants but also take care of consumer’s long-term interests. A marketing manager is not only responsible for servicing a customer but also to manage an ongoing relationship with the customer. Thus we can say that marketing plays very important role in almost all the organizations. Continue reading