14 Major Importance of Marketing in Business - Marketing Management
Without marketing, many businesses would fail to exist. The original purpose of production is to distribute goods and services by using an active market. Businesses could have the most marvelous product or services, but if no one acknowledges it exists then the business will not be able to sell their product and service. There is an important role of marketing to sell products or services Without marketing it is tough to approach potential customers. In the olden day, the role of marketing was only to communicate the product to the customers, but this is not the case today. The importance of marketing is too different at present. Effective marketing help business to survive in a competitive environment.
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IMPORTANCE OF MARKETING
1. INCREASES SALES
Once marketing builds awareness about the product, new arrivals as well as the firm which sells a special product in the market. A successful marketing drive helps to boost the sales of the business. An increase in sales gives more profit to the business. This profit is reinvested in the business to earn profits in the future. In new business, the survival of the firm depends on the effectiveness of the marketing role. importance of marketing is a lot in modern business.
2. PROVIDES EMPLOYMENT
In the Market, we need different enterprises and organizations for example wholesalers, retailers, transportation, storage, finance, insurance, and advertising. Modern marketing is a total system that includes almost all views of the firm such as purchasing, selling, investment, warehousing, transport, risk-bearing, research & development, etc. To run this system there is a requirement for people. Thus, marketing provides job opportunities to people.
In the new period of mechanization, minor employments are possible in the production function and the importance of marketing has increased. It gives more chances of employment in marketing. Opposite, huegy, and Mitchell have correctly pointed out that "In order to have constant production, there must be constant marketing, only then employment can be sustained and high level of business activity can be extended
3. BASIS FOR MAKING DECISIONS
From the conception of an idea to giving the ultimate product to the customer, the businessman has to make many decisions. The businessman has to see after many difficulties such as What, how, when - how much and for whom to produce? As the scale of operation increases, these decisions be more difficult. Marketing assists to make the right decision at the correct place. In business, marketing is very important if the business will do marketing in the right way then you can make the right decisions also.
4. SOURCE OF NEW IDEAS
Marketing helps businesses to understand the need of customers Reviews from customers serves in the improvement of the current products. there is a rapid evolution in the tastes and choices of people. Marketing helps in getting these changes. It helps to understand new demand models that appeared in the market. Analysis and improvement department improve products accordingly.
The 4p's of marketing mix i.e product, value, status, and promotion play a large part in product development. Creativity and innovations are taking place as per the demand by the research and development team of the business.
5. TACKLING THE COMPETITION
There is growing competition in nearly all sectors of the economy. It is tough for any business to create trust for their products and services. The role of marketing is important to create a brand icon in the mind of customers. Marketing not only helps to give the product and service to the customers. but also motivates them to buy the product. sound marketing tactics can portray a better image of the business than the opponents business can make use of new technology for powerful marketing. Marketing help to beat business competitors. Productive marketing help to capture the whole market.
6. CREATE TRUST
People want to buy from a company that has a trustworthy reputation. Creating trust amongst the customers is a time-consuming process. Creating trust among the customers helps the business to get loyal customers. Once your business makes this trust with your customers, it creates customer loyalty. Happy customers improve the brand image in the market. Effective marketing plays an important part in building a relationship between the customers and the company. A majority of the activities of the marketers are focused on building the brand assets of the business. Trust is an important asset of business. Business take lot of efforts to tell people who are you, why they should buy from you
The most expensive thing in this world is trust cheap business can't afford it.
7. INCREASES AWARENESS
Marketing serves in building awareness about the current products, new accessories as well as the company which sells a particular product in the market. This raises awareness among inherent consumers. it creates a brand image between the consumers.
8. INCREASE IN STANDARD OF LIVING
The first objective of marketing is to produce goods and services to the customers to satisfy their needs. Paul maur defined marketing as, "The delivery of standard of living to the civilization" Marketing helps to identify the requirements of the customers and take action to manufacture quality goods at more affordable prices. This will help to increase and sustain the standard of living of the customers. In current times, large-scale production of goods and services decreased its prices due to which even the poorer parts can attain a reasonable level of living. Because of marketing, the customers are seeing new things every day. The life of the customer has become more comfortable due to marketing so that is why marketing is very important for society.
9. INCREASE IN NATIONAL INCOMES
In a successful marketing society, if the demand for goods and services increases, then the level of production increases, and more marketing increases, that is why the national income increases.
Every economy rotates around marketing, production, and finance to the industry. The scientifically planned marketing activities support the economic development of the nation. Powerful marketing of products and services results in industrialization, more job, and makes the economy more powerful and durable. Marketing can bring about the rapid development of the country by the combination of agriculture and industry.
10. MARKETING AS A SOURCE OF INCOME & REVENUE
The production of the marketing function is necessary because it is the only method through which the company could make revenue or income and bring in profits. Buskirk has pointed out, “Any activity related to obtaining revenue is a marketing activity. It is all too easy for the accountant, engineer, etc., to operate under the broad assuming that the Company will realize many dollars in total sales amount.
that is why the importance of marketing is more in current time.
11. PROVIDE QUALITY PRODUCTS
There is growing competition in the market. Customers are getting clear access to the information about the goods and services obtainable in the market. It produces more pressure on the business to provide quality products to the consumers. supplying faulty products may create a negative image of the company which affects customer loyalty. If competition is high then the quality of the product will be high
12. MANAGING CONSUMER EXPECTATIONS
Marketing research assists companies to realize the need of the customers. It helps in promoting goods that fulfill customers' expectations. Customers' reviews collected in various sources can support the business to make significant changes in the products or goods. Businesses use marketing to make customers aware of important changes, such as mergers and transfers in ownership that affect goods offerings or seek to increase quality.
13. DECREASES DISTRIBUTION
Marketing activities help to give low goods and services to society. Powerful utilization of the channel of distribution can assist in decreasing the cost prices of goods and services. Minimization of the cost will serve to increase the possible clients for the products or services. It also ensures the timely availability of the goods.
Marketing reduces the cost of distribution and if the cost of distribution is reduced then the price of the product will be reduced. So the customer can purchase the product at a low price.
14. PROMOTES PRODUCT AWARENESS TO CONSUMERS
So these were 14 major importance of Marketing that every businessman or entrepreneur should know. I hope you guys must have known the Importance of marketing. I request all of your browsers that you also share this knowledge with your neighbors, relatives, your friends so that there will be awareness with us and everyone will profit a lot from it.
Marketing is essential where the competition is very high. Marketing provides a competitive advantage to businesses. It allows businesses to gain loyal customers through executing good marketing plans. Convincing someone to do something or not to do something is a stake of marketing.
Marketing finds and then solve there customer's pain point
FAQ on Marketing