What are the Components of Marketing?

Manufacturers offer goods and services of consumers’ desire by making them conveniently available and communicated by meeting the objectives of the company. Marketing is seen as a function of the entire enterprise. In order to study the scope of Marketing we need to study its components. A simple marketing system comprises of the following Marketing components –

Suppliers, Market offering, Market, Intermediaries, Marketing Environment.

1. Suppliers – Suppliers provide resources to the company as well as its competitors to produce the offering.

2. Market Offering¬– Basis the marketing activities (research, planning, etc.) of the company a market offering is made for a market. It is not only a product or a service but it consists of all the factors which would encourage customers to buy it. This may include availability, which offering to buy, when to buy, what is so special about this offering that a person should choose one over the other.

3. Marketing Intermediaries – The Marketing system consists of the entire distribution network to move its offerings from the place of manufacture to the end customers. It consists of the flow of the offering from the production floor to its ultimate user. In order to do this the manufacturer has to employ the most effective and efficient system. It can be company stores, wholesalers, retailers, kiosks, direct selling, online sales, etc. Depending on the offering the company has to choose through the various options. The key lies in selecting the best distribution channel relating to the offering. It depends on the offering and the target market. For example, Apple cannot choose all the small retailers available to market its products. As it is sells high end products, it can be marketed in segments where people are willing to spend on high end devises.

4. Market/End users – According to Perreault and McCarthy, market is defined as a group of potential customers with similar needs or wants who are willing to exchange something of value with sellers offering various goods and/or services to satisfy those needs or wants. Market can be a total market or just a segment within the total market. A small bakery cannot imagine to cover the entire country but can be satisfied by targeting the area or small town in the surrounding.

5. Marketing Environment –All the above three components – Offering, Market, System and intermediaries are affected by a slightest change in the environment. Most of the companies have to face an ever changing environment. It includes the competitors, Demography, Economy, Technology, Political-Legal, and Social-cultural factors. A change in any one of these will affect the environment, which will affect the other components of marketing.