Importance/Role of Marketing to Customer, Business Firm, Society, and Nation
Importance/Role of marketing:
Marketing has a very important aspect of business and society since it
contributes greatly to the success of an organization. Production, distribution, and need satisfaction depend largely on marketing.
Importance to the customer:
i) Standard of living
Marketing has been given the responsibility and task of creating,
rising, and maintaining the standard of living of the society. It emphasizes opening a customer-oriented business. It offers a variety of lifestyle-related
products and services so that consumers can uplift their standard of living. In
every sector of living, people are enjoying comfort and convenience. People are
enjoying comfort and convenience from the bathroom to the bedroom to the kitchen.
ii) Provide information
Marketing provides information to customers about products, prices,
places, and promotions. This promotes effective buying for customers. People learn
as much from marketing as from university education. Generally, marketing
provides information on product, procedure, and producer. Many people who
are not educated are earning a civilized life through the information they get
from marketing.
iii) Selection facility
Marketing begets competition. Numerous organizations are producing the same product. Marketing offers a variety of goods and services at varying
prices and places. Among the available options, consumers can select those that
match their needs. Marketing has generated choices in every aspect or field of
life.
iv) Need satisfaction
Marketing provides satisfaction to customers and society by supplying
relevant information and goods and services to the consumers according to their
demands and taste. Marketing is a tool to satisfy human needs. Marketers find
out the problems and difficulties of the customers and produce the goods and
services accordingly.
v) Creation of utility
To create or add usefulness to useless or less useful things is
marketing. For the exchange purpose, marketers create several utilities such as
place, time, and form utility. Many things are of very little use unless they get
the marketing touch. For the purpose of marketing profit, marketers change the
form of product and create form utility, store for future and generate time
utility and distribute several location and place utility is created.
vi) Easy accessibility
Consumers and marketers are linked through the well-designed marketing
channel. Goods and services are distributed to consumers using different
marketing intermediaries and distribution channels. Marketers through computer
and information technology can satisfy more customers across the globe
than ever before. Marketers make the best use of the internet to reach global
customers.
Importance of marketing to business firm
i) Demand stimulation
Business firms or organizations produce lots of need satisfying
goods and services. They need to create demand for those produced products.
Marketing stimulates the manager's demand for the product via various
promotional tools, such as advertisement, personal selling, sales promotion,
public relation, and publicity. These are the activities of marketing that help
in informing, reminding, reassuring, persuading, and image building about the
product.
ii) Product development
Nowadays, marketing is considered the source of invention.
Marketing identifies the needs and problems of the customers through the study
of consumer behavior. The business organization generates product ideas through
marketing research, public relation, and competitor study. Earlier it is said
that necessities are the mother of invention, but nowadays, marketing is considered the mother of invention.
iii) Objective achievement
The business organization exists intending to generate effective
revenue, earn adequate profit and achieve rapid and healthy growth. Marketing
is the means to achieve the goals of the organization. Marketing helps to
make the goods and services available to the consumers effectively and conveniently. Marketing not only has to create demand but also collect
money from sales and make it available to the business firm in time.
iv) Environmental adaptation
The study of buyer behavior and marketing research depict the
prevailing and emerging trends and mega-trends in the environment. This helps
in understanding environmental changes to identify important opportunities.
Consumer preferences remain shifting due to changes in technological,
economical, political, and socio-cultural forces. Marketing helps in monitoring
and handling these changes which facilitate environmental adaptation of the
organization.
v) Helps in innovation and change
The business environment keeps changing rapidly. Business firms need
to win over their competitors. Therefore, innovation and changes are required.
Competition is very intense in business. Every effort of the competitors is
neutralized by the competitors very quickly. They try to make their product
distinct. Marketers always observe the competitors' efforts and try to bring
newness to the product.
vi) Increase in goodwill
Marketers aim at creating brand equity through brand names, images,
logos, or captions that the customers listen to and watch in the advertisements.
Business organizations are using various marketing tools to make their arch
design and brand equity afterward. With an established name, it is easier for
marketers to expand and grow. Companies also create reputation through
innovation of products, which is possible because of financial resources
generated from marketing.
Importance of marketing to society
i) Delivering a standard of living
Marketing provides a variety of products and services to society from domestic and foreign sources so that the members of the society
can uplift their standard of living and quality of life. Social marketing has
promoted social products and ideas such as contraceptives, immunization, environmental
protection, and consumer rights that have made society modern.
ii) Employment generation
Marketing develops occupation and creates employment and income for a large number of people involved in product distribution and selling
activities. There may be one or few producers but thousands of sellers and personnel engaged in product selling. Marketing offers many exciting,
interesting, and challenging careers, like personal selling, advertising,
transportation, packaging, marketing research, product development and design,
cash and carry stores, retailing, lobbying, event management, etc.
iii) Sponsorship
Marketing firms sponsor various events such as sports, music, and
health camps from which society directly benefits. Marketers are giving a helping hand to the government to manage national activities. Marketers assists
in social needs and problems through sponsorship. They join hands in social
problems and progress through charity, technical assistance, and
sponsorship.
Importance of marketing to the nation
i) Economic development
Marketing is a leading contributor to the national income of every
country. Marketing does not only provide direct income to the large number of
people involved in the marketing process but it also contributes to the
national treasury by paying huge taxes such as VAT, excise duty, and income
tax.
ii) Peace and development
Social and political conflicts are the direct result of
dissatisfaction, poverty, and inequality. Marketing helps the nation by making satisfied
people with good income. It also helps to reduce inequality through social
campaigns such as female literacy, education for all, anti-caste campaign, and
so on.
iii) International relation
Marketing is how countries manage their requirements.
No country on this globe is perfect to fulfill their all needs. They exchange excess and deficit resources with other countries and manage national
needs. For commercial or marketing purposes, countries maintain good relations
with other countries.
iv) National identity
Products are distributed in every corner of the world through
marketing. The commercial products carry the details of the producer nation.
This enhances the national identity in the world arena. Various products have been
the identical mark of the nation. Scotch is a product from Scotland. Samsung
represents south Korea. Apple is a prestigious product of America. Pashmina,
carpets, herbs, etc. are the products of Nepal to the world.
v) Ensure economic health
Marketing persuades people to buy and spend more through different
marketing tools. This can help to circulate money. Marketing also ensures job
opportunities. Marketing facilitates smooth buying and selling which affects the production, distribution, and consumption pattern of the people. It ensures
stable economic health.
https://www.yograjp.com.np/2022/02/Market%20Information%20System%20MIS%20and%20Components.html
