Importance of Marketing
Marketing is an extremely important aspects since it contributes to the accomplishment of any organization. The concept of production and distribution are heavily dependent on marketing. It is, however, key to understand that the two are dissimilar in many ways. Normally, marketing covers promotion, advertising, sales, and public relations. It is the releasing and promoting products or services into the market and luring potential consumers to buy them.
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. In the competitive nature of various businesses, making a product widely known is not that easy.
Strategically, the business must be more customer oriented than product oriented. 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.
One of the benefits of marketing as mentioned is that it promotes product awareness to the public. For start-out companies, the only way they can create awareness about their businesses is through advertising and promoting 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 good thing is that all the strategy can promote product consciousness among the consumers. Online and offline marketing are both effective in educating the market about various services and products that they can consume or utilize. It is essential that a business invests in marketing, so as not to miss out on the chances of being discovered by consumers. Marketing is usually costly but you can consider using techniques that are cost-effective like blogs and pay-per-click ads.
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.
Moreover, marketing builds the reputation of a company. The benefit of a reputation is that it will entice the buyers and more will identify with the company.