What if we lived in a world where companies did not invest in marketing? Where you could use the internet without watching a single advertisement, where products came without much fancy packaging or all products looked kind of the same, where advertisements weren’t relevant to you, where products’ prices depended upon the companies’ interests and were not based on what you’d prefer?
Marketing not only helps companies thrive. It also helps us as consumers avail of the best services and products at our best interest. This is why marketing is important.
What is Marketing?
Well, marketing is referred to as an activity that begins with the production of goods and services and does not stop even after the product is sold. Yes, that’s how beyond marketing goes. Marketing is important as it serves multiple areas of running a business and encourages better goods production for consumers.
Let’s see what marketing comprises of:
- It is concerned with the identification of the target market for a product
- It focuses on understanding the needs and wants of customers in that target market
- Performing the above two activities in a manner that is better than the competitor.
- Doing all these things by attaining profit in return
Important Functions of marketing
- Marketing is Important for Gathering and Analysing Market Information
This marketing process helps in the creation of those products that are needed in the market.
- Marketing is Important for Product Designing
This marketing process helps in forming a design that is distinctive and intriguing
- Marketing is Important for Branding
This marketing process helps in establishing a brand identity.
- Marketing is Important for Customer Support
This marketing process helps in supporting customer queries and taking their reviews and feedback.
- Marketing is Important for Pricing
This marketing process helps in setting prices that are in the best interest of both consumers and businesses.
- Marketing is Important for Promotion
This marketing process helps in apprising people of the available product.
Read our recently published blog on What is marketing? and 4 Ps of Marketing
Why is Marketing Important for consumers?
Marketing is important for consumers as it allows them to find a diverse range of products that can help them solve their problems or concerns. As per a stat by Invoca, 81% of retail shoppers conduct online research before shopping. Marketing helps consumers find their desired research information about brands with ease. Here are some more reasons why marketing is important for consumers:
Marketing does not begin overnight. It penetrates the market and analyses the needs and wants of the people. It is about focusing on the quality of the product and solving real problems of the world.
For example, the introduction of water bottles that keep the water cold throughout the day has solved the need for a large population that has to stay out in the harsh heat of the country. This is how marketing aims to create products for the consumers by analyzing the present product needs of society.
Another example is the ‘no-mosquito’ stickers that today a lot of parents use for their children when they go out to play. The product came into the market when Dengue cases were on a rise in India. And when such a product enters the market which helps in solving a problem or inconvenience for the people, guess what? It makes our lives as consumers a bit easier and it contributes to the business growth of that city or country.
Now, let’s imagine a scenario where the production of any product is happening but is not available to the people of a particular geographical location. Marketing through transportation and shipping makes it certain that the product reaches them. A product even if it is in the market but is not able to reach the people, fails to survive. With online trading today, these aspects have been enhanced by services like JIT(just-in-time) delivery of goods and services.
It is right to say that price plays a very important role when choosing a product. The way a market runs is that the demand for a product or service is related to its price. Therefore, the lower the price, the higher would be the demand for the product and vice-versa. For example, in the scenario of Covid, the prices of masks and sanitizers saw a considerable rise because the demand was too high.
A proper marketing analysis is done by every marketer before launching a product. Some steps that help in setting up the price include-
- Pricing objectives
- Determining the pricing strategies
- Changing the prices according to the business environment
Thus, marketing helps in analyzing the current demand and supply needs of the market and making products available to the consumers at the best possible price
Well-being of Society
We can never underestimate the benefits certain products have provided to society at large. Marketing does work with the motive of ‘ profit making’ but amidst it all, it does provide value products and services to people.
For instance, with the rise in Diabetes cases in our country, a device was launched that could measure the sugar level at home. This has been a product of, we would say, of extreme importance to elder people who have to check their sugar levels at different times of the day. Perhaps it is not practically safe and possible to go to a hospital every time. Thus, marketing helps businesses create products that work in alignment with the needs of society.
What do you think?
We can now say that marketing makes an economy stronger and more stable. By selling the right and needful product at the right time, the demand and supply graph rises positively. Therefore, marketing highly contributes to raising the GDP of a country. The countries wherein there is less emphasis on the marketing function leads to a situation of distress and low budget as well.
Why is Marketing important for Brands?
A marketing strategy that is well planned and developed helps in making the brand stand outside the box.
1. Making Customer Important
Marketing focuses on customers’ perspectives and follows the old saying -” Customer is the king of the market”. Marketing focuses on customers not just by providing quality products but also as an active customer service platform.
Read our blog on the Role of Marketing in Healthcare
2. Good word-of-mouth
Gaining customer trust is one of the most important elements and sometimes a challenge that stands between a brand and its customer.
“When people feel insecure about something, they look around for validation. Show them that other people trust you.“ – Francisco Rosales.
Effective marketing helps in spreading positive word of mouth which is bound to influence people and build a strong reputation for your brand.
3. Spreading Awareness
Marketing does not come in the form of a one-day experience. Rather, it is something that keeps ongoing. And because it keeps on going, so does the brand. Marketing helps in spreading awareness about the existence of the brand by increasing its visibility to its target audience.
“Your brand image is primarily an emotional construct. Emotion is probably always more powerful in swaying people than reason. but people like to be able to rationalize their choices.” — Drayton Bird
You see, by simply adopting a consumer-centric, measurable, and scalable marketing orientation any organization whether profit-making or non-profit making, can achieve its objectives most easily and effectively. The importance of marketing spreads over a greater horizon. The reason for this is that marketing in various business situations acts as a catalyst that elevates the standard of living of people by providing them with the best products and services. At the very same time, it does not fail to contribute to the overall economic development of a country.
We are a 360 degrees marketing organization. We have run paper cup campaigns for different industrial sectors. We have covered brands like Uber, Unilever, Hotstar, Pizza Hut, Voler Cars, Brigade Developers, Pulse Candy, Nestaway Homes, Scripbox, NH Hospitals, Radio City FM, and Exide Life Insurance, Gillett, and more.
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