Main features of marketing are: 1. Needs and Wants 2. Creating a Market Offering 3. Customer Value 4. Exchange Mechanism!
1. Needs and Wants:
The main objective of marketing process is to satisfy the needs and wants of the customers.
All the marketing activities are carried out to fulfill this objective. A need can be defined as sum total of all those items which are basic to human beings.
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For example, food, shelter, clothing, water etc. Culturally defined objects that are potential satisfiers of needs are known as Wants. For example, basic need for water can take many forms such as cold drink or lemon water or tea or coffee etc. These forms are known as wants.
An organisation must identify the various needs of their 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 its 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 which aims at complete consumers’ satisfaction.
3. Customer Value:
The customer is willing to purchase the product or services only when its value is satisfying their needs, in relation to its cost i.e. the product or service is providing them maximum benefit. Therefore, the marketer’s job is to add some value to its product so that it is preferred by the customers over the competitors’ product.
4. Exchange Mechanism:
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The process of marketing consists of exchange of goods and services for money or money’s worth. This mechanism helps both buyers and sellers to get what they desire. Exchange is defined as an essence of marketing. Products can be exchanged through various middlemen at different levels of distribution.
The following conditions must be satisfied before any exchange takes place:
(a) There must be at least two parties i.e. buyer and the seller.
(b) Both the parties must offer something of value to each other.
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(c) Both buyer and seller should communicate with each other and should deliver something of value to each other.
(d) Both of them have the right to accept or reject other party’s offer.
(e) Both of them should be ready to enter a transaction with each other.