Question

Q1 (a) What is the significance of Marketing?

(b) “Marketing is both art and science.” Discuss.

(Please the Expert needs to submit a detailed answer which must be a standout in a very competitive MBA Marketing Class) .

Answer 1

• 1a)-Marketing is comprised of techniques that are used to make people aware of new products. Products can be physical, a service, or virtual, which means they can be anything from video games to gym memberships. It's the job of marketers to sell these products through the use of marketing tools, like internet ads, viral video commercials, blogs, and product placements in TV shows.
• When you buy and consume products of any kind, that makes you a consumer. Marketing speaks to you as a consumer and seeks to fulfill your needs from that perspective.
• Marketing has a significant impact on buying decisions and personal values, but it also impacts social status. A social status is a person's position within a group. The job of marketing is to make you want something, and one of the tools companies use to sell their products is to your perception of status.
• Marketing Helps in Transfer, Exchange and Movement of Goods:-Marketing is very helpful in transfer, exchange and movement of goods. Goods and services are made available to customers through various intermediaries’ viz., wholesalers and retailers etc. Marketing is helpful to both producers and consumers.To the former, it tells about the specific needs and preferences of consumers and to the latter about the products that manufacturers can offer.
• Marketing Is Helpful In Raising And Maintaining The Standard Of Living Of The Community:-Marketing is the creation and delivery of standard of living to the society.By making available the uninterrupted supply of goods and services to consumers at a reasonable price, marketing has played an important role in raising and maintaining living standards of the community. Community comprises of three classes of people i.e., rich, middle and poor. Everything which is used by these different classes of people is supplied by marketing.
• Marketing Creates Employment:-Marketing is complex mechanism involving many people in one form or the other. The major marketing functions are buying, selling, financing, transport, warehousing, risk bearing and standardisation, etc. In each such function different activities are performed by a large number of individuals and bodies.
• Thus, marketing gives employment to many people. It is estimated that about 40% of total population is directly or indirectly dependent upon marketing. In the modern era of large scale production and industrialisation, role of marketing has widened.This enlarged role of marketing has created many employment opportunities for people.
• Marketing as a Source of Income and Revenue:-Marketing does provide many opportunities to earn profits in the process of buying and selling the goods, by creating time, place and possession utilities. This income and profit are reinvested in the concern, thereby earning more profits in future. Marketing should be given the greatest importance, since the very survival of the firm depends on the effectiveness of the marketing function.
• Marketing Acts as a Basis for Making Decisions:-n modern times marketing has become a very complex and tedious task. Marketing has emerged as new specialised activity along with production.As a result, producers are depending largely on the mechanism of marketing, to decide what to produce and sell. With the help of marketing techniques a producer can regulate his production accordingly.
• Marketing Acts as a Source of New Ideas:-The concept of marketing is a dynamic concept. It has changed altogether with the passage of time. Such changes have far reaching effects on production and distribution. With the rapid change in tastes and preference of people, marketing has to come up with the same.Marketing as an instrument of measurement, gives scope for understanding this new demand pattern and thereby produce and make available the goods accordingly.
• Marketing Is Helpful In Development Of An Economy:-Marketing is the kingpin that sets the economy revolving. The marketing organisation, more scientifically organised, makes the economy strong and stable, the lesser the stress on the marketing function, the weaker will be the economy.
• The process of creating a marketing campaign also forces you to analyse your own business in more detail and to understand exactly who your clients are. This is vital for making any new changes to your business.
• Without marketing you would not know very much. From the guy who runs the corner delicatessen, to corporate giants such as ‘IBM’ marketing drives the awareness you have of what is out there, and able to be purchased, consumed, engaged with.
• The realm of marketing is very dynamic, always changing in response to the conditions of society. The Digital revolution has been the most significant change in recent times - this has resulted in a paradigm change in marketing.
• 1b)-Marketing is an art because it requires insight into how people respond to it. There’s a visual element to marketing materials and design, and it takes a certain sense of artistic craft to be able to cohesively brand something across multiple platforms and mediums.
• Tracking the success of all of these efforts and understanding consumer behavior also makes marketing a science. Marketing requires an understanding of the human brain, the ability to test multiple variables, and to analyze and reformulate based on results.
  
• The art is by attracting people's attention by music, photographs , pictures and images or with a message. The science is determining where the message will reach the most amount of people for the least amount of money via number of impressions to the right audience.
• Marketing is science, because it uses scientific approach: you look at the data, you create assumptions, you run tests based on those assumptions, you compare the results with the data and either confirm your assumption, and start using it as a rule, or reject it and continue looking.
• It is also art, because knowing, for example, which items to advertise, is not enough; you also need to know how to do it. Creating effective calls to action without sounding like a hawker is not something you can deduce from numbers.