Mba’s Scope of Marketing
Q. 1. Discuss in brief the scope of marketing.
Scope of Marketing
The main purpose of marketing is to achieve organizational goals by harmonizing activities that help to attain customer satisfaction. The scope of marketing is described as follows: needs and wants of consumers.
1. Analysing Consumer Needs and Wants: Marketing is the study This is necessary to fulfill consumers’ needs in the best possible way. Finally, the production of goods and services is carried out based on consumer preferences.
2. Pricing Decisions: Product pricing is also defined by marketers. The pricing policy varies from product to product. Different factors such as marketing goals, stage of the product life cycle, competition level, etc. are considered for determining pricing policies.
3. Product Planning and Development: The marketing process initiates with idea generation and it ends up with product development. Product planning involves various activities such as branding, packaging, and product line decisions.
4. Promotion: Marketing is also responsible for promoting the products of an organization. Marketers use different techniques such as advertising, sales promotion, personal selling, etc. An appropriate promotion mix is designed to achieve marketing objectives.
5. Distribution: Designing an effective distribution channel for improved sales and profit is also an important scope of marketing The study of distribution channels helps to cater to a large number of customers at a low distribution cost.
6. Analysing Consumer Behaviour: An effectual analysis of consumer behavior is essential to identify the pattern of consumer buying. This enables the marketers to segment and targets the market. 7. Competitor Analysis: This analysis is done to determine the strengths and weaknesses of various competitors in the market. A detailed evaluation of competitors’ sources of profits, competencies, resources, cost structure and differentiation and positioning strategies are done to figure out the most competitive
8. Company Analysis: In marketing, company analysis is carried out by evaluating the cost structure and the company’s resources. The actual position of the company is estimated based on its competitors. Marketers can also determine the profit earned through different product offerings across different customer segments through the accounting department.