What are the features of marketing?
Some of the basic features of marketing are:
- Marketing is Customer Centric:
Marketing is customer centric means, customers is the king for marketing firm. He is the pivotal point for all marketing decisions. The firm has to constantly focus its attention on the changing needs and wants of the consumer, and ways to satisfy them.
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- Marketing is Mutually Beneficial:
Marketing is beneficial for both buyer and seller. The exchange process, provides the seller an opportunity to sell the goods at a profit and buyer is able to satisfy his needs and wants in a better way.
- Marketing is Value Based:
Marketing will be effective and successful only when the business tries to meet the needs of the market based on a value system followed by the entire organisation.
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- Marketing is Influenced by the Environment:
Environment is basically divided as internal and external environment. While, internal environment is controllable, external is uncontrollable. External environment includes political and social environment, competition, technology, cultural, legal, natural environment etc. Marketing operates in an external environment and therefore it has to be adjusted as per the changing environmental conditions.
- Marketing is Significant for Both Profit and Non-Profit Organisations:
Marketing is not only significant for profit making organisation but also for non-profit organisation like Educational Institutions, Temples, Mosques, hospitals etc.
