The American Marketing Association (AMA) defines marketing as, “Marketing is an activity, a set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and the society at large.”
The scope of marketing is huge and encompasses a variety of elements and strategies which an organization utilizes to reach and create satisfying experiences for its customers.
The major components which come under the scope of marketing are :
- Assembling, branding, transportation and storing of all the marketable items.
- Planning, organizing, coordinating and controlling various marketing activities and operations.
- Recruiting, training, and motivating the sales staff to prepare them for the aligning functions at different levels.
- Product planning and development.
- Constantly researching about the changing marketing environment and introducing the suitable marketing strategies (4Ps) as required.
- Performing market segmentation and deploying target marketing strategies.
- Provision of after sales services particularly in the case of industrial goods and consumer durables.
- Understanding and implementing pricing policies according to the market conditions and competitors.
- Constantly updating and improving the channels of distribution.
- Setting up proper marketing information systems to streamline the processes.
- Advertising and sales promotion drives depending on the product or service being offered and the target market to be captured.