Importance of Marketing |
Principles of Marketing
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Management Notes

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.

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.

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, which 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.

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.

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.

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.

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.