Nature Importance & Functions of Marketing

• Marketing is consumer oriented process.• Market starts and ends with the customer

(C2C)• Marketing is the guiding element of business.• Marketing is a system.• Marketing is goal oriented process.• Marketing is process of exchange.• Marketing is a process.

Nature of Marketing

Importance of Marketing

• Marketing helps in achieving the organizational objectives. Effective marketing is essential for survival and growth of the organization.

• It helps the community to satisfy their economic and social needs and thus raise their standard of living.

• It helps in producing those products that are needed by the consumers and community at large.

• It helps the enterprise to adapt to the changing conditions and circumstances.

• It provides guidance to the organization on the innovations to be adopted, enabling it to face competition.

• It helps the enterprise in achieving the maximum efficiency, productivity and profitability with the minimum effort and cost.

• It ensures the economic growth of the enterprise which results in growth and economic development of the country.

Functions Of Marketing

• FUNCTIONS OF MARKETING.docx

New Consumer Capabilities• A substantial increase in buying power• Greater variety of goods and services• Great deal of information available• Greater ease in interacting and placing orders• Ability to compare notes on products and

services• Amplified voice to influence peer and public

opinion

OVERVIEW OF MARKETING Module 1