. Importance of Marketing 1. Satisfies Human Wants: Marketing plays an important role in the satisfaction of human wants by maintaining regular supply of goods to consumers. It provides better life and welfare to people by satisfying their wants and also by providing useful goods and services which can make their life happy and enjoyable. 2. Provides profit and goodwill to marketing enterprises: Marketing is important to marketing firms as they earn profit by conducting marketing activities. Marketing enables a firm to expand business activities for market reputation and goodwill.
The firm can achieve its objectives through successful conduct of marketing activities. Even new product can be introduced for consumer satisfaction and sales promotion. 3. Facilitates specialization and division of labour: Marketing function, if performed successfully, leads to specialization, division of labour and efficient performance of production function climaxing in economic stability. 4. Widens markets: Marketing facilitates widening of markets through large scale movement of goods throughout the country.
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Even advertising and sales promotion techniques are useful for widening markets. They provide convenience to consumers and profit to traders. 5. Improves the standard of living of the society: Continuous production improves the skill of the workers. In addition, marketing process provides new varieties of quality goods to customers. It facilitates production as per the needs of consumers and supplies such production to consumers. This raises the standard of living of the people. It is the marketing which has converted “Yesterday’s luxuries into today’s necessaries”. . Facilitates economic growth: Marketing brings industrial/economic growth. It facilitates full utilisation of available natural resources. Marketing creates new demand for goods and thereby encourages production activities. This leads to the creation of massive employment opportunities. Thus, marketing is the kingpin that sets revolving of the whole economy. 7. Creates new norms of socioeconomic behavior: Marketing develops new ways of life in the society. It makes the society progressive and dynamic.
National economic policy is successfully implemented through marketing. It not only expands the home market but tries to establish a sound base for exports. 8. Provides channels of communication to marketing firms: The marketing firms receive continuous feedback about demand for products and services through marketing. The three elements of marketing, namely, concentration, equalization and dispersion with their sub processes such as buying, assembling, transport, storage, standardization, grading, insurance, etc. facilitate quick communication between traders and consumers. Marketing is beneficial to producers and consumers. They get goods as per their needs and manufacturers get more profit and consumer support. 9. Facilitates price control: Marketing facilitates price control by the manufacturers. It brings proper balance between demand and supply and this ensures price stability. 10. Facilitates stability to marketing firm: Marketing is one major revenue generating source of a firm. It raises the turnover and profit of a business unit.
A firm’s survival, growth and stability are dependent on its ability to market the products efficiently. Marketing is thus one challenging function of management. 11. Brings success in business: Marketing is a major activity of every business enterprise. If the marketing is not efficient, there will be losses and the whole firm will come in danger. This suggests that marketing is a risky activity with equal chances of getting profit and incurring losses. It is the successful marketing which supports all other activities of a business unit.