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Marketing has a vast meaning. Nobody has completely defined marketing. Marketing is a very vast subject. Someone is saying that marketing consists of the activities of the company to provide information to the customers. Make them ready to buy the offered products or services by the company. Others are saying that marketing is the process of exchange of values between the two parties.
In the past people exchanged their goods or services to fulfill their utilities through a barter system. (a system in which products and services are exchanged without the involvement of money)
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According to the American Marketing Association
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Philip Kotler father of Marketing defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. The prime objective of marketing is to provide goods and services to customers to satisfy their needs.
Paul Mazur defined marketing as, “The delivery of standard of living to the society”. Marketing helps to identify the needs of the customers and take the initiative to provide quality goods at cheaper prices.
According to Harvard University, “Marketing helps a firm in creating value by better understanding the needs of its customers and providing them with innovative products and services. This value is informed through a variety of channels as well as through the firm’s branding strategy.
Some define marketing as the process of supplying goods and services from manufacturers or suppliers to the ultimate consumer to satisfy his or her needs or wants.
Marketing Full Free Research & Info {2024} Download
In short, Marketing consists of individual and organizational efforts that help to make the exchange process in an everchanging environment through the creation, distribution, promotion, and pricing of goods services, or ideas to satisfy the need or want of a person. Needs are necessary for life and their functions like water food shelter medical care etc. and want is something that improves the quality of life Computer, Air-condition, etc
Before proceeding further there is another important term in marketing that is The simple meaning of ‘utility’ is ‘usefulness’.it is the power of a good or service to satisfy the needs or wants of a person. Utility is also defined as the total amount of satisfaction that a person gets when he is using a particular product or service. Thus, “Satisfying capacity of a product or service is a utility of that product or service. Utility is the basis of consumer demand. A consumer thinks about his demand for a product or service based on the utility(capacity of satisfaction) that comes from that product or service. Utility depends upon the intensity of want. When a want is unsatisfied or more required, there is a greater desire to demand a particular commodity that satisfies a given want.
Marketing Full Free Research & Info {2024} Download
The utility is also a psychological phenomenon. It varies from person to person. Is utility measurable? Yes, according to Professor Marshal utility of a product can be measured. It is measured by the price a person is ready to pay for that product. Nobody will be ready to pay more than the assessment of product satisfaction(Utility). For example, the price of a second-hand old model car will be lower than a brand-new model car. Keeping in view attempt to increase the utility of their products and services. It results in increased customer satisfaction, sales, and earnings.
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There are four kinds of utility as follows-
Farm utility
Place utility
Time utility
Service utility
Form utility is a type of utility that comes from the finished product’s design or service. For example, the company improves its product design. It increases the utility of the product. Customer satisfaction is increasing. It increases the sales and revenue of this new improved product. Therefore, Organizations are continuously keeping an eye on the post-purchase behavior of customers. The organizations conduct market research to collect valuable information. The company product designer is using such kind of collected data for the improvement of the product features. It maximizes the customers’ utility. In addition, the new model car has more features for customer satisfaction as compared to the old one.
Place utilityBasically transportation of products is responsible for the creation of place utility. For example, transportation of finished goods from factory to retailer. Grains from farm to grain market.
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Moreover, transportation of the product from a less demanded to a highly demanded area also creates place utility. For example, the price of dry fruit in an area where it is also cultivated is less than in an area where it is not cultivated. Therefore, transportation creates a gap between supply and demand resulting in place utility. Similarly, suppliers’ distributors and retailers also create place utility.
Time utilityUtility of a commodity is always greater at the time of shortage. Trading always involves the creation of time utility. For example, at the time of harvesting of crops, the price is low. Its price will be high in the off-season creating time utility.
Service utility = Also, various professionals, such as lawyers, doctors, teachers, bankers, transporters, etc. are providing personal services. Therefore utility plays a vital role in marketing. As it relates to the satisfaction of the need or want of a person. Moreover, utility is more satisfying. It results in more sales and revenue. Therefore proper using of the marketing mix in marketing strategy brings maximum utility to the product or service. These results also increase the brand loyalty and sales of the company.