CHARACTERISTICS OF MODERN MARKETING

  1. Marketing is consumer oriented activity: Here is consumer’s need is put at centre and accordingly productions and other activities are undertaken.
  2. Consumers occupy the first place: All marketing activities revolve around customers’ needs. Here profit is earned through customer satisfaction & by providing product better than competitors.
  3. Marketing begins before production: Unlike selling concept, marketing begins with market research where customers’ needs, tastes and preferences are known and then production & other activities are undertaken.
  4. Social & Managerial process: Marketing satisfies customer’s needs, gives comfort life & works for well-being of society. Further marketing requires managerial skill to perform different marketing activities effectively & efficiently.
  5. 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.
  6. Marketing is dynamic & competitive process: Marketing efforts are changed with changes taken place in customers’ needs & preference. Marketing also means to offer product better than competitors.
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