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. Therefore small business owners must also perfect their basic marketing skills in order to be successful.
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 aware people become about the products, the more interested they would be 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. Business also create a reputation through improvement of products, which is realized because of funds generated 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. Businesses do recognize the role of websites, blog and other platforms in the internet which facilitate marketing exchange. Today if someone wants to buy something, he or she can visit websites and compare them to get the best value.
As marketers aim at promoting product awareness by the public, consumers too get an advantage. 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 a complex mechanism involving a lot of people in one way or the other. The major tasks of marketing is purchasing, selling, financing, transport, risk bearing and standardization. In each role different tasks are performed by a large number of people and groups. This means that marketing gives employment to a lot of individuals. It is estimated that about 40 percent of people or populace is one way or another dependent upon marketing.
Marketing not only makes the economy vibrant but also provide conditions that make the economy stable and steady. It is the bridge between the manufacturers and customers.
A business’s marketing ability is the difference between failure and financial and general success. Everything else in business does not really matter if there demand for products and services is not sufficient.
Marketing offers alternatives to consumers and general public. Today, a lot of new products and lots of variants of every one are available only through marketing. This makes the consumers have a choice, therefore not getting bored by consuming only one type of variety of a product.