The most crucial aspects of marketing are The most important features of marketing are:
1. Customer focus:
The purpose of marketing for businesses is focused on the needs of customers. It attempts to research the needs of the customers and produce goods in line with their needs. The existence of a business is based on the needs of humans. In a market that is competitive the products most suitable for the consumer are those which are well-received. Therefore, everything that happens in an organization is geared towards the customer.
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2. Customer satisfaction:
A client is expected to receive certain benefits or services from the product to which they pay. If the value is greater than the price paid to the company, then the client is content. In the long term satisfaction with customers helps maintain the market's demand. It can help achieve the goals of an organization. The customer's satisfaction can be improved by offering value-added services that includes offering additional services with no or minimal cost.
3. Objective-oriented:
Every marketing endeavor is objectively oriented. Different goals are set at various levels, however the primary goal is to generate profit from the business and also to meet satisfying the needs of humans. Selling activities seek to find gaps within the current system and then take measures to address the shortcomings to ensure that the goals can be achieved.
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4. Marketing is both science and art:
Art is a talent that is needed in the marketing process of all kinds of businesses. Science is an extensive body of knowledge, founded on facts and fundamentals. Marketing encompasses the social sciences like sociology, economics and law. It describes market operations built on certain fundamentals. Marketing is therefore an art and an science.
5. Regular and consistent activities:
Marketing is a process designed to create, price, market and sell products. While doing so marketing also focuses on the present and future customers. This is why it's an ongoing process. Marketers must constantly keep track of the environment. This assists in the development of new products.
6. Exchange process:
Marketing is the exchange of products and services, as well as ideas using the aid of money. Exchange occurs between buyers and sellers. A majority of marketing is concerned with exchange of goods. The functions of distribution packaging, after-sales services, and distribution aid to facilitate exchange. Distribution channels as well as physical distribution plays an a significant part during the exchange procedure through providing utility to the place.
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7. Marketing environment:
Market conditions, economic policies and environmental influences, like technological, political as well as international influence marketing strategies. Marketing is inextricably linked to the environmental aspects. A successful marketer must adjust to these changes and adapt marketing strategies to accommodate the latest market trends.
8. Marketing mix:
Four elements that form the basis of a marketing strategy for a business: product price, location, and promotion. The marketing mix can be described as a dynamic mix of factors. The variables are affected by the consumer behavior, trade factors as well as competition and government regulations.
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