Marketing is the foundation of a lot of important fresh ideas in the organization thought and practice like flexibility in manufacturing systems, flat organizational structure and an increased emphasis on service, all of which are done to make the businesses more responsive to the needs and preferences of consumers. This means that there is a need by small business owners to also master the fundamentals for marketing so that they can succeed.
One of the importance of marketing is that it not only helps marketers to increase awareness of a product by the target audience, it also assist in boosting of sales and the revenue growth. This is because marketing develops an urge among the target audience to purchase products through effective marketing strategies including incorporated marketing communication. The more people become familiar with a product, the more they would be interested to buy.
The reason for marketing in any business is creating brand equity via brand’s name, images, logo or caption that the consumers hear and see in advertisements. With an established name it is easier for business to develop and expand. Companies also create reputation buy innovating products which is possible due to the funds gotten from sales.
In this modern era, the needs and preferences of across the globe consumers are satisfied through content marketing which relies on information technology. Vendors do recognize the role websites, online groups, and blogs in marketing exchanges. Now a buyer can easily get a product on online platforms, compare the same product from different sellers and find the best value
As much as marketing is primarily focused on promoting product awareness by the market, consumers also take benefit. Consumers do not recognize the importance of a product like phones laptops, until marketing is done to promote awareness, which can be used to improve the quality of life. Marketers help in spreading of awareness about a useful product, where customers the desire to get them which in turn improves quality of life.
Marketing is an intricate tool in business that requires many people in one form or the other in order to be effective. The key roles of marketing is buying, selling, financing, transport, risk bearing and standardization. Different activities are done in each one by huge number of people and bodies. Therefore marketing creates employment. A lot of people are directly or indirectly dependent upon marketing.
Not only does marketing sets the economy running, but also offers steady and stable economic conditions. It is the bridge between the manufacturers and customers.
Moreover, there is nothing that determines the success and financial success of any business like the marketing ability. Financial operations, accounting and other business utilities can’t be effective if there is no sufficient demand for goods and services.
Marketing provides variety to the society or consumers. In the current market, everyday a new product enters the market and in tens of variations only because of marketing. This is important as consumers are given freedom to purchase a product they desire without feeling like they are forced due to lack of an alternative.