Marketing is an essential tool that facilitates a meaningful connection between the consumers, society and business entities. It is a management process that includes product identification, determining the demand of a specific product or service, deciding the price, selecting distribution channels and transferring the concept to the customer through a promotional strategy.
Marketing is described as an activity that creates and delivers offerings that have value to clients, customers, and society at large. In simple terms, the word marketing refers to the selling of a product or a service at a large scale. It is the bridge that connects the self-interest of the business and the requirements and needs of a customer in a viable manner.
Why is Marketing Important?
1. Importance of marketing for business
Business needs to be market-oriented if it wants to sustain and succeed in these competitive times. The importance of marketing can be understood through the following-
- A business cannot survive without the customers hence it takes the help of an effective tool known as marketing. It is a valuable way to engage customers through conversation. Marketing provides relevant information about the products and services and the business entity so that the people feel connected with the values and mission of an organization. The positive brand image increases the visibility of the products and services through marketing and helps the business in creating a customer base that is loyal to the brand and thus to its offerings
- The brand name is the most important asset of an organization and it is marketing that helps to create a brand image that is well-liked by the consumer in the market. There are numerous products in a consumer market and it is ultimately the brand visibility that helps to differentiate one product from the other. This is why one brand is able to garner huge sales whereas the other struggles to meet the ends.
- An organization takes the help of marketing via short videos, social media platforms, advertising, CSR activities, and PR strategies, etc to give the customers a sense of belonging and association. They realize that building and maintaining brand reputation and image in the consumer market is very important if they want to flourish and grow
- Marketing helps a business entity to build trust and understanding with its clients and customers so as to establish a fruitful relationship.
- An important aspect of product development is meeting the search successfully for a perfect market. It is marketing that helps the business to get insight into the mindset of the target audience through surveys. This information helps it to create products and services that will meet the needs of its target audience successfully. The four Ps of marketing product, place, price and promotion play a huge role in product development.
- Marketing is used by business entities as a communication tool to inform the customers about the various products and services it has launched in the consumer market.
- It is marketing that tells the customers about the value of a specific product or service and any additional info that might be useful for them. It makes the business entity, its brand image, as well as visibility factor, stand out in the consumer market.
- Marketing leads to the building of trust and this results in customer loyalty. When a business is able to deliver on its promises it leads to brand loyalty. The consumers now have the confidence to buy more products from the organizations that they can relate to and ultimately it proves a blessing for the organization.
- There is stiff competition in the consumer market with every organization trying to score one-up over its rival brands. Marketing proves an effective tool that convinces customers to stay loyal to the organization. It informs them about discounts, free products, and incentives as part of their competitive tricks to maintain the existing and build a new customer base
- A business entity takes the help of marketing to boost its sales figures. Marketing the products and services successfully helps to make the customers brand ambassadors of the company and that too unintentionally. When the customers are happy with the products and services of an organization they will automatically spread the word in their circle to family and friends. This ensures higher sales figures and leads to greater revenue margins.
- Targeting the right audience at the right time is the prime concern of marketing. It offers meaningful insight and relevant information about the business. The right content establishes a connection with the customer and convinces them of the authenticity of a business entity.
- The process of marketing is undertaken so that the organization can maintain relevance
- Marketing provides a business entity with the option to penetrate new markets. This ultimately increases sales and revenue options
- One of the common issues of an organization is to make sure that it is manufacturing and selling its products and services to the right customer at the right time. Both abundances, as well as the scarcity of products, is not fruitful for the business. It is marketing mechanisms that help the company to make informed decisions.
- Marketing helps to cope with the changing environment in the global market.
2. Importance of marketing for customers
Marketing helps to study consumer demand that is in most cases varied so that it can serve as a vital link to connect production and consumption. The importance of marketing in relation to customers is
- The consumer plays the most important role for every business entity. It is actually the lifeblood of organizations because what is the use of manufacturing products and creating services if you do not have consumers and clients to buy them. It is the process of marketing that aligns the needs of the customer with the products and services so that the offerings are the ones that are required by the customer.
- Marketing with the help of SMS, emails, blogs, websites, online communities, advertisements, and commercials have reached a wider audience. The consumer has also become techno-savvy and has learned the art of comparing product specifications and prices through online portals. Buying goods globally at the most affordable rates has become very easy thanks to marketing on a huge scale
- Customers are taking advantage of the marketing policies of the brands to gain awareness of different types of products, their value, and their uses.
- It is marketing that helps to create a strong relationship between a brand and its customers. This ensures brand loyalty and customer retention
- Marketing helps to keep the customers and the organizations on the same page by creating demand and assisting in meeting supply
- It is marketing that helps the organization to transport goods and services to the right locations at the right time so that the customers are not inconvenienced.
- Marketing has a significant role to play in the distribution of goods and services as per the consumer want and satisfaction in the market.
- Marketing helps to empower the culture of customer service.
3. Importance of marketing in society
Marketing is referred to as one of the most significant activities in the society because it is entrusted with creating, delivering and enhancing the standard of living.
- Marketing acts as a reliable link between the business and society as it has the ability to educate the customers about the value of a product and service so as to cultivate the mindset of a consumer and convince them to buy
- Marketing plays an important role in maintaining the economic stability of a country by creating a proper balance between demand and supply. The economic stability leads to economic growth thus indirectly it is marketing that has resulted in the economic growth of the country
- It is marketing that helps the consumer to continue with his habit of spending. This is considered as a protection against depression
- Several career options are linked with marketing for instance product design and development, marketing research, packaging, transportation, advertising, and personal selling. It offers numerous professional and employment opportunities to the interested parties
- Society becomes aware of the numerous products and services that have been launched by different organizations through marketing.
- Marketing helps to improve the quality of life. Consumers come to know about different types of products and services in the market and the purchase improves their standard of living
- Marketing creates utility for instance it helps the business to identify the need for a chair and thus will encourage it to manufacture and sell it in the consumer market thus crating form utility.
Pinky is an MBA in Marketing from the University of Mumbai. She loves helping people out in learning Marketing and sharing latest ideas and tactics for growing businesses.