Importance of Marketing- 15 points
IMPORTANCE
The Significance or Importance of Marketing can be highlighted through the benefits enjoyed by consumers, business firms and Society in general.
Let us discuss these under separate heads:-
I. Benefits to Consumers
➡ Promotes product Awareness
Through different marketing activities companies promote their products and services. This creates awareness among the consumers about different brand and features of the products available in the market.
➡ Provides Quality product
Through increasing competition consumers get easy access to the information about the products and services. It creates moral pressure on the business to provide good quality to the consumers.
➡ Provides Variety of Products
As marketing creates awareness among the consumers about the product. Through marketing consumer can get variety of products according to their price , size and quality of product.
➡ Helps in selection
Variety of products with different brands are available in the competitive market. Marketing helps the consumers to choose the best products and services from the different options available.
➡ Consumer Satisfaction
The first and important objective of any sound marketing policy is to satisfy the consumers wants and needs and assures good quality products to the consumers. Consumers achieve satisfaction only when they get more than what they give.
II. Benefits to Business
➡ Maximization of Sales
Once marketing creates awareness about the products and services among the customers it attracts them to purchase the same. In modern business , survival of business depends on the effectiveness of marketing.
➡ Builds Customer Loyalty
Creating trust among the customers is time consuming process. Marketing creates trust among the customers and helps the business to earn loyal customers and achieve customer loyalty.
➡ Source of New Ideas
Marketing helps to understand the needs of custo -mer which are dynamic in nature .In such situation marketing is essential in such situation , in providing channels and sources of new ideas and guiding policies.
➡Provides Competitive Advantage
Proper marketing skills helps the business face the competition and gain competition advantage in the market . T role of marketing is important in creating brand image in the mind of customer.
➡ Basis for Decision Making
A businessman has to look after many problems and take several decisions such as What to produce ? , How to produce ?, and For whom to produce ?. In such case, marketing helps to take right decisions at right time.
III. Benefits to Society
➡ Creates employment
To run the organization with all functions like buying, selling, financing , risk bearing etc... there is need of people. Thus , marketing gives job opportunities to the people and thus creates employment opportunities also.
➡ Maintains Economic stability
Efficient distribution channel of marketing helps to maintain regular supply of goods and also helps to maintain a balance between the demand and supply of goods , which results into stability of prices.
➡ Increases National Income
Effective marketing of products and services results in industrialization, makes job and makes the economy stronger by increasing the national income. A properly organized marketing activities helps in development of the economy .
➡ Keeps marketing activity smooth
As marketing helps in maintaining a balance between demand and supply of goods and achieving stability in the prices this helps to maintain money supply in the market and thus keeps the marketing activity smooth.
➡ Increase in Standard of Living
Marketing helps to increase and maintain the standard of living of the customers by taking an initiative to provide the quality goods at the cheaper price and to satisfy their needs and wants constantly.
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