Reading the title, one must wonder why is marketing important at all? What can one achieve just from marketing, and how is it essential for the growth of a company?
A company’s primary or critical objective is to manufacture products and services that will be available for the customers or clients to buy and invest in.
Have you ever thought about how these products get recognition, or they gain an audience in such a period?
Or what makes a company make so much profit or businesses getting successful in no time?
Well, all of this is achieved by taking up certain practices to promote or advertise their products and services to target relevant audience and increase public traffic by attracting people. To say it simply, it is nothing but marketing of a product or service that benefits a company.
Introduction to the Importance of Marketing
If you are confused and contemplating why is a marketing essential, then this article will give you a clear vision and unblur your thought. Questions that may come up in your mind can be what can one achieve just from marketing, and how is it essential for the growth of a company?
It is necessary to understand the importance of marketing before applying its process anywhere into use.
To make it simple, a company’s main or critical objective is to manufacture products and services that will be available for the customers or clients to buy and invest in.
Quite often mixed with selling, it is not just about that, neither it only a business operation.
Marketing plays a critical role to build up a company’s value in the industry as there is a lot of competition. It is often mixed with selling, well; it is not just about that, neither it only a business operation.
Marketing is a whole lot more than that; it is more complicated. In an article on marketing by Regis McKenna, it is mentioned that there is more to marketing than just selling and being a business function.
It is no more an ad campaign to fool around people into buying products.
Still, it is a whole procedure of integrating customers into the product’s design and thus, designs a systematic process strategically for interaction with the buyers to build a balanced relationship.
It can be done in various ways like in the form of an ad; possibly on television or radio, a brochure; that is seen being circulated with newspapers daily, a press release; to target a wider audience and have spotlight for a while or perhaps through social media; nowadays, Facebook and Twitter have also started to provide marketing amenities.
For many businesses, marketing is one way of selling at a more extensive and broader scale.
The Need of Marketing
A lot of people do not know the real importance of marketing. There are a lot of factors that go into marketing that boost the value of a product or service immensely. It is undoubtedly recognized as one of the essential activities in society.
As technology is at its peak, marketing has acquired immense social importance as it is given the responsibility of creating a task and delivering the expected standard of living to society.
It benefits the company in several ways, apart from gaining an audience. Marketing keeps a close watch over the customer’s demands, and the stats indicate that it keeps on varying and changing dynamically.
Since it involves promotions of products and services and makes them reach a specific audience, it hence creates a bridge between the producers (production) and users (consumers).
It establishes a balance between the production and consumption processes and keeps it moving at an optimum speed.
The importance of marketing is not just limited as a commercializing activity for an enterprise; it even has positive implications that extend beyond the factors like making a profit.
Importance of Marketing
A business functions as a living thing; even a company has a heart and soul. While the brain of the business manages all the finances, the body offers the product manufactured, the spirit that keeps it all together remains the marketing sector.
Thus, the importance of marketing in business is crucial and is the core around which all the other essential aspects of business revolve.
Like earlier, marketing is no longer limited to communication but has its hands spread over all the other parts of the business too.
One must not restrict the importance of marketing; it sustains both internal and external exercises of a business today.
Lately, with the growing age and technology, there are so many creative and innovative minds out there, even large- and small-scale businesses, local and global companies, public and private sectors, everyone is onto the race of being at the top and are competing for the same market.
Companies have finally understood the importance of marketing and its power of creating what is desired and in demand, building up the reputation and leveling up with the competition.
Although some think that the importance of marketing is interim, they are unaware of what all that goes into the entire process of marketing. For them, it is merely promoting a product by an ad. On the contrary, reality says something else.
Marketing itself is a tedious job as it has numerous sub-branches to be given equal importance. These include;
- Establishing a company’s website; a website plays an essential role process of marketing, it gives vital information about the company like its desired goals, history, financial estimates, products and services, and even customer reviews. This helps buyers to get a good overview of the company’s reputation and standards in the mark.
- Sense of answering phone calls; how one answers a phone call leaves a significant impact on the caller (customer). In addition to being aware and knowledgeable about the products and services that the company has to offer, the salesperson must know his or her tone to build a good and healthy relationship. If one fails to do so, it might end up jeopardizing the company’s reputation.
- Marketing and PR campaigns; It is indeed necessary to strategically plan the whole marketing scheme that will result in benefitting the company’s business and increases numbers. PR campaigns, too, need to be systematically organized to extract the most out of them.
- Sales process; though, promotions are the critical success generators, the sales process is equally at par. One must not take sales lightly and should effectively work on them too. They create an impression on the customers about how professional and organized a company is. If the consumers face issues at the time of purchasing or availing a service, they might want to reconsider.
- Presentation of Sales Representatives; A company must select qualified people or employees as their sales representatives as the whole sales process comes under their supervision. A sales representative must have adequate knowledge of all the products and services and the incentives or benefits that come with the products. They should be able to convince the customers as to how their products will benefit and have the art of attracting more and more customers.
- Implementation; even if the idea behind a product and/or a service has clarity, its implementation should have the same clarity too. Failing to implement a product can affect a company significantly.
- Managing customers; As tricky as it is to attract customers and convince them into buying a particular product or service, it is proportionately challenging to maintain a good relationship with these consumers, and this can only be achieved if the customer relations department does their job well!
- Soliciting customer feedback; Customer feedback is critical for a company’s growth in the market. It even helps in creating and delivering improved products and services. So, criticism must be taken at all levels and with utmost sincerity.
The importance of marketing can be seen from the parameters mentioned above, and if these parameters are worked upon effectively, then a company can manage to have a good marketing policy for its products and services.
Marketing is not just a part of a business. A business initiates and terminates with marketing. One requires being fully marketing-oriented at all times to expect desired results, success and to sustain for a decent time.
Marketing intends to not only flourish the sales but also to know and understand the needs and demands of a customer and make sure that the product or service offered, suits them and fits in as per their requirements. This leads to maintaining a relationship based on trust and sincerity.
For obvious reasons, the importance of marketing in a business is critical and is the central core element around which all the other essential aspects of business revolve.
Even though some of you may think that the importance of marketing is interim and doesn’t have much of an effect, but you are unaware of everything that goes into the entire process of marketing. Perhaps the mindset is still that it is merely promoting a product by an ad. On the contrary, reality says something else.
Marketing is undoubtedly an urgent job because of all of the intricate details that are a part of it and need to be given equal importance. Things like establishing a website, building customer relations, presenting facts, being loyal and establishing a dependable and trustworthy reputation, often get exhausting.
Given these facts, it is evident that marketing is essential to a business. It aids and supports a business to get established, to multiply its sales volume, setting up revenue and ensuring its success on a broader outlook.
The Demand of Marketing
The real importance of marketing is still unknown to the masses. Several factors go into defining what marketing is. It benefits the company in different ways, apart from drawing the attention of the audience. Marketing keeps a close watch over the customer’s needs and the stats shed light over the fact that it keeps on varying and changing dynamically.
In addition to all this, it involves promotions of products and services. It ensures that it reaches the targeted audience, hence creates a bridge between the producers (production) and users (consumers).
It continues to maintain a balance between the production and consumption processes and keeps it moving at an optimum speed.
The importance of marketing is not limited to being a commercializing activity for an enterprise or brand; it even has positive implications that extend beyond the parameters such as making numbers.
Example of Marketing
There are so many examples where excellent marketing skills have proved to benefit the company’s stats; people have flocked to buy the products or avail services like Apple’s iPods, iPhones, iPads and now even Macbooks and Airpods, Microsoft Windows, Adobe Editing packages, etc.
In the Indian market also, many products and services have set their mark among the customers. MG Hector, Hyundai Venue are great examples to understand how businesses have benefited from marketing the right way by analyzing the customer’s needs and fulfilling them.
Another example is Tesla that is set to hit the Indian market in 2020; the company has already established its market by marketing in a smart way through social media.
It must be noticed that all these examples have been of companies that focus and process majorly on innovation and creativity.
Importance of Marketing in Business
So far, we have understood the importance of marketing in general, but why is marketing important from a business’ point of view?
Marketing is essential to a business evidently from the following points:
- It helps companies to stay updated and be on track with the changing trends, fashion and the demands of the customers. It figures out primarily as cross-checking customer needs are a fundamental process taught in routine to improvise existing products and introducing new products based on the changes. Marketing thus contributes to producing better products and services for consumers and devising them as per the trends every day.
- Marketing has an essential place in the development of the economy and the growth of the business. It not only enhances the numbers for the company but at the same time, as it generates a large number of employment opportunities like advertising, packaging, transportation, etc., witnesses in accelerating the economy of the country as well.
- It helps and supports the business to multiply its sales volume, setting up revenue and ensuring its success on a broader outlook.
- Marketing also aids in meeting competition effectively.
- It builds up a company’s face value and reputation. To seize the general market, marketing strategists aim to create a brand that helps in product recall and name valuation and recognition.
Marketing plays a huge role in a business, and thus, it is clear why marketing is important for a business and how it makes a business grow.
Marketing is a lengthy process that needs to be repeatedly evaluated to ensure the best results. This makes it obligatory to have a proper management system for marketing. There are so many subdivisions present in the course of marketing that needs individual and adequate attention, so, their management is important to have a hassle-free and smooth flow of work.
The importance of marketing management is understood only when it is not implemented, and one faces all kinds of difficulties. Managing makes the entire process of marketing easier as it includes planning, organizing, and controlling.
In marketing management, the field of operation is such that the factors that lie outside the jurisdiction and control of the company unit are to be managed. It should not be endowed with the complexities of customers like the ones requires in personnel management, but even the management must be equipped with the forte of foresightedness.
The importance of marketing management can be sufficiently appreciated if the successful performance of the activities is taken into account on which the success of a business unit depends.
The significance and importance of marketing management have been skyrocketing with the growing competition in the market conjoined with the desire for procuring to the international market.
It must be clear by now that marketing has become customer-oriented. It is dedicated to fulfill and grant the needs of the customers after scrutinizing all factors.
Marketing is certainly not an economic endeavor anymore that is significant only from a producer’s point of view. Still, the critical role that marketing plays in the economy of a country today constitutes the reality that modern economic growth and development depend majorly on the marketing operations of industrial units.
Thus, it surely paves the way for better utilization of all goods and services at all levels.
Without marketing and all the strategic planning, a company or business might fail to get sufficient recognition or attain a position in the industry for a long spell.
Even if any of the stages that are essential in the process of marketing are neglected, it might result in the products and services not engaging enough audience.
Marketing has a crucial role in building up a company’s value in the industry, given all the competition there is today.