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Shvoong Home>Science>Marketing: Nature and Significance Summary

Marketing: Nature and Significance

Article Summary   by:JMLawas     Original Authors: G. Miranda; J. Lawas
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MARKETING: NATURE AND SIGNIFICANCEAptly observed, no aspect of economic activity has undergone so rapid a change than that of marketing. In fact, it is precisely on account of its rapid change in our everyday world that marketing has become so preeminent within recent years.Indeed, marketing occupies a position of transcendental importance in the economic scene. It is where the customer is, and it is the customer who in the ultimate analysis decide the fate of the business and the people engaged therein.Nature and Significance: Goods unless moved from places of production to places of consumption serve no useful purpose. The absence of dynamic marketing brings about a paradoxical situation: there will exist a condition of individual famine in a time of general abundance. Goods resulting from the process of production will remain unused or unconsumed which means a lot of economic waste in time, effort, and money. When goods remain in manufacturers'' warehouses, production must be cut back and workers must be laid off.Clearly then, marketing as a tool of progress, must not only help move goods from places of production to places of consumption in quantities desired and at the right prices consumers could afford but moreover it must serve as a channel for ideas, acquainting producers about the specific needs and preferences of consumers, on the one hand, and informing consumers about the products that manufacturers offer, on the other.In a modern society, marketing must serve not only the interests of businessmen. Rather, it must act in broad concert with the goals of society. Marketing must not only assure fair margin of profit for those who invest their time, effort and money in producing goods designed for the satisfaction of wants and desires of consumers but it should moreover face certain social challenges. This means that goods which enter into the stream of commerce and trade should not only possess acceptable quality as to render greatest satisfactions to their users or consumers but at the same time be reasonably priced.Marketing SystemBroadly described, the totality of all necessary and institutions which help facilitate the movement as well as the transfer of goods from the producer to the consumer or user make up the marketing system. Thus, no phase of marketing can exist outside of the marketing system.Characteristics of a good Marketing System.
Like any other system, a marketing system, if it is to attain its objectives, must possess certain important and desirable characteristics. For doubtless, it goes without saying that an inefficient system can but result in increasing marketing cost. As a consequence, some goods become priced outside of the market. This means not only inability of consumers to obtain and make use of such goods but also loss on the part of the producers. Briefly observed, all production becomes meaningless which result in a considerable waste of time, effort and money.The important characteristics of a good marketing system may be briefly summarized as follows:1. The channel of distribution must be tailored-fit to the particular product offered for sale.2. Unnecessary duplication of activities must be reduced to the barest minimum, if not eliminated altogether.3. There must be present adequate number of cheap, fast transportation facilities that will move goods from places of production or abundance to places of scarcity or consumption.4. The goods must be placed in receptacles or containers that provide maximum protection against injury, damage, deterioration or spoilage as economical as is possible.5. The goods must reach in condition ready for use to render greatest satisfaction to the user or consumer.6. Efficient tools of communication must disseminate useful information about new products, uses and benefits that useor consumers will obtain from their consumption.7. There must be present individuals as well as organizations who are willing to take risks in the marketing of goods as well as provide the necessary funds for such undertaking.Thus, needless to state, a good marketing system should be able to increase the usefulness or utilities of goods resulting from its marketing and thus satisfy greater wants, needs and desires through the creation of both place and time utilities.
Published: September 29, 2007   
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