CHARACTERISTICS OF MARKETING

  1. Marketing is an economic activity: It is considered as an economic activity because there is an exchange of goods or services against money & between producer and consumer.
  2. Marketing is a legal function: There is transfer of ownership of goods from producer to consumer. In other words, producer loses possession over product whereas buyer acquires its possession.
  3. Marketing consists of different activities: Marketing does not mean only selling. A part from selling it includes determination of customer’s needs, production, packing, pricing, physical distribution, advertisement, sales promotion, publicity, personal selling, after sales services and so on.
  4. Marketing is a system: Different activities as part of marketing are interrelated and interdependent on each other.
  5. It satisfies customer’s needs: Marketing starts with identification of customers’ needs (through market research) followed by other marketing activities and ends with customer satisfaction.
  6. Useful for non business units: Even non business unit can also get advantage of marketing. Religious institution for instance, collects fund through spreading of ideas.
  7. Marketing is a social process: It is said that marketing is delivery of standard of living to the society. Marketing aims at earning profit through customer satisfaction. It offers such products that satisfy customers’ needs, give comfort and easy life to the society.
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