Do you know why marketing is such an important part of the business? AAMcourses is here to explain the 10 importance of marketing in business.
Marketing has several sub-fields that are considered vital for every business. Promotion is one of the most popular tasks in marketing. But promotion is not everything. Marketing contributes to R&D, customer engagement, retention, and many more aspects which increase the business.
Before we move to the 10 importance of marketing we discussed earlier, let us look at what marketing is.
What is Marketing?
Marketing is the process of discovering customers’ needs and wants and catering to those needs and wants.
Marketing is a core function of every business. It establishes, develops, and commercializes long-term customer relationships. It helps to accomplish customer and organizational needs. The customer’s needs are served, and the organization earns profits.
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Now, let’s discuss the 10 importance of marketing in business.
10 Importance of Marketing
Increased Brand Awareness
1st of the 10 importance of marketing refers to increased brand awareness. The business’s promotional techniques help attract new customers and retain the old ones. Business uses unique promotional tactics that get stuck in people’s minds.
In this way, they have their brand stuck to people’s thoughts. So when people go to stores and see the same brand’s product, they feel as if they are familiar with the product and it’s trustworthy. In this way, the business attracts new potential customers.
Increased Market Share
The 2nd of the 10 importance of marketing is that it helps to increase market share. Marketing help business taps into new and unexplored markets. It helps to discover new customers, new segments, and markets.
When a business enters a market, they are unknown to everyone. They have to create a spot for themselves. Marketing tactics help to understand and analyze the market’s needs and launch promotional events based on those needs. This way, the business grabs people’s attention and makes them customers.
Aids Decision-Making Process
Technologies and choices keep changing with time. Due to this, products become outdated and inferior to the competition. Businesses must replace their products with new designs and features that satisfy customers’ needs.
Marketing help with decision making process. It helps to understand customers’ new needs and provides solutions to how to satisfy them. It helps to make decisions regarding warranties, packaging, and services the company should offer.
Increased Sales
Marketing techniques are majorly focused on increasing marketing and expanding. Promotional techniques such as advertisements help to increase brand awareness. With increasing brand awareness, the customer base increases as people grow to know about the brand, and the business’s sales increase.
Analysing Market Needs and Trends
The 5th of the 10 importance of marketing is that it helps to analyze the market. Marketing helps in in-depth analysis and knowledge of customers. Consumer behavior influences the choice of target markets and the nature of the marketing mix to be developed.
Best Pricing System
Next of the 10 importance of marketing refers to the pricing system. Marketing helps business to set fair and profitable prices.
The marketing team analyses the market prices of competitors. The team also studies how much a certain market will spend on their product. Based on the results, the business sets the price depending on the segment and its choices.
Customer Portfolio Management
The next and 7th of the 10 importance of marketing is creating a perfect customer portfolio. Creating the right portfolio of customers involves selecting a specific customer base. It involves selecting customers whose spending patterns bring in profit and repeats purchases.
Acquiring Online Customers
Business websites have to invest heavily in online marketing expenditures to set themselves apart from the crowd. Various online marketing tools help set up the website and acquire customers online. Banner ads and affiliate marketing are two of the most used tools for online business.
Customer Retention
Marketing can be a big contributor to customer retention. When the business acquires a customer base, the marketing team analyses the buyers’ demand. Based on those demands, they update their products and associated services.
When customers think the brand understands their needs and provides value for money, it helps businesses retain them.
Distribution Management
The last of the 10 importance of marketing is the distribution system. Businesses have to select a distribution channel for their products. This channel has to be trained in specific areas in working on the product being carried, the art of selling, merchandising, and many other areas.
The marketing department has to select the business’s distribution channel. It also includes channel conflict management on all levels.
ALSO READ ABOUT : Why is Brand Awareness important in Business? 5 Main reasons
FAQs
What are the 7 importance of marketing?
Increased Brand Awareness
Customer Retention
Distribution Management
Customer Portfolio Management
Best Pricing System
Increased Sales
Increased Market Share
What are the 6 roles of marketing?
Product management
Marketing Information System
Pricing strategy
Promotion
Sales
Distribution
These are the 6 roles of marketing
Closing Statement
Marketing is one of the core functions of a business. It helps to increase brand awareness, decide on product development, manage distribution, and enhance sales. A marketing department has to decide on how the business looks. The marketing department carries out various other important tasks.
I hope this article about the 10 importance of marketing in business is informative. If you have any questions or suggestions, sell them in the comment box.