Importance of Marketing
Features of Marketing are given in the diagram below.
Image credits © Manoj Patil.
Role, Significance are given below.
Marketing and society / consumers
- Increase in the standard of living
- Employment opportunities
- Economic stability
- Creates utility
- Satisfaction of human wants
- Gain income
- Marketing information
- Source and channel of new ideas
- Decision making
Importance of Marketing are follows:
Marketing and society / consumers
1. Increase in the standard of living
Importance of marketing, modern society is divided into three classes (1)Rich Class (2) Middle Class and (3) Poor class. Standard of living of society is mainly depends on purchasing power of these classes. Better standard of living needs, fulfillment of various wants, which is possible with the help of marketing. Hence, it can be stated that standard of living is a gift of marketing. In simple words, marketing improves the standard of living of society.
2. Employment opportunities
Importance of marketing, marketing is a prominent instrument of employment. These process includes various activities such as buying, selling warehousing, transportation, grading, finance, risk undertaking, etc., which provides employment to the number of persons. Thus marketing generates sufficient scope for employment to thousands of people and improve their income levels.
3. Economic stability
Importance of marketing, marketing plays a vital role, in the economic stability of a country. Economic growth depends on economic stability. Economic stability depends on balance between production and consumption, i.e. demand and supply. To maintain balance in production and consumption marketing is necessary. Marketing maintains this balance and stabilizes the economy.
4. Creates utility
Importance of marketing, marketing is an economic activity. It creates ownership, place and time utility in goods and services. Marketing creates demand. Various activities of marketing create utility. E.g. Exchange of goods offered,s ownership, time utility and place utility is created due to warehousing and transportation. Thus, marketing provides value to the goods and services. It also provides goods at the right time at right place and at reasonable price.
5. Satisfaction of human wants
Importance of marketing, marketing plays a significant role in the distribution of goods and services to the consumer satisfaction of their wants. It is the activity which transfers goods and service from the place of consumption to satisfy the needs of society. Thus, marketing has great importance in providing goods necessary to fulfill human needs.
Marketing and organizations
1. Gain income
Importance of marketing, organizational profits depends on its income, while the future of organization depends on its profit. Importance of marketing, organizational profits based on its income, while the future of organization depends on its profit. Organizations can earn the profit through various activities. Marketing provides 'Market' to goods and services. The function of marketing develops, wants and fulfils the same. Organizations can spend on production and marketing through the income earned.
2. Marketing information
Importance of marketing, modern economics is dynamic in nature. There are tremendous and rapid changes in likes, dislikes, price and demand. An entrepreneur has to take decisions according to changed environment. Entrepreneurs have to search new products, new customers, new market, new process of production and so on. Producer can collect all this information from various marketing sources and can introduce changes in their production, and can survive in the competition.
3. Source and channel of new ideas
Importance of marketing, Marketing is a significant and complex aspect of the modern dynamic economy. Dynamic changes constantly occur in the field of marketing, which is very essential for providing sources and channels of new ideas and guiding policies.
4. Decision making
Importance of marketing, Producers produce goods and services. He has to take major decision like what to produce? Where to produce? How much to produce? All these decisions directly affect the profit. These decisions are major and hence are difficult to take. Marketing helps producers to take the proper decisions, at the right time. Hence, “Success” of business and proper decisions are interdependent, which is possible due to marketing.
Some Important Articles on Marketing are given below.
What is Marketing? Definition, Meaning of Marketing - Diagram
Functions of Marketing - Nature and Scope of Marketing
4 P's of Marketing Mix - Elements of Marketing Mix - Definition
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