Marketing: Meaning, Features and Importance
Meaning of Marketing
Marketing refers to the activities, institutions, and processes for creating, communicating, delivering,
and exchanging offerings that have value for customers, clients, partners, and society at large. It
involves understanding consumer needs and developing strategies to satisfy those needs profitably.
Features of Marketing
1. Customer Orientation: Marketing focuses on identifying and meeting customer needs.
2. Exchange Process: It involves an exchange of goods and services for money or value.
3. Value Creation: Marketing aims to create value for both the customer and the business.
4. Continuous Process: It is an ongoing process that adapts to market trends.
5. Integrated Approach: Marketing integrates various functions like product development, pricing,
promotion, and distribution.
Importance of Marketing
1. Business Growth: Effective marketing strategies lead to increased sales and expansion.
2. Customer Awareness: Marketing helps in educating customers about products and services.
3. Competitive Advantage: A strong marketing strategy can differentiate a business in the market.
4. Relationship Building: It fosters relationships with customers, leading to brand loyalty.
5. Economic Development: Marketing contributes to economic growth by boosting production and
employment.
