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Importance of marketing in business

Importance of marketing in business

It is impossible to measure importance of marketing for business. Its main function is to study the demand for a product, make forecasts for its consumption, and meet this demand fully. Without marketing, your company may offer the best products or services in your type of business, but no one would know about it. Advertising and organizing the sale of products are elements of marketing.

Importance of marketing in business

What is business marketing?

Marketing is a generalized concept that, among other things, determines the place of the enterprise in the market position relative to competitors, its competitive advantages, and also the company's choice of promising segments of the market that it plans to serve in the broadest sense is business marketing. A large number of enterprises and businessmen underestimate importance of marketing to business.

The goals of marketing:

  • The collection of information. It is aimed at having a vivid idea of ​​customers and the advantages of competitors. This category includes the study of the market, the definition of the main firms-rivals and the consumer ability of people;
  • Development of a plan for the promotion of products. It includes the creation of a business idea and the search for ways of advancing it into reality. In addition, an important role played by a properly conducted advertising company, which is also supervised by marketers. Therefore, companies do not need to forget about the importance of marketing management;
  • Defining a plan to conquer the market and create competitiveness. Marketing allows you to attract new customers, while retaining the old ones, exploring their needs and adapting to them;
  • Study of effectiveness of the work conducted. First of all, analyze the results of the implemented projects. Without these works it will be impossible to understand whether it is necessary to change the strategy or whether to act in the same direction.
Importance of marketing in business

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What is the importance of marketing ?

The importance of marketing concept can be expressed in the following ways:

  • Conducting surveys on the quality and consumption of products, which makes it possible to understand the extent to which certain products are needed and in what quantities;
  • Planning of the necessary volumes release of the goods and assortment of the most advanced of them;
  • Setting a certain price for products, depending on the demand for them;
  • Development of packaging design for products sold;
  • Devising ways and means of advertising for the maximum acquaintance of buyers, and increasing interest to the;
  • The organization of sale, the search for consumers, the organization of sales in various forms (seasonal sales, holiday sales, the type of "products of the day")
  • Customer service after the purchase of goods

Marketing allows you to minimize costs and get the possible profit. The motto of this sphere is the production of goods which can be sold, and not the sale of products that could be manufactured.

Marketing strategy

A marketing strategy is a plan to implement marketing activities to achieve the goals set for the company. It is a tool for effective and efficient work. Ideally, the marketing strategy should be clear and understandable for all persons responsible for its implementation.

Good marketing strategies help companies become successful or even great. Despite the fact that the main goal of the functioning of all companies on the market is the same - profit-making - there is no single marketing strategy to achieve it, which would be suitable for all firms. Different marketing strategies can lead to the achievement of one cherished goal.

The variety of marketing strategies of companies is explained by the following factors: the competitive position of the company, its marketing goals, financial, production and technological capabilities, and staffing.

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Source: Legit.ng

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