Business Marketing

Definition: The art and science of exploring, creating and delivering values to satisfy needs of target market at a profit,
market identifies wants and needs which is unfulfilled and also measures the size of the target market with a potential of profit.

Marketing Scope: Top 10 Important Scope of Marketing

Some of the most important scope of marketing are as follows: 1. Goods 2. Services 3. Events 4. Experiences 5. Persons 6. Places

7. Properties 8. Organizations 9. Information 10. Idea.

The scope of marketing deals with the question, ‘what is marketed?’ According to Kotler, marketing people are involved with ten

types of entities.
1. Goods:

Physical goods constitute the major part of a country’s production and marketing effort. Companies market billions of food

products, and millions of cars, refrigerators, television and machines.

2. Services:

As economies advance, a large proportion of their activities is focused on the production of services. Services include the work of

airlines, hotels, car rental firms, beauticians, software programmers, management consultants, and so on. Many market offerings

consist of a mix of goods and services. For example, a restaurant offers both goods and services.

3. Events:

Marketers promote events. Events can be trade shows, company anniversaries, entertainment award shows, local festivals, health

camps, and so on. For example, global sporting events such as the Olympics or Common Wealth Games are promoted

aggressively to both companies and fans.

4. Experiences:

Marketers create experiences by offering a mix of both goods and services. A product is promoted not only by communicating

features but also by giving unique and interesting experiences to customers. For example, Maruti Sx4 comes with Bluetooth

technology to ensure connectivity while driving, similarly residential townships offer landscaped gardens and gaming zones.
5. Persons:

Due to a rise in testimonial advertising, celebrity marketing has become a business. All popular personalities such as film stars,

TV artists, and sportspersons have agents and personal managers. They also tie up with PR agencies for better marketing of

oneself
6. Places:

Cities, states, regions, and countries compete to attract tourists. Today, states and countries are also marketing places to factories,

companies, new residents, real estate agents, banks and business associations. Place marketers are largely real estate agents and
builders. They are using mega events and exhibitions to market places. The tourism ministry is also aggressively promoting

tourist spots locally and globally.

7. Properties:

Properties can be categorized as real properties or financial properties. Real property is the ownership of real estates, whereas

financial property relates to stocks and bonds. Properties are bought and sold through marketing.

Marketing enhances the need of ownership and creates possession utility. With improving income levels in the economy, people

are seeking better ways of saving money. Financial and real property marketing need to build trust and confidence at higher

levels.
8. Organizations:

Organizations actively work to build image in the minds of their target public. The PR department plays an active role in

marketing an organization’s image. Marketers of the services need to build the corporate image, as exchange of services does not

result in the ownership of anything. The organization’s goodwill promotes trust and reliability. The organization’s image also

helps the companies in the smooth introduction of new products.

9. Information:

Information can be produced and marketed as a product. Educational institutions, encyclopedias, non-fiction books, specialized

magazines and newspapers market information. The production, packaging, and distribution of information is a major industry.

Media revolution and increased literacy levels have widened the scope of information marketing.
10. Idea:

Every market offering includes a basic idea. Products and services are used as platforms for delivering some idea or benefit.

Social marketers widely promote ideas. Maruti Udyog Limited promoted safe driving habits, need to wear seat belts, need to

prohibit children from sitting near the driver’s seat, and so on.

The Importance of Marketing for the Success of a Business

The heart of your business success lies in its marketing. Most aspects of your business depend on successful marketing. The
overall marketing umbrella covers advertising, public relations, promotions and sales. Marketing is a process by which a product
or service is introduced and promoted to potential customers. Without marketing, your business may offer the best products or
services in your industry, but none of your potential customers would know about it. Without marketing, sales may crash and
companies may have to close.

Getting Word Out

For a business to succeed, the product or service it provides must be known to potential buyers. Unless your business is known in
the community and have communication with your customers readily available, you have to use marketing strategies to create
product or service awareness. Without marketing, your potential customers may never be aware of your business offerings and
your business may not be given the opportunity to progress and succeed. Using marketing to promote your product, service and
company provides your business with a chance of being discovered by prospective customers.

Higher Sales
Once your product, service or company gets on the radar screen of your prospects, it increases your chances that consumers will
make a purchase. As awareness becomes a reality, it is also the point where new customers start to spread the word, telling friends
and family about this amazing new product they discovered. Your sales will steadily increase as the word spreads. Without
employing marketing strategies, these sales may not have ever happened; without sales, a company cannot succeed.

Company Reputation
The success of a company often rests on a solid reputation. Marketing builds brand name recognition or product recall with a
company. When a company reaches the high expectations of the public, its reputation stands on firmer ground. As your reputation
grows, the business expands and sales increase. The reputation of your company is built through active participation in
community programs, effective communication--externally and externally--and quality products or services, which are created or
supported by marketing efforts.

Healthy Competition
Marketing also fosters an environment in the marketplace for healthy completion. Marketing efforts get the word out on pricing of
products and services, which not only reaches the intended consumers, but also reaches other companies competing for the
consumers’ business. As opposed to companies that have a monopoly on products and services that can charge almost any price,
marketing helps keep pricing competitive for a business to try to win over consumers before its competition does. Without
competition, well known companies would continue to sell while lesser known companies or new companies would stand little
chance of ever becoming successful. Marketing facilitates the healthy competition that allows small businesses and new
businesses to be successful enter and grow in the marketplace.

Considerations
Although marketing is hugely important for a business to succeed, it can also be very expensive. In its first year, a company might
spend as much as half of its sales on marketing programs. After the first year, a marketing budget can reach as much as 30
percent--sometimes more--of the annual sales. A marketing program that gives your company the best chance is a healthy mix of
different forms of marketing, such as website development, public relations, print and broadcast advertising, design and printing
for all print materials, trade shows and other special events.

What is the role of marketing in society?

Marketing plays a role in informing and educating consumers as it identifies a consumer need and seeks to explain how its
products or services meet that need. For customers with clearly defined needs, marketing provides a means of learning about new
products and what they do. It plays a role in managing consumer expectations relying on the consistency that comes from brand
loyalty and the fact that consumers rely on trusted brands. Marketing is also used to make consumers aware of major changes
such as mergers and transfers in ownership that affect product offerings or seek to improve quality.

In addition, marketing plays an economic role as it promotes goods and services and targets prospective buyers. Higher sales for a
business which result from successful marketing strategies translate into expansion, job creation and higher tax revenues for
governments and, eventually, into overall economic growth. Marketing also plays a role in helping marketers to understand
consumer behavior and produce advertising that is likely to influence it.

Marketing Environment
The market environment is a marketing term and refers to factors and forces that affect a firm's ability to build and maintain
successful relationships with customers.
Marketing environment consists of:
Microenvironment
Macro environment

Microenvironment:
Micro environment refers to the forces closely influencing the company and directly affect the organization's relationships. The
factors include the company and its current employees, its suppliers, marketing intermediaries, competitors, customers and the
general public.

Macro environment:
The major external and uncontrollable factors that influence an organization's decision making, and affect its performance and
strategies. These factors include the economic factors; demographics; legal, political, and social conditions; technological
changes; and natural forces.

Strategic Planning
Strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen
operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended
outcomes/results, and assess and adjust the organization's direction in response to a changing environment.