The Importance of Marketing

Financial success often depends on marketing ability. Finance, operations, accounting, and other business functions will not really matter if there is not sufficient demand for products and services so the company can make a profit. There must be atop line for there to be a bottom line. Many companies have now created a Chief Marketing Officer, or CMO, position to put marketing on a more equal footing with other C-Level executives such as the Chief Executive Officer (CEO) and Chief Financial Officer (CFO). Press releases from organizations of all kinds-c-from consumer goods makers to health care insurers and from non-profit organizations to industrial product manufacturers-trumpet their latest marketing achievements and can be found on their Web sites. In the business press, countless articles are devoted to marketing strategies and tactics.

Importance of Marketing in Business

The first importance of marketing and that is self evident is that the consumers get an opportunity to know about various products that are available in the market. Due to marketing they may have to pay a higher price but in case, there was no marketing or advertising, how would the consumers know about the products? The importance of marketing industry, that employ a large number of people, is in itself a crucial factor as it sustains economic balance. 

Marketing fosters healthy competition among brands and this increases the level of competence among firms. Consumers are able to enjoy better products and they are at affordable prices. Marketing helps in earning and revenue generation of many companies, either directly or indirectly. For example, consider advertising, which can be considered to be a subset of marketing, influences television, newspapers and hoardings. 

With the internet writing a new chapter in the history of marketing, online marketing has evolved to be a multi-billion dollar industry. The importance of marketing can be best understood when we consider the competition in the market. If there is no marketing, only the dominant companies will exist in the market and they can move on to dominate the prices and establish monopoly over the product. 

With large number of companies fighting for quality, the consumer can demand low price and high quality. In other words, a balanced market is created due to healthy competition. Marketing also helps in innovation of new products, designs and quality so that consumers buy only the latest products. This drives the firms to focus on the research and development areas. Not surprising hefty amounts are invested in the R & D of products.

Importance of Marketing Strategy

The importance of marketing plans outweighs any other decision that can be taken in the realm of marketing strategies. Yes, marketing plan is essential to grab the market segment before any other player captures the market. What are the target groups? Which segment of the market presents higher revenue generating opportunities? These are some of the questions that marketing teams ponder over, in the pursuit of achieving a good plan. This is where the importance of marketing research comes into picture. The market research team analyzes and understands the requirements of the consumers. Conducts polls and researches and comes up with data and statistics that help to logically target a market. Another factor that governs the marketing plans is the marketing mix elements. Marketing mix elements are the sets of factors that help firms to achieve their targets of reaching the products to the consumers and also achieve organizational objectives. The importance of marketing mix is, that it takes into account the four P's of marketing, that are Product, Price, Promotion and Place of distribution.