why is marketing important in a business
Marketing also fosters an environment in the marketplace for healthy completion. Marketing efforts get the word out on pricing of products and services, which not only reaches the intended consumers, but also reaches other companies competing for the consumersв business. As opposed to companies that have a monopoly on products and services that can charge almost any price, marketing helps keep pricing competitive for a business to try to win over consumers before its competition does. Without competition, well known companies would continue to sell while lesser known companies or new companies would stand little chance of ever becoming successful. Marketing facilitates the healthy competition that allows small businesses and new businesses to be successful enter and grow in the marketplace.
Have you ever thought about a world without Marketing? Without marketing how will: Companies exist? Persons know what is available on the market; where to get them and the cost of a particular product or service? The answer is simple: they may not!
When it comes to marketing, CUSTOMERS ARE KING and marketing is the means through which we can spread the word. It acts as a key component in providing information to the market and is vital when it comes to profitability. Every business wants to maximise their profits; but this can only gained through awareness, persuasion and sales; with sales being the pivotal point in generating revenue and marketing being the added value factor to the product or service that is being sold. Marketing consists of: Market Research, Advertising, Public Relations, Customer Support, Digital Marketing, Promotion and Sales in which each component can be expanded into various mediums that are used when promoting a product or service effectively. So why is Marketing crucial for business success? the audience of the products and services that is being offered by a business. It provides the value of the core product, the usage and additional details that customers usually want to know. This helps with brand awareness as it relates to informative advertising. : During the first stages of the product life cycle, everyone has to do market research where market segmentation is done based on psychographics, behaviour, geographic or demographics.
Once the segments have been identified, the target market is then assessed and the product is positioned accordingly. by utilising different ways to promote the product or service that is being offered. This can be done through various mediums which include, word of mouth, social media, direct marketing, press, radio, TV, point of sales, promotions, company website and other channels that assist with attracting and persuading persons to purchase the product or service offered. Through the use of a combination of these mediums, there can be increased sales which positively impacts profitability. Engaging your customers with relevant information about the company and whatвs new is crucial. It makes them feel like theyвre in-the-know. Marketing helps with this aspect, especially on social media, through contests and sweepstakes or even in-store advertising or experiential marketing. based on pricing of products and services amongst competitors; providing they are not a monopoly in which case they can set any price.
With competition other companies are given an opportunity to exist on the market where they will try to win consumers through competitive pricing. Brand reputation is what makes or breaks a brand. In order for your product or services to exist you should aim to have a good reputation on the market through use of effective marketing mediums. When your brand is affiliated with a certain standard you will see increase sales and business expansion. So how exactly do you integrate the components of marketing to achieve success? Find out more about the opportunities that exist with the International Master of Strategic Marketing and how to build effective marketing strategies by learning more about marketing and how it can enhance your career in an Information Session on, 2017 at 5:30pm.
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