This post details out Marketing introduction, marketing meaning, definition, advantages and limitations of marketing. Let us go through each topic one by one.
Marketing Introduction – Meaning of Marketing
Marketing is the chain of processes by which the products are made available to the consumer from the manufacturing unit.
Marketing consists of all those activities needed to ensure the flow of goods and services from producer to customer.
In commercial terms marketing covers those pursuits which relate to time, place and possession utilities. Therefore you can say that marketing is the performance of business activities that direct the flow of goods or services from producer to end user.
Social definition of Marketing
“Deliver a higher standard of living.”
Marketing is a social process by which individual and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others.
Managerial definition of Marketing
“Art of selling products.”
Marketing in managerial terms is the art of selling products and goods to consumers.
Advantages of Marketing
Marketing activities benefit the organization in many ways, some of the key advantages are as follows.
- Marketing efforts result in new and better products and new packaging ideas.
- Marketing efforts lead to better and efficient distribution network.
- Marketing helps in economic growth of societies by producing required quantities of goods.
- Marketing helps in advertising, sales and promotion activities.
- It gives rise to competition.
- Marketing is also a significant source of new ideas.
- It also plays a significant role in decision making.
- It enriches the quality of products and services.
Limitations of Marketing
Along with advantages, there are some limitations of marketing as well which are listed below:
Sometimes criticized for the high cost of specific products
The product price increases because of the expenditure on advertisements, sales promotions, appointing excellent sales staff, etc.
Lack of skilled sales staff
Sometimes availability of trained and qualified staff is difficult, and so it is challenging to convince the prospective buyers.
Inefficient management and operations
Proper planning, organizing, and coordination are required to conduct various marketing functions. Marketing management does this, however, due to lack of inefficient and improper management staff marketing activities are not handled correctly.
Malpractice and Unethical Issues
Malpractices include various issues like unsafe marketing, inferior quality products and exploitation of customer by charging high prices. Sometimes marketing also leads to the promotion of goods that pollute our environment and encourages materialistic society.
Lack of proper marketing research activities in our country sometimes makes marketing trends prediction complicated, and therefore it becomes difficult to manipulate market demands.