Marketing is an essential task for each business out there. Marketing not only helps to promote the goods & services. It also helps in improving brand image and customer engagement. Various core business activities are linked to a good marketing plan.
What Is Marketing?
Marketing is the process through which a corporation promotes the purchase or sale of a product or service. Advertising, selling, and delivering things to customers or other businesses are all examples of marketing.
Definition Of Marketing
Now take a look at the definition of marketing given by the AMERICAN MARKETING ASSOCIATION–
“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
There are many reasons which explain why marketing is important. Now, straightly jump into the importance of marketing in every organization.
Why Is Marketing Important?
Marketing is an essential part of any business, be it small or large. Marketing helps businesses understand their customers, reach out to them and make them happy with the product or service they offer. A successful marketing campaign can result in increased sales, increased customer loyalty, and increased market share for the company.
4 Reasons Why Is Marketing Important To Society
Marketing is a full-packed process that includes various departments. It includes all the activities from manufacturing the product to selling the product. To execute all these activities there is a need for a bunch of people. Hence, marketing helps in creating jobs. There are so many organizations that are exclusively providing marketing services only. Those companies need marketing specialists only.
Increases Standard Of Living
Marketing is providing jobs, hence increasing the earning power of the customers. With the help of more earnings, spending will also increase. As people will be able to spend more they will tend to buy good quality products. Also through advertisements, people get to know varieties of products at reasonable prices. So they can select the best one at a reasonable price. This is how marketing helps to increase the standard of living.
Marketing spreads awareness regarding products. Now everything is transparent between customers and producers. Customer exploitation used to be done in earlier days. But marketing has helped society to know the actual scenario. Customers of today’s era are much more aware than before.
Increases national income
Every economy revolves around manufacturing and finance. Marketing includes manufacturing and finance and all other activities which are to be done by people. Marketing increases the income of an individual and eventually results in an increase in national income.
6 Reasons Why Marketing Is Important For Business?
Marketing helps in educating your customers about your product. You undoubtedly know the ins and outs of your produce. But do your customers know? If you want to sell your product, people should be notified about what it does and how it works.
Today is the era of the digital world. Digitalization has taken over traditional practices. Due to this innovation, digital marketing is a new normal now. Digital marketing has reduced the cost of marketing drastically. Due to less cost, small businesses are also thriving. It helps in equalizing with big organizations.
Marketing is said to be the food of the organization, not a medicine. It is supposed to sustain the organization’s presence instead of being a remedy for lack of engagement. Also, it helps to maintain a long-lasting relationship with customers. It enables the business to flourish in the long run.
Customer engagement is the heart of any successful organization. Marketing helps the organization to engage with customers even after they walk out of the door. If a customer walks into your store, you keep interacting with them and keep engaging. But now customers want engagement outside the store also. Here enters the marketing, which provides the content to them to keep engaging even after store hours.
The main aim of any organization is to earn money. Marketing helps organizations to reach this goal. Selling is the core activity of making money. Marketing allows firms to sell their goods & services. Experts have said that without marketing, organizations wouldn’t have survived. Because marketing is the only activity that drives leads.
If you want to grow or develop your business, then only marketing can help. However, your main priority should be your current customers. But marketing can help you expand your customers. Little efforts like social media posts or any email campaign can boost your customer base like a rocket if done right.
The above explained are the most important reasons why marketing is important for any organization. Marketing is one of the essential factors that help an organization to work, grow and expand.
Now that we have discussed the benefits of marketing for the organization. Let’s take a look at the impact of marketing on the economy.
BENEFITS OF MARKETING TO THE ECONOMY
- Marketing helps in promoting goods & services. It targets potential customers to convert them into buyers.
- More buyers will lead to an increase in sales of goods & services of a particular organization.
- Higher the sales, higher the chances of expansion.
- Expansion of organizations bring more jobs for ordinary people, More tax revenue for governments.
- If there will be more job opportunities and more revenue for the government, it will lead to overall economic growth.
- In fact, the marketing industry itself creates jobs and wealth. As businesses seek new and innovative ideas to promote their goods and services.
There are lots of benefits of marketing for companies as well as the economy. Marketing sounds very simple but consists of many tasks. Marketing is a whole process consisting of various activities.
Now let’s take a look at a case study showing how marketing is important for any organization.
AIRBNB SOCIAL MEDIA CAMPAIGN
Airbnb is an American company that works as an online platform for accommodations, mainly homestays for holiday rentals and tourism. In San Francisco, California, Airbnb was established in 2008 by Brian Chesky, Nathan Blecharczyk, and Joe Gebbia.
Marketing has played a massive role in building the brand image of Airbnb. Especially social media platforms were the reason for the boom.
They started a campaign on social media in January 2015. This campaign was around the hashtag #OneLessStranger. Through this campaign, they were doing a global social experiment.
In this campaign,
Airbnb asked the people to do a random act of hospitality to a stranger, make a video, and share it using the hashtag.
After just three weeks of launch, over 3,000,000 people around the globe made a video or were talking about this campaign.
THE MARKETING PROCESS
Marketing processes consist of four elements:
Strategic marketing analysis
Strategic marketing analysis is a type of analysis that includes market research. In this analysis, the marketer analyzes customers’ related information. He/she also researches competitors to make different strategies. Strategic marketing analysis is very similar to making a business plan. It is like a blueprint to be followed further.
Marketing mix planning
Marketing mix planning includes planning about the four Ps. Those four P’s include:
- Product: It is the main hero of the whole plan. It includes the goods and the services offered by the company.
- Place: This planning includes the distribution method to be adopted by the company.
- Price: This includes the amount of money that customer will pay for the product.
- Promotion: This planning includes the method of communicating the product to the target audience.
It is the process of taking the plan and executing it with your team members. Deadlines are set, and marketers seek help through collaborations. No planning is worth it without a proper implementation strategy.
Marketing control includes monitoring the whole plan. In this step, the marketer monitors each activity. If he finds any problem, then he takes corrective action accordingly.
Marketing plays a vital role in any organization. A company without marketing is like a train without a railway line. It won’t move ahead. In this blog, we have discussed some crucial reasons why marketing is important in any organization. I hope this blog was helpful to you. Many students seek help for their college projects on these types of topics. If you are also looking for such assistance, then we also provide marketing assignment help online. You can gain our experts’ knowledge for your college assignments.
FREQUENTLY ASKED QUESTIONS
Why is marketing bad for society?
We all know marketing is a very important activity for any organization as well as the economy. But every activity has its positive as well as negative impact. Additionally, it helps create awareness but it has its impact on society as well.
It is bad for society because of the following reasons:
- Marketing gives us an inferiority complex
Companies often show us a typical ideal life through advertisements. These types of advertisements make us hate our ordinary lifestyle.
- Marketing makes us think that everything can be bought
Through marketing, companies make us feel, everything can be bought with money. They insert a thought in our mind that everything is available if you have money. And this depicts a message that money is the measure of success.
- Marketing makes us relate our happiness with consumerism
Through advertisements, we think that we will be happy if we buy a particular product. Advertisements promise you happiness in return for payment of money.
What are methods of market research?
Market research is done to know the current market trends among consumers. It is done to make strategies for the future. There are five basic methods through which a marketer can do market research.
- Survey method
- In-person surveys.
- Telephone surveys.
- Mail surveys.
- Online surveys.
- Focus groups
A moderator starts a discussion within a group of people of the same interest area.
- Personal interviews.
In this method, the marketer does a one to one interaction to know the consumer.
In this method, a person uses his observation skills and scans the market trends.
- Field trials.
In this method, new products are distributed to a few stores to get the customers’ feedback.