Do we call only selling products, marketing in business? No. so what marketing is? What is marketing in business? Marketing is a set of all activities included in buying, selling, and delivering products or services to the consumer or business.
The center focus of marketing in business is value. Marketing focuses on creating, communicating, exchanging, and delivering value to its prestigious consumers. Value is basically the benefit received by the consumer to meet his/her need.
Importance of marketing for a business
Why is marketing important? The answer to the question is that marketing determines the success of a business. A business with a good marketing strategy is able to generate good sales, which in return generates profit.
6 reasons for the importance of marketing for a business
Marketing is a tool to engage customers
It is a tool to keep the conversation going between businesses and customers. Engaging the customer means providing them the useful information about the product and service using different digital and social media. This information can be related to price, product benefits, discounts offered to customers, and much more.
Marketing helps in branding the company reputation
Effective marketing helps the company to create a positive image in customers’ minds. A good reputation of the company is built, if the customer’s expectations is met effectively
Effective marketing strategy helps build a relationship between business and its customers
Every organization needs to develop a relationship of trust and understanding with its customers through effective marketing. Loyal customers are not less than a blessing for the company. They tend to buy every product of the company.
Marketing helps generate sales
Through marketing companies promote their products and services using different media. Sales of products and services are high through proper advertisements and promotion. Customers after knowing the product may want to try the product. Thus helping the company in generating sales.
Help in maintaining relevance
Through proper marketing research, the company tries to remain relevant to customers. The company comes to know about the preferences of customers and design their product accordingly. This helps them remain relevant to customers.
Marketing helps generate revenue
Every business organization earns profits. If it doesn’t generate profits, it will soon result in the closure of the business. As far as the company earns a profit, it will continue business and will try to expand its business circle. Effective marketing helps generate profits.
In short, we conclude that marketing is the essence of every organization. It is as important as finance, human resource management logistics, or any other field.