What are the 7 major importance of marketing?
Why marketing is so important? Marketing has a great role in achieving business goals, it is used as a strategy by business communities to achieve their business goals and objectives. Marketing is not only for the business, rather it is equally important to consumers and nations too. Here, we will discuss the importance of marketing from a business, consumer, and society’s point of view. Show
Importance of Marketing To The BusinessFor the business, marketing is a great way to reach potential customers, get to know them, understand their needs and expectation, and achieve success by satisfying the customers. The major importance of marketing to the business, organization, or marketer is pointed out below. Basis of Organization’s ExistenceCustomers are the king these days, any business’s success is determined by the extent it provides satisfaction to its customers. The more satisfied customers the more successful business is and vice versa. Proper marketing is a great way to ensure customer satisfaction, hence it becomes the social and economic basis for the existence of the business. Source of RevenueMarketing also helps businesses to generate profits. Since other activities are also essential for the company’s source of revenue, marketing ensures the production of goods, merchandising functions, right product & place distribution, and other supportive activities. The proper performance of these activities is the important business’s source of revenue and survival. Information For Planning and DecisionMarketing helps businesses to gather important information from the marketing environment. A good understanding of environmental factors such as customers, supplies, distributors, government, competitors, etc. has a great role in proper planning and decision-making that ensures the betterment of the firm. Management of Innovation and ChangePeople’s needs go on changing, and one prodcut that satisfies consumers’ needs, may not be satisfied in the future. For this, to be reachable near to consumer satisfaction, the firm has to continuously gather information about the customer’s changing preferences, needs, and desires. Marketing as a business strategy helps businesses to develop innovative customer-satisfying ideas to secure the firm’s future. Distribution of ProductOnce the prodcut order is placed, the ordered prodcut should be delivered to the right customer at the right time. Marketing, for the firms exactly, ensures this. AdaptationAnother essential importance of marketing to the business is that it helps businesses to adapt to changing situations. Since customers and market situations and need are changing, marketing helps businesses to understand the changed situation of the market and asks to change when necessary. Importance of Marketing To The CustomersOnly business marketing is not beneficial, it also helps customers in many ways. The significant importance of marketing to the customers can be understood in the following points. Creation of UtilitiesIt is through marketing that much of a product’s utility is created and the customers’ need and wants is satisfied. There are several utilities that marketing has created to satisfy the customer’s wants.
InformationAnother importance of marketing to the customers is that it ensures the information about the product. By customers enjoy valuable benefits such as product price, manufacturer name, quality, design, materials used in production, and so on. SatisfactionSince marketing is the customer-oriented philosophy of business, it always focuses on fulfilling customers’ needs and wants and providing satisfaction to them. Marketers always try to earn profit only after customer satisfaction is assured. In this way, marketing gives valuable treatment to the customers. The facility of SelectionMarketing helps to create healthy competition in the market. In this particular situation, many competitors bring a variety of products to the market and customers get a chance to select the best product for them from the available to satisfy their needs. Upgrade In Living StandardIt is marketing through which customers receive varieties of goods manufactured in different places of the world. Some products provide easiness to their life, some provide luxury, and some may provide valuable knowledge. All these things may bring changes in consumers’ lifestyles and upgrade their living standards. Importance of Marketing To The Economy and SocietyGood marketing also ensures that the nation’s economy and society also should be benefited or should not be harmed. It can be justified by the following points. Source of Massive EmploymentMarketing consists of many significant activities, which generate sufficient employment in the country and abroad. It relieves the government in this field. Some employment is the main source of people’s income, marketing helps to improve the living standard of people. Maintain Supply and Demand Situation In The CountryIt is the prime duty of each government to feed the people and make their life safe. With the increased population in the country, their needs & demands also go on increasing over time. To fulfill their increased needs and demand, the supply position of the country needs to be improved. With the help of the marketing process, a country can concentrate its activities on analyzing the marketing environment of the country and produce desired goods at the desired level, equalize supply with demand, and disperse the product and facilities to the target market as per their demand and hence, keep the people satisfied. Assures the Desired Rate of Economic GrowthDevelopment in agriculture, industry trade, and other service sectors of the country is possible only through the development of marketing activities because marketing directly affects these sectors. Similarly, marketing can develop entrepreneurship and managerial talents in the country. Therefore, marketing helps in achieving the desired rate of a country’s economic growth, which is the main basis of people well being and success. What are the 7 importance of marketing?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.
What are the importances of marketing?The importance of marketing for your business is that it makes the customers aware of your products or services, engages them, and helps them make the buying decision. Furthermore, a marketing plan, a part of your business plan helps in creating and maintaining demand, relevance, reputation, competition, etc.
What are the 7 concepts of marketing?The 7 key marketing principles are:. Product.. Price.. Place.. Promotion.. People.. Process (or Positioning). Physical Evidence (or Packaging). What is the most important function of marketing?Promotion is the most commonly known function of marketing. It includes the traditional and digital marketing activities most audiences would be aware of. Promotion involves activities designed to communicate with customers, inform them of the brand and products, and convince them to purchase goods or services.
|