Question

State two features of the modern concept of marketing? 

Explain the features of modern marketing concept.

Answer 1

Features of the modern concept of marketing:

1. Needs and Wants: The main objective of the marketing process is to satisfy the needs and wants of the customers. All the marketing activities are carried out to fulfil this objective. A need can be defined as the sum total of all those items which are basic to human beings. For example, food, shelter, clothing, water, etc. Culturally defined objects that are potential satisfiers of needs are known as Wants. For example, the basic need for water can take many forms, such as a cold drink or lemon water or tea or coffee, etc. These forms are known as 'wants'. An organisation must identify’ the various needs of its customers and should develop products and services that satisfy the same.
2. Creating a Market Offering: Market offering means giving an offer for goods and services by describing their features like shape, size, quality, uses, etc. Suppose a computer is offered in a market: its various features like different sizes and prices at which it is available, technologies used, location of the shops at which it is available, etc., are described. A good ‘market offer’ is one that aims at complete consumer’ satisfaction.

Answer 2

1. Customer orientation: Every business activity should focus on identifying and fulfilling the needs and desires of customers.

2. Integrated approach: The various parts of marketing should be well-coordinated. Likewise, all departments within the company should work together smoothly to reach shared goals.

3. Marketing research: To meet and understand customers’ needs effectively, relevant market information must be gathered. This requires continuous market research to keep up with trends and shifts.

4. Marketing planning and control: Marketing needs to be proactive and ongoing, starting even before production and extending after the sale is made. Its aims should align with the broader objectives of the company, and continuous monitoring is essential to ensure it remains effective in a changing environment.