Features of Marketing - Nature of Marketing - Diagram

Features of Marketing

Nature of Marketing plans are given in the diagram below.

Image credits © Manoj Patil.

Explain the Nature of Marketing channels are given below.

1. Systematic Process
2. Ideas, Goods and Services
3. Target Markets
4. All Pervasive
5. Customer Satisfaction
6. Competitive Advantage
7. Corporate Image
8. Expansion of Business
9. Organizational Objectives
10. Marketing Environment
11. Integrated Approach
12. Societal Interest

Salient Features of Marketing Services are as follows:

1. Systematic Process

Features of Marketing concept, the marketing is systematic in nature. The main aim of marketing is to satisfy the needs and wants of the customers by bringing into the right products. The following is the process of marketing involves:

• The product is design as per customer requirements.
• The right price of product is fixed.
• Effective promotion strategy of the product is defined.
• Distribution of the products at the right place and at the right time is planned.

The marketing process is taken on to accomplish organizational objectives (profits, market share, etc.), and to generate customer satisfaction.

The marketing process is continuous in Nature. Firstly, it starts with the marketing research. Then after the sale of the product it comes on to customer feedback and later on sales and services of the product.

2. Ideas, Goods and Services

Features of Marketing services, marketing sells new ideas and it also sells goods and services. The marketing process involved following things:

• The perceptible goods like FMCG products and consumer durables are dispensed and plan by the marketers.
• Airlines, hotels, insurance, banks, etc. are sold by the marketers.
• Furthermore, ideas are marketed by social and Govt. organizations, which includes campaigns relating to anti-drugs, AIDS awareness, anti-corruption, etc.

In fact, every market offering includes a basic idea. A marketer of a face cream sells the idea of a beautiful person and that of a soft drink sells the idea of refreshment.

3. Target Markets

Features of Marketing, marketing is bothered with target markets. No one can sell everything to anyone. Therefore, the marketer should be conclusive in selecting the targeted clients or buyers. A marketer needs to design goods and services to a particular target segment or market.

Examples of features of marketing are given below.

A marketer cannot design and sell a particular model of a car to all prospective buyers. He has to design distinct models to different segments of the market depending upon their income, status, preferences, etc.

4. All Pervasive

Features of Marketing, the marketing process is not only applicable to business organization but as well as to non-business organizations.

Examples of features of marketing are given below.

An educational institution may adopt marketing approach to:

• Suggest the right courses to the students (product).
• Charge the appropriate fees to the students (price).
• Promotion of courses to the students (if so required).
• Provide the courses to the student at the right time and place.

5. Customer Satisfaction

Features of Marketing, these days marketer plans to target on customer satisfaction. It has an association between product performance and customer anticipation.

• The consumers gets pleased when product performance matches with customer expectation.
• When product performance is below customer expectation, the customers are dissatisfied.
• When product performance exceeds customer expectation, the customers are delighted.
• When product performance exceeds very much more than expectation, the customers get astonished.

These days the customers are given excited offer and value-added services. The main focus of today's marketers is customer satisfaction. Customer value can be enhanced by providing additional facilities at little or no extra cost, such as extension in after-sale-service and warranties, free delivery and installation, etc. If possible, marketers need to astonish customers by providing services, which are very much more than their expectations.

Examples of features of marketing are given below.

Federal Express has created customer value by: It allows customers to track packages through the company's web site. By connecting to the FedEx site and by entering the airway bill number, customers can locate a package in transit. After the package has been delivered, they can even identify the name of the person who signed for it. This service is free of charge. This facility has enhanced the customer value and loyalty.

6. Competitive Advantage

Features of Marketing, because of competitive market the strategies should be perfect. The marketers should find unique ideas and innovation to compete in today's market. The marketers should be proactive and should have decision-making skills. They should come with:

• New innovative designs or models.
• Advanced Creative promotion plans.
• Effective customer relationship techniques, etc.

The pro-active decisions give the competitive advantage to professional marketers.

7. Corporate Image

Features of Marketing, an effective marketing strategy ensures the development of the firm, and it also improves its corporate image in the society. Because of effective marketing strategy, the firm's turnover in terms of profit, share and sales in the market improves. Therefore, corporate image improves in the minds of Employees, Customers, Dealers, Suppliers, Shareholders and other stakeholders.

A good corporate image in the minds of stakeholders helps a firm to expand and grow. For instance, firms that have good corporate image:

• Develop trust and confidence of the customers.
• Get support from the Shareholders and financial institution.
• Get cooperation from dealers and suppliers, etc.

8. Expansion of Business

Features of Marketing, marketing facilitates expansion of the firm. Due to effective marketing, the performance of the organization improves in terms of sales, profits and market share. Therefore, a firm may adopt expansion strategy. For expansion, the firm undertakes various activities such as:

• Market Penetration: increase in marketing activities in the existing market.
• Market Development: entry into brand new marketplaces.
• Product Development: development of new products for existing / modern markets.

9. Organizational Objectives

Features of Marketing, the marketing objectives of the firm are achieved due to efficient marketing.

The marketing objectives are as follows:

• Increase in the profits of the firm by leap and bounds.
• Increase in the market stake, improves corporate image.
• It enhanced the brand loyalty of the customer and also improves the brand image of the firm.

10. Marketing Environment

Features of Marketing, the marketing is affected by number of factors such as:

• Government policies,
• Economic conditions,
• Customer preferences,
• International environment,
• Competitors strategies,
• Financial climate, etc.

Marketers should actively scan the environment. For instance, a marketer must analyze the marketing-mix adopted by the competitors. Accordingly, he has to design products that offer a differential advantage to the consumers, which may bring higher returns to the firm.

11. Integrated Approach

Features of Marketing, marketing needs to integrate with the other functional areas of the organization. There is a need for integration of various departments such as finance, production, human resources, etc. All functional areas should interact and interlink to achieve the firm's overall objectives.

For instance, a decision to increase advertising would require support from the finance department. And a decision to introduce a new model requires active coordination between the production and marketing department. And a decision to introduce a new model requires active coordination between the production and marketing department.

12. Societal Interest

Features of Marketing, because of advanced marketing social interest of the society is maintained. There should be always balance between public interest and customer's satisfaction by the marketers.

For instance, professional marketers undertake research and development to develop products, which are eco-friendly and also generates customer satisfaction. And at the same time brings higher profits to the organization.

Examples of features of marketing are given below.

Such products include fuel efficient cars, compact air conditioners, etc.

Some important articles on Marketing are given below.

What is Marketing? Definition, Meaning of Marketing - Diagram

Importance of Marketing - Role, Significance of Marketing

Functions of Marketing - Nature and Scope of Marketing