The Importance of Marketing
Earlier finance was considered backbone for any business but gradually marketing gained
importance and was considered more important than other functions of business i.e. Finance,
Production and Human resources. Later it was realized that to run business profitably
companies need to market their products if they want to gain more profits. As for every
business the leading factor for success is the customer. Thus with the customer as a
controller, marketing becomes a major integrative function of the organization. However,
Marketing cannot be kept apart and the Product, Pricing, Placement and promotions of the
product ultimately depends on the marketing function.
Currently marketing is a core business discipline since it contributes greatly to the success of
the organization. It’s also essential to appreciate the concept of marketing as the cost of
marketing amounts to forty to sixty percent of the total cost. Production and distribution
depend largely on marketing. Marketing covers advertising, promotion, public relations, and
sales. It is the process of introducing and promoting the quality product or service into the
market. If the company targets more of customer’s needs, they will come back again and
again and even bring along other customers. On the other hand, if the company push more on
the product and ignore customer’s needs and wants, they will in no time lose their customers.
Marketing plays an important role to the marketer, customers and society.
Importance to the Marketers
1. Marketing Promotes Product Awareness to the Public
The primary task of marketing is to get the product or service recognized by the market. It is
important that public awareness of product and company information is spread to the buying
public, this is possible if heavy advertising, sales promotion, personal selling, direct
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marketing is done for creating awareness. There is no fixed rule for all butobviously the use
of a particular technique depends upon the nature of product, market and the financial
conditions of the company.
2. Marketing Helps In Enhancing Product Sales
Apart from public awareness about a company’s products and services, marketing helps boost
sales and revenue growth. Once the public learns the your product through TV
advertisements, radio commercials, newspaper ads, online ads etc, it will generate sales.
More the people know a productor a service; more interested they would be in buying the
products.
3. Marketing Builds Company Reputation
Marketers continuously aim to create an image of the company in general public eyes. They
tend to create brand name recognition. This is done so that consumers can easily associate the
brand name with the images, logo, or caption that they hear and see in the advertisements.
For example, McDonalds is known for its arch design which attracts people and identifies the
image as McDonalds. With an established name in the industry, a business continues to grow
and expand because more and more customers will purchase the products from a trustworthy
and reputed company.
Importance to Customers
1. Marketing creates Utilities: Marketing creates different types of utilities, form utility –
from a plumber to furniture, place utility- product moving from the factory to the customer,
time utility- product available when needed, information utility- ingredients of the product
and even how to use the product, and possession utility- transfer of ownership from retailer to
customer.
2. Large number of choices available: Marketers create needs and wants and try to satisfy
that through offering variety of product choices. If one wantssoap, there are n numbers of
brands available. For example Lux, Pears, Rexona, Dove are range of soaps offered by HUL.
3. More platforms available: With the advent of technology, the marketers are offering
customers both offline and online platforms to purchase. Now marketers are serving more
number of customers through different ways, reminders of sales comes through sms, e-mail,
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facebook, whatsap, Even customers have become smarter, they search for information from
different online platforms and buy the best deal.
Importance to the Society
1. Source of Employment: Marketing offers a great range of wide and exciting career
opportunities. Marketing offers employment in the field of personal selling, packaging, and
advertising, marketing research, consultancy, distribution and channel sales.
2. Welfare of Customers and Stakeholders: Though profit maximisation is main motive of
every business but many marketers have taken up corporate social responsibility in order to
give back to society. Different forms For example, HUL’s – Behaviour Change Program
where washing hands with soap before a mother touches her baby is proven to prevent many
of infant deaths in villages. Where, over 40% of child deaths under the age of 5 happen in the
first 28 days of life. Washing hands with soap before a mother touches her baby is proven to
prevent many of these deaths. This campaign is to help teach mothers this lifesaving habit
and ‘Help A Child Reach 5’