IMPORTANCE OF MARKETING
Marketing is a systematic design of business activities for planning pricing, distributing and promoting a good or service to the target market. Marketing understands the customer's needs, wants and interests and serves them in such a way that it helps the organization to use the resources optimally.
The marketing process includes identifying and analysing marketing opportunities, segmenting the markets, developing the marketing mix, manage the marketing tasks. The purpose of the marketing process is to help the firm plan how to capitalize on the marketing opportunities and complete the marketing tasks efficiently.
Marketing supports the economic progress of the company. Management of marketing generates additional employment, creates utility, increases per capita income and helps in the overall progress of an economy. It is of great importance to consumers as it provides more alternatives to the customers, controls the price mechanism and allows the consumers to balance their income and consumption.
How brands are leveraging tiktok
It is a core function of every business and has to work in coordination with other departments like finance, production, human resource etc. of the company. Marketing aims at profit maximisation with customer satisfaction and the welfare of society. Marketing is a vital activity of a business process.
It holds an important place in the enterprise as it helps to increase sales and earn revenue. It helps to create utilities of time, place and possession. It increases per capita income and raises the standard of living. It ensures er services to the consumer and creates employment in the field of marketing.
Marketing in a developed economy gets the advantage of the matured marketing system. Each organization has a common objective which is to earn maximum profit. An increase in competition from domestic as well as foreign companies has made marketing very important for all firms to remain in the market.
Comments