Marketing is one of the most important components of business management. Through marketing, a company can target customers across boundaries. Without proper marketing, a company cannot achieve its growth objectives. In the absence of adequate marketing, it may become difficult for a company to generate adequate sales.
Nowadays, a company can use various marketing techniques. Marketing is no longer limited to personal and face to face interaction. Online marketing is one of the fastest developing medium for promotion of company’s products and services. Different methods of marketing may offer different benefits to the organization.
Even though there may be costs associated with various marketing activities, contribution of marketing in the overall success of the organization cannot be ignored. A company should develop a proper marketing plan and formulate appropriate marketing strategies in order to obtain the desired results.
Importance Of Marketing In The Success Of Business
Helps In Achieving Primary Objective Of Profit Maximization
Primary objective of any business is to earn profits. Marketing can help a company in informing customers on the products and services offered by the company. This information influences the buying decision of the customers. Purchases made by customers result in generation of revenue for the company.
However, it is important to note that effective techniques are used for marketing the product/service. Inappropriate selection of various marketing tools can result in extra costs for the company which may affect the overall profitability position of the company.
Helps In Promoting The Company
It is important for every company to establish a good marketing reputation. Marketing can help a company in informing customers on the management of the company, its policies, mission and vision.
Use of online marketing tools like website can provide valuable information on the company’s current and future business plans. Such information can help in improving the level of trust and confidence in the mind of customers which is essential for the long term success of the company.
Helps In Quick Acceptance Of Products
Through marketing, it becomes possible for the company to highlight additional features and benefits of the products/services offered by the company. A company can inform on the discounts and various other schemes to increase sales with marketing.
Further, marketing helps in creating a brand image for the company’s products and services. It is important to note that customers prefer to buy branded products in comparison to non branded products.
Helps In Improving Market Share
Without marketing, a customer may continue to use a competitor’s product which may affect the overall competitive position and market share of the company. Therefore, it is important for a company to create a market presence for its products and services. This objective can be achieved with use of various marketing techniques.
Helps In obtaining Customer Feedback
Marketing can also be used to obtain customer feedback. With the use of techniques like market survey, customer support calls etc., a company can promote its products and services while obtaining valuable feedback from its customers. Such feedback can be utilized to make improvements in the products and services planned to be launched by the company in the near future.