Marketing plays a critical role in organizations. It is considered as an entrepreneurial and strategic function of the business.
Marketing’s main function is to meet customer needs. At the same time, it also needs to generate profit and build a “relationship” with customers. Marketing is different from and larger than selling.
Many different concepts of marketing such as the exchange concept, production concept, product concept, sales concept and marketing concept have been in vogue over the years. Concepts other than the marketing concept result in, ‘marketing myopia’, which signifies a narrow perception of marketing and a short-sighted view of the business. In fact, all the concepts in vogue turn out to be inadequate, to varying degrees. Marketers are unable to secure the needed practical guidance on the core of marketing from any of them. None of them is centred on the idea of value delivery when value delivery ought to take the centre stage in marketing. There is thus a need for more concrete perspective on a marketing.
In the marketing context, ‘value’ has certain unique ramifications. ‘Benefits’ translate into ‘value’. People do not buy products, they buy ‘value’. The ‘’value-delivery’ process involves selecting the value to be offered, creating the value and capturing the value back from the market through pricing, enhancing and sustaining the value. And ‘value delivery’ has to be a corporate-level concern.
Q.What is the role played by marketing in an organization?
It is considered as an entrepreneurial function of business.
It is considered as a strategic function of business.
It is considered as an entrepreneurial and strategic function of business.
It is considered as sub-ordinate role of business.