Marketing is the process of activities designed to plan, price, promote, and distribute want satisfying products to target markets to achieve organizational objectives. Here is, List of the importance of Marketing.
List the importance of Marketing
Marketing is important to consumers, organizations, and society.
1. Importance to Consumers
Marketing is important to consumers in the following ways:
a. Standard of Living: Marketing delivers a standard of living to consumers. It offers safe & quality products that satisfy their need.
b. Value Addition: Marketing adds value to consumers through the delivery of products. At right time, at right time, and in the right quality and quantity.
c. Information: Marketing provides data and information to consumers about price, product, place, and promotion. It promotes efficient buying for consumers.
d. Product Assortment: Consumer wants a large variety of products. Marketing facilities assortment of products.
e. Satisfaction: Better product performance provides satisfaction. So, marketing provides satisfaction to customers.
2. Importance to Organization
All organizations need marketing. It is important to organizations in the following ways:
a. Demand Management: Marketing stimulates and manages demand. Various promotion tools stimulate demand.
b. Product Distribution: Marketing distributes products manufactured by the organization. It distributes the products of the right quality at right time to the right place at right time.
c. Coordinated use of resources: Marketing identifies market opportunities in target markets. Organizations can choose the most profitable segments.
d. Objective Achievement: Marketing helps organizations to achieve their objectives in terms of profit, service, or quality leadership.
e. Environment Adaptation: The business environment is dynamic. Marketing monitors environmental changes to identify trends.
3. Importance to Society
Marketing survives and grows in a social context. It is important to society in the following ways:
a. Social Well-being: Marketing pursues social responsibility objectives along with other objectives. this safeguards the well-being of society.
b. Employment generation: Marketing is an important source of generating employment opportunities.
c. Community needs: Marketing contributes to social causes such as education, health, arts, culture, and sports.
d. Economic Management: Price influences factors of production. It determines supply and demand.
Other Important Links:
What is Marketing: CLICK HERE
SWOT analysis and examples: CLICK HERE
Frequently Asked Questions:
What are the 5 importance of marketing?
= Following are the importance of Marketing:
a. Marketing conducts market research and collects value infirmation about market trends, compitetors startegies, demand, wants, preferences of customers and many more. Based on these information, manufacturer can market the winning product in a competitive market and achieve success.
b. Marketing stimulates the demand through various promotional tools like selling, advertising, sale promotion, etc.
c. Marketing increases long-term relationships with customers through communication and engagement.
d. Marketing plays a vital role in driving business growth by attracting new customers.
e. Effective marketing strategies help businesses differentiate themselves from competitors.