Importance of marketing 2023
Everything you need to know about the importance and importance of marketing. Marketing is recognized as the most important or important activity in our society.
Marketing has gained social importance as it is entrusted with the task of building and distributing the standard of living to the society.
Marketing constantly studies consumer demand which is diverse and dynamic. Marketing is the vital link between producers (production) and consumers (consumption). This is mainly attributed to the wheels of production and consumption moving or running continuously at their optimum speed.
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In this article we will discuss about the importance and importance of marketing. Know why marketing is important: 1. Business 2. Consumer 3. Society 4. Developing Economy 5. Individual 6. Business Firm 7. Individual Business Enterprise 8. Developing Countries.
Marketing is one of the most important activities in an enterprise. It is not important as a commercial activity in organizations; Marketing has positive effects that go beyond making a profit for the enterprise.
Learn about the importance and importance of marketing
Importance of marketing - for business, consumers and society
Marketing is not just selling. Marketing is not only a business function. Marketing is a lot more complicated than sales and is just a business function. In an article 'Marketing Is Everything' that breaks a path, Regis McKenna states, 'Marketing is not a task today; It is a way of doing business. Marketing is not a new advertising campaign or promotion of the month… its job is not to fool customers, nor tarnish the image of the company. This is to integrate the customer into the design of the product and create a systematic process for negotiation that will create substance in the relationship. '
Marketing extends to all aspects of your business and all customer contact points, including your company's web site, how you respond to the phone, your marketing and PR campaigns, your sales process, how your sales representatives present themselves ( In-person and in-person) phone), how do you implement your products and / or services, how do you manage your customers (customer service), and how do you resolve customer feedback.
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In fact, your business starts and ends with marketing. You must be marketing oriented at all times to succeed and sustain in the business for a long time.
'Marketing aims to make sales great. The purpose of marketing is to know and understand the customer so well that the product or service fits him and sells himself. Ideally, marketing should result in a customer who is ready to buy. After this whatever is needed is to provide the product or service. '
There are countless examples of products and services, where customers flock to buy products or use services; Such as Apple's iPods, iPhones and now iPads, Sony's Walkman, Nintendo video games, Toyota Lexus, Microsoft Windows etc. In the Indian context too, many products and services have made a mark among customers. Ford EcoSport, Maruti Suzuki Baleno and Celerio, Patanjali products are excellent examples to understand how a business can be run by identifying and meeting customer needs.
Whether you take the example of Yahoo or Google or Apple or Tata or Reliance; All successful companies rely heavily on continuous innovation and marketing of their products or services.
Importance of marketing for business:
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The marketing business is important for the consumer as well as society.
This is clear from the following points:
Me. Marketing helps the business to keep pace with the changing tastes, fashions and preferences of the customers. This works mainly because the detection of consumer needs and wants is a regular phenomenon and the improvement of existing products and introduction of new products is a continuous process. Thus, marketing contributes to provide better products and services to consumers and thus helps them to improve their standard of living.
ii। Marketing plays an important role in the development of the economy. Various functions and sub-functions of marketing such as advertising, personal selling, packaging, transportation etc., generate employment for a large number of people and accelerate the growth of business.
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iii। Marketing helps the business to increase its sales volume, generate revenue and ensure its success in the long run.
iv। Marketing helps the business to meet the competition effectively.
वी। Marketing promotes product awareness for the public.
vi। Marketing builds the company's reputation. To win the general market, marketers aim to build a brand that helps with name recognition and product recall.
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It is a technique for consumers to easily associate a brand name with images, logos, or captions that they hear and see in advertisements.
Importance of marketing for customers:
(i) Marketing promotes product awareness for the public. Marketing creates a win-win situation for both customers and the company. With the help of marketing, product / service awareness is generated among the people, enabling them to identify and satisfy their needs.
(ii) The process of new product development marketing managers identify the needs of customers which will give them ways to fulfill them.
(iii) With the help of marketing of various products a customer can compare the products of the competitors and buy the best of the available options.
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(iv) Through promotional activities carried out by marketers, customers get additional benefit for purchasing products.
(v) With the development of various new marketing concepts such as Customer Relationship Marketing (CRM), customers gain as companies now realize the importance of existing customers and thus seek to retain them.
Also concepts like ethical marketing have helped customers a lot. For example - an ethical company like Nokia has discontinued BL-5C batteries all over the world because of a manufacturing defect.
Importance of marketing for society:
(i) Due to various marketing activities such as advertising, personal selling, packaging, transportation etc., a large number of employment opportunities arise.
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(ii) Marketing helps to increase national income by increasing sales volume, thus generating revenue.
Importance of marketing - in a developing economy
The importance of marketing in a developing economy has been emphasized by many authorities in recent times. It has been referred to extensively by a group of notable exports, including Drucker and Blood, from the UK Institute of Marketing; Marketing enables producers to provide products with quality, with demand and with specifications for their products.
This enables the product to be marketed rather than spoiled along the way. And it enables the consumer to discriminate, that is, to obtain the greatest value for his very limited purchasing power.
In an economy that is striving to break the age-old bond of suffering and destroying human beings, the transformation of latent resources into marketing real resources, desires into achievements and development of responsible economic leaders and catalysts for informed economic citizens is. "
Marketing is a primary tool to make the economy more dynamic to accelerate growth. It can be a cause and catalyst along with the outcome of economic development.
The broad infrastructure of marketing contributions to developing economies are:
The significant contribution of marketing to the developing economy can be analyzed as follows:
(i) Economic Development:
The country's economic growth can be interpreted as "a long-term increase in its population's ability to supply increasingly diversified economic goods, this increasing capacity is based on technology and the institutional and ideological adjustments that it demands." Marketing plays an important role in this direction through full and useful use of resources.
(i) Through better procurement of raw material machinery and other inputs.
(ii) Through better product planning and guiding production with useful channels.
(iii) Through the widening of markets for products through consumer identification and as control of their needs and preferences.
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All this is effected without any change in the method of production, supply of finance, distribution of income or in most cases any additional investment. Some experts have suggested that marketing and advertising is a luxury, which can be spent only after economic development.
(ii) High standard of living:
Paul Mazur feels, "Marketing was the distribution of the standard of living of society." To raise the standard of living, marketing must build form, time, space, and occupation utilities. It emphasizes the responsibilities of marketing executive about satisfying the society with respect to their demand for goods and services. Marketers are expected to provide quality products at a reasonable price, at reasonable prices, with reasonable profits.
(iii) Agricultural Development and Agricultural Productivity:
Agriculture still holds importance at a high level in many developing countries and the country's economic development is closely linked with agricultural development. Low agricultural productivity in these nations is often explained by factors such as inadequate methods of irrigation, lack of mechanization in farming, inadequate supply of fertilizer and natural disasters. But one of the most basic problems, which are often not recognized, is the lack of a marketing system.
According to Owens and Shaw, "Agricultural development is a human problem, not a technical problem. If all farmers have access to production inputs, financial systems, markets and agricultural knowledge, they can improve the state of agriculture. But most farmers lack access to the market system and thus lack both resources and incentives to modernize their methods of production.
The author says, "Uneven access to the market is one of the reasons why most of the big farmers in India have benefitted from the Green Revolution."
(i) To enable farmers to sell their produce at a reasonable price.
(ii) Bringing agricultural seeds to their doorstep at reasonable prices like good seeds, fertilizers, pesticides and storage facilities and equipment such as tractors, trailers, harvesters, pump sets;
(iii) To facilitate their movement by supplying at moderate prices means transportation like bicycles, scooters etc. and
(iv) To make their price comfortable by providing consumer goods like better clothes, toiletries, beverages and household items like furniture, cooking utensils, radishes etc.
These last two items are classified by Rosto as incentive goods on the ground that "the availability of attractive, expensive consumer goods can be an important incentive for production and productivity."
Marketing transforms a stable, self-limiting economy into a creative, self-expanding system. It converts latent desire into effective demand. It is true, it cannot come forward with creating purchasing power. But it exposes and cancels all such power that exists. Thus, it creates conditions for a high level of activity. This gives rise to entrepreneurial talent. Competition among manufacturers to take advantage of new demand forces makes them efficient.
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"Marketing in an underdeveloped country is a concern for product and service as well as integrity of conduct, standards of credibility of foresight, and the basic long-range impact of decisions on the customer, supplier, economy, and society."
(v) Large scale consumption and economies in production:
The marketing process is an important element in using production effectively as a result of the balance between economic growth, high production and high consumption. Mass production depends on mass consumption. Mass consumption is the key to economic development. Marketing has promoted the production of goods and services as per the requirements of the consumers, fully consumer satisfaction. Increased demand due to increased consumption has led to expansion of production and economies of scale.
Another important contribution that marketing makes is that it helps maintain and improve employment opportunities. It is an important sector of the developing economy because when a country progresses, it takes more and more people to distribute goods economically and proportionately fewer numbers to make them. It is relatively less important than production marketing from an employment point of view and relates to transportation, finance, communication, insurance, etc., which is the spring for this.
According to an estimate, 40% of the labor force in developed economies like USA, UK, Japan, Germany etc. is engaged in effortless marketing processes such as marketing research, transportation, storage, communication, wholesale and retail trade, warehousing and promotional activities. In developing economies like India, there is a lot of scope to increase employment opportunities by developing advanced marketing processes.