IMPORTANCE OF MARKETING
Marketing is a very wide range concept. It is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging of products.
1.BENEFICIAL FOR ALL BUSINESSES:
Marketing gives the benefits to all firms or businesses. A firm or a business cant run smoothly without the good planning of marketing of its products and services.there are some benefits of marketing for a business or a firm are:
- GENERATE CUSTOMERS: The main aim of marketing management is to generate customers through various promotional activities. Such as free distribution of samples, discounts for existing customers and it may attract new customers.
- CO-ORDINATION OF 7 Ps: All the 7 Ps (Place, price, promotion, product, people, process and physical evidence) are coordinating each other. The coordination among all these elements should not possible without the proper marketing
- MORE PROFIT WITH SALES: Marketing management is helpful for aware of a particular product or service to all customers. When customers are aware of the product of company they will purchase that particular product. Which is helpful for a company to increase their sales and earned more profit.
- GENERATE GOODWILL: advertisements, publicities, sales promotion, and publications are very helpful tools for generating the goodwill of a company. Good image of a product and sell a product at a reasonable price make the goodwill for a company.
- BETTER PLANNING OF BUSINESS: Through various marketing strategies a business can plan and achieve its targets. If a business does a good planning the sales of the product is increasing and company get the profit maximization
2.BENEFICIAL FOR ALL ITS CUSTOMERS:
Marketing is also helpful for all its customers. Some customer benefits of marketing are:
- SATISFYING THE NEEDS OF CUSTOMERS: Marketing management starts with the demand and needs of the customers& ends with the satisfaction of those all needs. If customer’s needs not satisfying they may shift to some other brand.
- INCREASE LIVING STANDARDS: Marketing management provide the good quality of products and services to its customers which is helpful for increasing the standard of living of people.
- GOOD QUALITY PRODUCTS AT LOW PRICE: Marketing is beneficial for the customer in choosing a good quality product at the lowest price. With the help of marketing, a customer can get good and need a related product from the market.
- NEW PRODUCTS: A customer is aware of the new product or brand through marketing. It is very helpful for the customer to get a little bit knowledge about a new product which is going to launch in a market.
- KNOWLEDGE OF BETTER PRODUCT: It is helpful for customers to get knowledge of better product with the help of marketing. The product satisfying the needs of customers. Price, quality, quantity etc attributes by marketing to a product.
3.BENEFICIAL FOR SOCIETY:
There are some benefits for society by marketing are:
- GENERATE EMPLOYMENT: Marketing reduce the unemployment with the help of giving work sand jobs to people. There are many kinds of business and marketing agencies are set up in all countries and thousands of people work in it.
- SOCIETY’S WELFARE: Marketing does many works for the welfare of society. Many types of events are done by marketing for the welfare of society.
4.BENEFICIAL FOR ECONOMIC GROWTH:
Marketing is also very helpful for the economic growth of any country. These benefits are:
- INCREASE THE NATIONAL INCOME: Sales increases through marketing. When sales are increased obviously business earned the more profit. If any business is successful and earns more profit, national of the country is increased through this process.
- DEVELOPMENT OF THE COUNTRY: When GDP and national income of a country are increasing, there are so many possibilities for increasing the profitability index. That profit is very helpful for the development of any country.