Introduction: The Importance of Marketing in a Business
Marketing is crucial in the enhancement of the business of any organization. Marketing is the performance of business activities that directs the flow of goods and services from producer to consumer or user. In this article let’s see the Importance of Marketing in a Business
What is Marketing in Business perspective?
Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is meeting needs profitably. The objective of all business enterprises is to satisfy the needs and wants of the society. Marketing is, therefore, a basic function of all business firms.
Must Read: IMPACT OF MARKETING ON SOCIETY
Scope of Marketing in a Business.
The scope of marketing can be understood in terms of functions that an entrepreneur has to perform. These include the following:
Functions of exchange: which include buying and assembling and selling?
Physical supply: include transportation, storage and warehousing
What is the Importance of Marketing in a Business
Marketing plays many important roles. Let’s see some of the Importance of Marketing in a Business
- The marketing function plays the major role in establishing and maintaining contacts between a company and its markets.
- Since marketing is consumer oriented, it has a positive impact on the business firms. It enables the entrepreneurs to improve the quality of their goods and services. Marketing helps in improving the standard of living of the people by offering a wide variety of goods and services with freedom of choice, and by treating the customer as the most important person.
- Marketing generates employment both in production and in distribution areas. Since a business firm generates revenue and earns profits by carrying out marketing functions, it will engage in exploiting more and more economic resources of the country to earn more profits.
- A large scale business can have its own formal marketing network, media campaigns, and sales force, but a small unit may have to depend totally on personal efforts and resources, making it informal and flexible. Marketing makes or breaks a small enterprise. An enterprise grows, stagnates, or perishes with the success or failure, as the case may be, of marketing.
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The Importance of Marketing in a Business
- Marketing is one of the main departments within an organization and its duty is to identify customer needs and wants and to produce or modify products in attempt to respond to market demand.
- All modern organization engages in marketing so as able to please and win the loyal support of their customs. For a successful company marketing strategy, it is vital to understand everything that is going on a global and international market. The role of marketing capabilities in achieving company’s market and financial success is enormous.
- Marketing capabilities have a direct and complementary effect on revenue and margin growth rates. Marketing capability can help firms sense and respond to market changes such as competitors’ moves, technological evolution and revolution, enable firm organizations to leverage the capabilities and resources of partners for value creation, facilitate firms to foretell and anticipate customer explicit and latent needs.
- These, in turn, can help firm organizations to develop both radical new products or employ existing products with new features and attributes to satisfy both the needs of current customers and new customers to ensure the stability, survivability, and avoidance of shocks from new waves of competition based on new technologies and new value propositions.
Organizational Marketing Activities:
- The marketing activities in an organization cover a broad scope but all center around making sure you are satisfying the needs of your customers. To begin organizational marketing activities, first assess the concentration of your business, the company values and the direction your business is headed. After this is determined, you must find a way to connect with other local businesses.
Determine Customer Needs
- Determining customer needs is an important marketing activity because you need to know what the customer is looking for to provide her with a quality product. If you don’t provide a customer with what she wants, she will go elsewhere to find it. You can learn about your customer needs through methods such as market research, surveys and looking through the company’s past sales trends.
Create Marketing Objectives
- In order to achieve results, you must create marketing objectives for your organization. These goals are put in place to help your company improve sales, gain more customers and keep existing customers satisfied. All marketing objectives must be clearly defined, quantifiable and realistic. An example is stating the specific goal of having 2,000 Twitter followers by mid-June this year.
Select a Target Market
- Your company will not appeal to everyone, so it is important to focus on the customer group that does want to do business with you. Dig deep to determine the specifics about your customers, including age, gender, income level and where they live. This helps you determine how much to charge for your products and services and where to advertise.
Develop a Marketing Strategy
- Create a list of the areas in which your company excels, where it needs to improve and its future goals. Decide which items are most important to you, and use this list to determine your brand identity. Develop a strategy that aligns with your brand identity and that also appeals to your target market.
- Marketing is a vital business function that is necessary in nearly all industries whether the organization operates as a not for profit or as a not for profit. For the for profit organization, marketing is responsible for most tacks that bring revenue and hopefully profits to an organization.
- For nonprofit organization, marketing is responsible the not for profit mission, such as raising donations or supporting a cause. For both types of organization, it is unlikely they can survive without a strong marketing effort. Marketing is also the organizational business area that interacts most frequently with the public and, consequently what the public knows about an organization is determined by their interaction with marketers. For example, customers may believe a company is dynamic and creative based on its adverting message. At a broader level of marketing offers significant benefit to society.
Benefits of Marketing
- Developing products that satisfy needs, including products that enhance society quality of life.
- Creating a competitive environment that helps lower products price.
- Developing products distribution systems that offers access to product to large number of customers and many geographic regions
- Building demands for products that require organizations to expand their labour force.
- Offering techniques that have the ability to convey messages that change societal behaviour in a positive way (e.g. anti-smoking advertising)
Thus, the Importance of Marketing in a Business is huge and developing a good Marketing Plan and strategy is crucial for any organisation.
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