If you are thinking about the scope of marketing, let’s take a look at an example first.
When Nike launched the ‘Just Do It’ campaign back in 1988, it was one of the most successful marketing campaigns of the time. Today, this slogan of ‘Just Do It’ has become synonymous with the brand and almost everyone in the world knows it.
For this campaign, Nike teamed up with various people of all ages, races and ethnicities and several athletes to establish their brand as not only something for the everyday customer but also for professional athletes. Needless to say, the campaign was highly successful and Nike’s sales went up from $877 million to $9.2 billion in about 10 years. Since then, the brand has managed to stay at the top of the game by leveraging various such marketing strategies.
Nike’s is one such story of the many stories of marketing done right. Now, if you think about it and look carefully, right from the most famous tutors in your city to the most famous bakery in your city, everyone is either trying to sell you a product or a service.
So, it goes without saying that the scope of marketing is immense. If you pay close attention, you’ll realize that from morning to night, everyone is constantly trying to market you something. Right from the healthcare industry, food industry to the clothing and cosmetic industry, marketing is everywhere!
If you are still unsure, let us take a look at marketing scope in detail. But before that, I wanted to talk a bit about career counselling. Career Counselling is something that has not be talked about in India in detail. But you need to talk about it, and actually get counselled from a trained career counsellor. For this, I think iDream Career is the perfect go to place. You can avail any of their services directly from their website.
Nature and Scope of Marketing
Nature and scope of marketing is a deep subject. Is Marketing a science or an art? All of this has to be taken into consideration. But here we only talk about what is relevant and make it actionable.
Nature of Marketing
- It is customer oriented
In marketing, your consumers are everything. You devise marketing strategies for new customer acquisition and for fulfilling the needs and demands of your already acquired customer base. Keeping the consumer in mind, goods/ services are offered.
- It starts and ends with customers only
Marketing is completely consumer-oriented. The complete marketing process right from the idea behind a product/ service to selling it to your customers involves thinking from a consumer’s point of view.
- It is an economic function
The end objective of the marketing process is to earn a profit. It is majorly a business-oriented activity.
- Marketing is a managerial function
Marketing largely deals with processes that require management. Its various processes involve successfully managing the product, its price, promotion, sale, the consumers etc.
- It is a social process
Marketing is essentially a social process. It involves interaction and dealing with people at its different stages.
- Marketing is both an art and also a science
Here, the art is creating demand for the product amongst consumers and the science is understanding human behaviour and psychology. So, marketing is essentially an art and a science too.
- It is a dynamic process
Even though marketing is not a new term and has been there for hundreds of years, it is a dynamic process. Marketing practices keep on changing every now and then.
Now that we have taken a look at the nature of marketing, let us now take a look at its scope.
Scope of Marketing
- Market Research
Market research involves a complete research of the competitors, the need and wants of the consumer, the analysis of consumer behaviour, the demand and expectations of the product and basically everything that you can gather about the product.
- The planning and development of the product
It includes a wide range of activities and processes. These processes mainly include the idea behind the product, product research, product development, quantity and quality of product, product design and branding etc.
After the planning part comes the development of the product. It includes buying the raw materials and assembling the parts to create the final product. Then comes its standardization. Then there is its packaging and labelling and pricing policies. And finally, there’s branding, promotion and its selling and distribution.
The Scope of Marketing as a Career
Now that we have taken a look at the nature and scope of marketing, let us take a look at marketing scope from a career point of view.
It is quite a broad field and has many fields of specialization, including the following.
- Digital Marketing
Digital marketing is one of the most popular marketing specializations today. With the increase in businesses, this industry is only growing day by day. Digital marketing includes content marketing, email marketing, SEO, influencer marketing, PPC ads, social media marketing etc.
In today’s internet-driven era, digital marketing poses a lot of scope. The scope of marketing in this field is huge. Up to date knowledge of social media, trends in Google, creativity and thinking out of the box are some of the skills required for this area.
Marketing can be done on a large scale with advertising. It includes various forms such as print media, TV, radio, digital media etc. By choosing the right media, you can devise a marketing strategy.
- Product Marketing
Product marketing basically involves bringing a product to the market and looking after its success. A product marketer is usually assigned one product or product line and is expected to look after its marketing strategies.
As a product marketer, you need to determine the positioning of the product, collaborating with product designers, mapping the success of the product etc.
- Brand Marketing
A company’s brand plays a major role in how consumers see you and whether they shop from you. Brand name plays a major role in whether customers buy the company’s products.
The role of a brand marketer includes maintaining the company’s image, increasing the brand awareness by implementing various strategies etc.
- Market Research
Market research analysts or managers collect information regarding the target market, analyzing customer behaviour, analyzing the product market etc. They may also conduct research surveys, interpreting data of marketing teams etc.
Where is Marketing Applicable?
There is no scarcity of marketing jobs as marketing is needed everywhere. Some of the industries might include:
- Service based industries like travel, hospitality, education and healthcare.
- In product-based industries like apparel industry, beauty and cosmetic industry etc.
- In small businesses and startups.
After you complete a degree/ course in marketing, the world is your oyster. Depending upon your interest, you can choose any kind of job or industry as the options that you have are plenty. Here, we discussed the nature and scope of marketing and the scope of marketing as a career. Hope this article helps you in making a well-informed decision.