Importance of Marketing
➦ Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
➦ Marketing is one of the single most important reasons for any organisation’s success. Some people make the mistake of confusing marketing with selling.
➦ Marketing supports all organizations for their existence and success in the following ways.
1. Basis of organization’s Existence:
➦ When customers are satisfied from the firm’s goods and services then only success of any business is determined.
➦ Since marketing assures customer satisfaction through the fulfilment of their needs and wants, it has become the social and economic basis for the existence of all organizations.
➦ Marketing plays a pivotal role in ensuring this by bridging the gap between the organization and its customers.
➦ It is through marketing that businesses identify their target audience, understand their preferences, and develop products or services that meet those needs.
➦ By effectively communicating the value proposition of their offerings, marketing helps organizations attract and retain customers, thus driving revenue and sustaining growth.
2. Source of Revenue:
➦ Among various activities , marketing is the only one that generates adequate revenue directly to the company because marketing consists of economic activities.
➦ It include production of goods, merchandising function, physical distribution of goods, and many other supportive merchandising function, physical distribution of goods, and many other supportive functions.
➦ Performance of all these activities generates adequate revenue to the company, which is the main source of its survival.
3. Information for Planning and Decision Making:
➦ Marketing helps to maintain a suitable marketing information system within the firm, this collects, sorts, analyses and maintains the most valuable and reliable information necessary for suitable planning, organizing, supervising directing and controlling the marketing activities for the betterment of the firm.
➦ Marketing research also helps organizations to segment their target markets effectively, allowing them to tailor their products, pricing, distribution, and promotional strategies to specific customer segments.
➦ Moreover, marketing data and insights inform strategic planning processes, guiding decisions related to product development, market entry or expansion, resource allocation, and marketing budgeting.
4. Management of Innovation and Change:
➦ In today’s world because of technology and other development Customers’ needs and wants go on changing situations go on changing over time.
➦ A successful marketer is one, who can over time; adapt to the changed situation. In order to adapt to the changed situation, he needs to innovate new strategies, technology, and processes.
➦ Marketing, as a business strategy and strategic tool, provides new techniques and teaches us to adapt to the changed situation according to the need of change.
5. Distribution of product:
➦ Marketing helps organizations to provide products and services to their targeted/potential customers in an effective and efficient way which helps in smooth functioning of the organization.
➦ It involves getting the right product to the right place at the right time in order to meet consumer demand effectively.
➦ Effective distribution ensures that the product is readily available to consumers where and when they need it. This accessibility and convenience enhance customer satisfaction and loyalty.
6. Adaptation:
➦ Marketing enables a firm to adapt to the changing business environment. It helps to understand the changing preference of customers thereby leading them towards adaptation as per the necessity.
➦ Adaptation in marketing is paramount as it ensures that businesses remain relevant and responsive to evolving consumer needs, preferences, and market dynamics.
➦ Adaptation fosters brand resilience and longevity by demonstrating agility and responsiveness, ultimately fostering stronger customer relationships and driving sustained business growth.References
- What is Marketing? Strategies, Types and Importance. (2023, December 5). https://www.knowledgehut.com/blog/digital-marketing/what-is-marketing
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R, M. (2019, December 21). Importance of marketing. Art of Marketing – Learn the Art of Marketing From the Experts! https://www.artofmarketing.org/marketing-2/importance-of-marketing/importance-of-marketing/13822
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MBA,BBA.
I am Smirti Bam, an enthusiastic edu blogger with a passion for sharing insights into the dynamic world of business and management through this website.
I hold a MBA degree from Presidential Business School, Kathmandu, and a BBA degree with a specialization in Finance from Apex College,
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