Marketing is one of the most important aspects of any business. It does not matter whether the organization has the finest product or some quality service to offer if consumers do not purchase this.
In this context, marketing plays an important role as it helps in promoting the product or service that the business has in the offer. When a product or service is promoted effectively, consumers get to know about this. “Marketing is not, at this point, about the things that you make, yet about the accounts you tell”- Mark expert consultant at Myassignmenthelp.
It is not enough to establish an amazing business, this is only the first aspect of designing a successful organization. The success of business and organization overall significantly depends on the consumer which the business or the organization serves.
You should check out the SRMG Article to learn more about how successful businesses operate in the real world.
However, establishing an effective consumer base is about attracting them towards the product or service.
To attract consumers, marketing is of prime importance. Therefore, organizations need to design an effective marketing strategy for ensuring success in the business. However, it is important to identify that marketing is not the same as advertising.
Although small organizations think that marketing is often defined by advertising, it is a border concept. Advertising should be considered as an important aspect of marketing, therefore it should be considered while designing a marketing strategy for ensuring that marketing strategy is effective and efficient as well.
In this context, the importance of marketing is analyzed in detail for providing a comprehensive idea regarding this.
Reasons which make marketing important
Informing consumers regarding the exclusivity of the business
To attract consumers in a market place served by various competitors, it is important to ensure that consumers have ideas regarding the exclusivity of the business.
When there are various alternatives for the consumers to choose from, it is required to inform consumers regarding the exclusivity of the business and effective marketing helps in ensuring that as well.
Engaging consumers with the business
Marketing helps in engaging consumers with business. If consumers are engaged with the business, it is not possible to retain consumers after they complete their transactions with the organization. Therefore, marketing plays an important role in this context.
“A key piece of commitment advertising is giving customers an open door for an exchange—with your image, yet with one another”
Ensure a reputation for the company
Marketing makes a brand famous among consumers. Companies not only become famous for their products, but it is also about the branding of the company that helps in ensuring the reputation of the company and this is important for business as well.
Increase sales of products
Marketing helps in selling products better. Although the quality of the product is important, branding it properly helps in ensuring increased sales of the products as well.
Therefore marketing is important along with the quality of the products as well.
Enhance business process
When marketing is integrated with organizational strategies, then it helps in strategic marketing.
Strategic marketing sometimes enhances business processes and therefore, it should be considered by the organization. When strategic marketing is implemented properly, it helps in educating consumers, engaging them with business, ensuring a reputation for the brand, and selling products to consumers, and all of these aspects help in enhancing business processes as well.
5 marketing management functions
Marketing management plays an important role in analyzing the marketing requirements of the organization and implementing those requirements in an organizational context as well.
“Put yourself in their shoes, empathy is one of your most valuable marketing tools”
However, to implement marketing management, it is important to identify important marketing management functions. There are five functions of marketing management.
These functions are the followings:
Selling is one of the best aspects of marketing. It is about to make consumers convinced in purchasing a particular product or service that an organization offers. When a consumer purchases a product, it is owned by the consumer.
Therefore, it is the transfer of ownership to the consumer for which the consumer needs to provide some money that is considered for the product or service by the organization as well.
Selling, therefore, provides context to the organization in ensuring profit which is one of the most important aspects of any business as well.
Buying and assembling
It analyses what products to buy, what should be its quality, it’s quantity along with information regarding from whom the product should be purchased when considering its price.
People who are involved in business consider purchasing for enhancing sales or decreasing costs. Some purchasing agents prioritize quality, service along with its price. The products that are purchased by the retailers are considered for reselling and these products are selected according to the requirements while analyzing consumer preferences as well.
Assembling is to purchase necessary components or parts and then those components are integrated for designing a product. ‘Assembly line’ provides a production line that consists of assembly functions. The assembly operation ensures that individual components or parts are brought to the assembly line and these parts are then considered for assembling as well.
Transportation refers to the physical means that helps in bringing products from the places where products are designed to those places where it is required to provide for consumption. Therefore, it provides context for creating locational utility.
Transportation plays an important role in the procurement of raw material along with the delivery of products after it is completed and these completed products are provided to the consumers according to their requirements. Transportation is mainly dependent on railroads, trucks, waterways, pipelines, and airways as well.
After products are completed, it is required to store those products properly before these products are delivered to the consumers. To ensure that products are not damaged and the quality of the product is not affected, storage is required.
However, sometimes the production department needs to deliver raw material to stores, and these raw materials are delivered into containers to ensure that materials are not damaged and quality is ensured as well.
To ensure that the marketing decision of an organization is proper and according to organizational requirements, it is important to ensure access to accurate and timely marketing information as well.
Therefore, it is an important marketing management function that needs to be analyzed by the organization as well.