Importance of Marketing
No business can survive or prosper in the now competitive market without considering marketing. It is essential to note that the laws of demand and supply are influenced largely by marketing. It is, however, key to understand that the two are dissimilar in many ways. Marketing involves certain features which are, advertising, public relations, promotions, and sales. Marketing can be explained as the activity involving the introduction and endorsement of a product or a service and inspiring sales from the purchasing market.
The key reason for marketing in any business is to make the market identify with your product or service and therefore, the marketing policies employed should be resourceful. Every business strive to outdo each other with an aim to maximize on profits, hence making a product to be recognized by potential consumers is a daunting task.
With intentions, any business should focus more on the needs of the consumers than the product they want to sell. For a product to be noticed the personal reference of the buyers influences the sales more quality of service or product is crucial. If you focus more on the needs of the customers, you will retain them again and again add even recommend others to buy the products.
On the other hand, if the strategy of your business focuses more on the product, there will be a disconnect between you and the consumers since the benefits and their preferences have been disregarded. Once a business loses consumers it is a lot more difficult to win them back.
The primary goal of marketing is to make the product or service recognized by the market. If you are a small business, the only means to get known is through marketing. This will involve spending a lot on advertising strategies and programs but disseminating information about the company and the product is important. A company has the option of utilizing numerous forms marketing approaches. The various forms of marketing will assist your product to be recognized by the buying public. You can use both traditional and digital marketing strategies which will enable the people to recognize your product or service and the benefits they possess. It is essential that a business invests in marketing, so as not to miss out on the chances of being discovered by consumers. If the expense is to be considered, there are less costly marketing strategies which a company can embark on.
Another benefit of marketing is that it helps to boost revenue growth and the sales. Whenever you advertise a product or service, the public learns more about the it and will arouse interest to try out the product.
Marketing is essential in developing the reputation for the business in order to conquer the general market. A good reputation attracts people and people will tend to identify with a respectable company.