Marketing in today’s society is important because the world is changing so fast, that marketing has no other option but to adapt and now when it concerns marketing, it is survival of the fittest.
Is marketing is so important?
According to me YES!! it is important because it helps everyone right from company to the customer.
Below mention point will explain you the Importance and Need of marketing in today’s society
Doing Market Research:
To understand the market scenario well planned market research is very important. People can do market research by suffering on the net, reading books, feedbacks, doing some surveys. It is also important to know some statistics.
Understanding the market:
will brief you with a very familiar small example of Samsung Company. Have you ever notice how the smart phone manufacturers Samsung could conquer the market so soon? Within a span of time, Samsung had manufactured more than 100 different phones and place in the market by crating good values. Samsung is the 1st company to launch the touch screen phones. How did it come up with the design for so many different forms of Smartphones?
It was because Samsung did rigorous market research from time to time and came out with gaps which could be filled. No doubt Samsung had established different product line and product depths for the organization. Thus, understanding the market,the needs, wants and demands of the market is the role of whole team.
Marketing personnel or people or who comes under the department their main task is to add value to the company or to a product. In short it well said end of the day Needs Results. Before launching the product in to the market marketing people create value, so that the customer buys the product.
Developing strategies and plans:
It is always said there planning makes the person perfect. Without planning the company can’t meet their goals. To achieve that strategies and plan need to be there. Strategies and plans are a part of marketing team. It is marketing which is involved in demand and sales forecast, and it is marketing which has to decide what do we have to work with? Where do we want to be? How do we get there? Where are we? whom to target, what sales promotions to use, when to use, what discount can be given, and how good margins we can make. There are so many brands out there where the organizational process is very complex. In this case, if you have to market the product, then you need to establish the right strategies and plans.
Building a brand :
Brand building is a tedious and patient process which takes years and does not fall under the domain of a single marketing manager. Many marketing managers might change before a brand takes its full form. At the same time, a brand uses strong marketing communications which builds the brand equity. (Refer my post Yes its brand).
Communications and promotions:
One sector which is completely dependent on marketing communications and promotions for the pull of its products. Ad agencies, Digital marketers, television channels, this marketing communication is solely a responsibility of marketing management. Advertising and communications are the key elements in making or breaking a brand for what it is. All the top brands of the world, Samsung, Coca cola, HUL, P&G promote on different media vehicles to communicate their values to the customers.
Building customer relations:
The importance of customers and consumers has risen like anything in the last few years. Banks, Tourism, Hospitality and other such service based sector depend on customer relationship building and marketing to survive in their business. The better the customer relations, the better the business through repeat customers. Everyone knows that repeat business is 20% the cost of new business. Hence it is the responsibility of marketing people to handle the customer properly from lead generation to repeat purchase. At the same time, cross selling and up selling are concepts of customer relations which have helped companies conquer the market over time.
Becoming a sustainability factor :
It is basically means that over a period of time, you will be able to survive longer than your competitors due to factors inbuilt in your value chain. The marketing team play important role to make sure company can sustain for a long period of time by developing new strategies and launching some new products.
SEE ALSO: 7 Wonders of Marketing Research!!