Everything you need to know about the importance and significance of marketing. Marketing is recognised as the most important or significant activity in our society.

Marketing has achieved social importance because it is entrus­ted with the task of creation and delivery of standard of living to society.

Marketing studies continuously consumer demand which is varied and dynamic. Marketing is the vital connecting link between producers (pro­duction) and consumers (consumption). It is primarily responsible to keep the wheels of production and consumption constantly moving or running at their optimum speed.

Marketing is one of the most significant activities in an enterprise. It is important not just as a commercial activity in organizations; marketing has positive implications that extend beyond profit making for the enterprise.

Learn about the Importance and Significance of Marketing

Importance of Marketing – For Business, Consumers and Society

Marketing is just not selling. Marketing is neither just a business function. Marketing is a lot more complex than selling and just being a business function. In a path breaking article ‘Marketing is everything’, Regis McKenna has stated, ‘Marketing today is not a function; it is a way of doing business. Marketing is not a new ad campaign or this month’s promotion… Its job is not to fool the customers, nor to falsify the company’s image. It is to integrate the customer into the design of the product and to design a systematic process for interaction that will create substance in the relationship.’

Marketing spans across all the aspects of your business and across all customer contact points including your company’s web site, how do you answer the phones, your marketing and PR campaigns, your sales process, how your sales representatives present themselves (in person and on the phone), how you implement your products and/or services, how you manage your customers (customer service), and how you solicit customer feedback.

In fact, your business starts and ends with marketing. You need to be marketing oriented all the time to succeed and sustain in the business for a long time.

‘The aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available.’

There have been innumerable examples of products and services, where the customers have flocked to buy the products or use the services; like Apple’s iPods, iPhones and now iPads, Sony’s Walkman, Nintendo Video Game, Toyota Lexus, Microsoft Windows etc. In the Indian context also, many products and services have made their mark among the customers. Ford Ecosport, Maruti Suzuki Baleno and Celerio, Patanjali products are excellent examples to understand how a business can be driven by identifying and fulfilling needs of the customers.

Whether you take the example of Yahoo or Google or Apple or Tata or Reliance; all the successful companies rely heavily on constant innovation and marketing of their products or services.

Importance of Marketing for Business:

This is evident from the following points:

i. Marketing helps business to keep pace with the changing tastes, fashions and preferences of the customers. It works out primarily because ascertaining consumer needs and wants is a regular phenomenon and improvement in existing products and introduction of new products is a continuous process. Marketing thus, contributes to providing better products and services to the consumers and thereby helps them in improving their standard of living.

ii. Marketing plays an important role in the development of the economy. Various functions and sub-functions of marketing like advertising, personal selling, packaging, transportation, etc., generate employment for a large number of people, and accelerate growth of business.

iii. Marketing helps the business in increasing its sales volume, generating revenue and ensuring its success in the long run.

iv. Marketing also helps the business in meeting competition most effectively.

v. Marketing Promotes Product Awareness to the Public.

vi. Marketing Builds up Company’s Reputation. In order to conquer the general market, marketers aim to create a brand which helps in name recognition and product recall.

This is a technique for the consumers to easily associate the brand name with the images, logo, or captions that they hear and see in the advertisements.