The following are some examples of the importance of marketing.
(1) Marketing Aids in Goods Transfer, Exchange, and Movement
Importance of Marketing: Marketing plays an important role in the transfer, trade, and mobility of products. Customers may get goods and services via a variety of intermediaries, such as wholesalers and retailers. Both manufacturers and consumers benefit from marketing.
It informs the former about customers’ individual requirements and preferences, and the latter about the things that producers can provide. “Marketing entails the creation of items that are acceptable to customers, as well as the performance of actions that allow the transfer of ownership between seller and buyer,” says Prof. Haney Hansen.
(2) Marketing Aids in Raising and Maintaining the Community’s Standard of Living
Above all, marketing is about providing a quality of life to the community. “Marketing is the delivery of a level of life,” says Paul Mazur. Professor Malcolm McNair went on to say, “Marketing is the production and delivery of a society’s quality of life.”
Marketing has played an essential part in enhancing and sustaining community living standards by ensuring the continuous availability of products and services to customers at a fair price. The community is divided into three classes: affluent, medium, and poor. Marketing provides all that these various groups of people need.
With the advent of contemporary marketing strategies, even the poorest parts of society have been able to achieve a fair quality of life. This is mostly due to large-scale manufacturing and lower commodity and service pricing. In reality, marketing has revolutionised and updated people’s living standards in current times.
(3) Marketing Leads to Job Creation
Marketing is a complicated system that involves many individuals in one way or another. Buying, selling, financing, transportation, warehousing, risk carrying, and standardisation are all key marketing tasks. Various actions are carried out by a huge number of people and bodies in each of these functions.
As a result, marketing employs a large number of individuals. It is believed that around 40% of the population is reliant on marketing, either directly or indirectly. The function of marketing has expanded in the contemporary period of large-scale manufacturing and industrialization.
People have been able to find work as a result of marketing’s expanded function. Conversely, Huegy and Mitchell correctly point out that “continuous manufacturing requires continuous marketing; only then can employment be retained and a high level of economic activity be maintained.”
Importance of Marketing
(4) Marketing as a Revenue and Income Source
The effectiveness of the marketing function is critical since it is the only method for the company to produce revenue or income and profit. “Any effort related with gaining revenue is a marketing action,” according to Buskirk. It’s all too simple for an accountant, engineer, or other professional to work on the premise that the company would generate a large amount of revenue.
However, someone must really go into the market place and get cash from society in order for the firm’s operations to continue, for without these monies, the enterprise would expire.”
By establishing time, location, and possession utilities, marketing creates several chances for profit in the process of purchasing and selling things. This revenue and profit is re-invested in the company, resulting in further earnings in the future. Marketing should be given the highest priority since the marketing function’s performance is critical to the firm’s existence.
(5) Marketing Serves as a Basis for Decision-Making
A businessman has several challenges, such as what to make, how to produce it, when to produce it, how much to produce, and for whom to produce it. In the past, local marketplaces were less of an issue. A direct relationship existed between the manufacturer and the customer.
In today’s world, marketing has become a highly difficult and time-consuming process. Along with manufacturing, marketing has evolved as a new specialised activity.
As a consequence, manufacturers rely heavily on marketing mechanisms to choose what to make and sell. A producer may manage his output with the use of marketing tactics.
(6) Marketing Assists in the Generation of New Concepts
Marketing is a constantly changing idea. With the passage of time, it has undergone significant changes. Changes like this have far-reaching implications for manufacturing and distribution. With people’s interests and preferences changing at a quick pace, marketing must adapt.
As a tool for measurement, marketing allows companies to comprehend this new demand pattern and, as a result, develop and distribute items in accordance with it.
(7) Marketing Is Beneficial to Economic Growth
“Nothing occurs in our nation unless someone sells something,” said Adam Smith. The kingpin that keeps the economy spinning is marketing. The more scientifically managed marketing organisation makes the economy robust and stable; the less focus on the marketing function, the weaker the economy will be.