Importance/Role of Marketing to Customer, Business Firm, Society, and Nation
Importance/Role of marketing:
Marketing has a very important aspect of business and society since it contributes greatly to the success of an organization. Production, distribution, and need satisfaction depend largely on marketing.
Importance to the customer:
i) Standard of living
Marketing has been given the responsibility and task of creating, rising, and maintaining the standard of living of the society. It emphasizes opening a customer-oriented business. It offers a variety of lifestyle-related products and services so that consumers can uplift their standard of living. In every sector of living, people are enjoying comfort and convenience. People are enjoying comfort and convenience from the bathroom to the bedroom to the kitchen.
ii) Provide information
Marketing provides information to customers about products, prices, places, and promotions. This promotes effective buying for customers. People learn as much from marketing as from university education. Generally, marketing provides information on product, procedure, and producer. Many people who are not educated are earning a civilized life through the information they get from marketing.
iii) Selection facility
Marketing begets competition. Numerous organizations are producing the same product. Marketing offers a variety of goods and services at varying prices and places. Among the available options, consumers can select those that match their needs. Marketing has generated choices in every aspect or field of life.
iv) Need satisfaction
Marketing provides satisfaction to customers and society by supplying relevant information and goods and services to the consumers according to their demands and taste. Marketing is a tool to satisfy human needs. Marketers find out the problems and difficulties of the customers and produce the goods and services accordingly.
v) Creation of utility
To create or add usefulness to useless or less useful things is marketing. For the exchange purpose, marketers create several utilities such as place, time, and form utility. Many things are of very little use unless they get the marketing touch. For the purpose of marketing profit, marketers change the form of product and create form utility, store for future and generate time utility and distribute several location and place utility is created.
vi) Easy accessibility
Consumers and marketers are linked through the well-designed marketing channel. Goods and services are distributed to consumers using different marketing intermediaries and distribution channels. Marketers through computer and information technology can satisfy more customers across the globe than ever before. Marketers make the best use of the internet to reach global customers.
Importance of marketing to business firm
i) Demand stimulation
Business firms or organizations produce lots of need satisfying goods and services. They need to create demand for those produced products. Marketing stimulates the manager’s demand for the product via various promotional tools, such as advertisement, personal selling, sales promotion, public relation, and publicity. These are the activities of marketing that help in informing, reminding, reassuring, persuading, and image building about the product.
ii) Product development
Nowadays, marketing is considered the source of invention. Marketing identifies the needs and problems of the customers through the study of consumer behavior. The business organization generates product ideas through marketing research, public relation, and competitor study. Earlier it is said that necessities are the mother of invention, but nowadays, marketing is considered the mother of invention.
iii) Objective achievement
The business organization exists intending to generate effective revenue, earn adequate profit and achieve rapid and healthy growth. Marketing is the means to achieve the goals of the organization. Marketing helps to make the goods and services available to the consumers effectively and conveniently. Marketing not only has to create demand but also collect money from sales and make it available to the business firm in time.
iv) Environmental adaptation
The study of buyer behavior and marketing research depict the prevailing and emerging trends and mega-trends in the environment. This helps in understanding environmental changes to identify important opportunities. Consumer preferences remain shifting due to changes in technological, economical, political, and socio-cultural forces. Marketing helps in monitoring and handling these changes which facilitate environmental adaptation of the organization.
v) Helps in innovation and change
The business environment keeps changing rapidly. Business firms need to win over their competitors. Therefore, innovation and changes are required. Competition is very intense in business. Every effort of the competitors is neutralized by the competitors very quickly. They try to make their product distinct. Marketers always observe the competitors’ efforts and try to bring newness to the product.
vi) Increase in goodwill
Marketers aim at creating brand equity through brand names, images, logos, or captions that the customers listen to and watch in the advertisements. Business organizations are using various marketing tools to make their arch design and brand equity afterward. With an established name, it is easier for marketers to expand and grow. Companies also create reputation through innovation of products, which is possible because of financial resources generated from marketing.
Importance of marketing to society
i) Delivering a standard of living
Marketing provides a variety of products and services to society from domestic and foreign sources so that the members of the society can uplift their standard of living and quality of life. Social marketing has promoted social products and ideas such as contraceptives, immunization, environmental protection, and consumer rights that have made society modern.
ii) Employment generation
Marketing develops occupation and creates employment and income for a large number of people involved in product distribution and selling activities. There may be one or few producers but thousands of sellers and personnel engaged in product selling. Marketing offers many exciting, interesting, and challenging careers, like personal selling, advertising, transportation, packaging, marketing research, product development and design, cash and carry stores, retailing, lobbying, event management, etc.
iii) Sponsorship
Marketing firms sponsor various events such as sports, music, and health camps from which society directly benefits. Marketers are giving a helping hand to the government to manage national activities. Marketers assists in social needs and problems through sponsorship. They join hands in social problems and progress through charity, technical assistance, and sponsorship.
Importance of marketing to the nation
i) Economic development
Marketing is a leading contributor to the national income of every country. Marketing does not only provide direct income to the large number of people involved in the marketing process but it also contributes to the national treasury by paying huge taxes such as VAT, excise duty, and income tax.
ii) Peace and development
Social and political conflicts are the direct result of dissatisfaction, poverty, and inequality. Marketing helps the nation by making satisfied people with good income. It also helps to reduce inequality through social campaigns such as female literacy, education for all, anti-caste campaign, and so on.
iii) International relation
Marketing is how countries manage their requirements. No country on this globe is perfect to fulfill their all needs. They exchange excess and deficit resources with other countries and manage national needs. For commercial or marketing purposes, countries maintain good relations with other countries.
iv) National identity
Products are distributed in every corner of the world through marketing. The commercial products carry the details of the producer nation. This enhances the national identity in the world arena. Various products have been the identical mark of the nation. Scotch is a product from Scotland. Samsung represents south Korea. Apple is a prestigious product of America. Pashmina, carpets, herbs, etc. are the products of Nepal to the world.
v) Ensure economic health
Marketing persuades people to buy and spend more through different marketing tools. This can help to circulate money. Marketing also ensures job opportunities. Marketing facilitates smooth buying and selling which affects the production, distribution, and consumption pattern of the people. It ensures stable economic health.
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