Importance of marketing 2023 part 2
Export promotion is an area of industrial activity where the government should strive to achieve the lowest form of bureaucracy, but implement the strictest form of quality control on products that leave the country's stock. It is also an area of government activities where marketing plays an invaluable role. Trained marketing professionals should be placed abroad to seek export opportunities as well as to do the necessary research on the nature of the competition that the country is likely to face abroad.
Tourism is a marketable commodity if managed effectively, and it produces significant foreign exchange for the developing economy. It also facilitates a sense of international sympathy for the problems of the developing economy. It provides countless entrepreneurial opportunities in an inexplicable and indigenous way, and it provides a unique marketing vehicle to test the export potential of various consumer products. Marketing of tourism is more than just building offices abroad. This is more than developing brochures on historical and cultural sites.
(ix) Education and manpower planning:
This is another area of development where marketing concepts and techniques can be considered to have an impact in meeting the manpower needs of the nation. Despite the importance of education under the umbrella of national development, the notion of using the educational system for on-the-job training creates negative reactions in many teachers. Developing economies require different types of human skills to bring about economic and social development.
The majority of education in developing countries is geographically limited to urban areas. There is little emphasis on rural laborers, farmers and non-formal training programs to increase such productivity. The rural market provides extensive opportunities for specific educational systems. Agricultural skills, operation and maintenance of agricultural implements and tools, home hygiene, first aid, maternal and child health, serving, horticulture, literacy and marketable handicrafts and skills can be taught to various audiences in the villages.
(x) Entrepreneur Development:
"No Entrepreneur, No Development." It is the ability to convert available economic resources and technology into commercially profitable ventures that sets an entrepreneur apart. By nature "An entrepreneur is neither a technician, nor a financier, but is considered an innovator." He is a person who is ready to take risks and if he is given proper assistance, his productive activities will bear fruit to the economy.
"An entrepreneur is the king pin of any business venture, because without it the wheels of industry cannot run in the economy." Drucker observed, "Marketing is also the most easily accessible multiplier for managers and entrepreneurs in the underdeveloped development sector."
Research evidence supports the hypothesis that new entrepreneurs can be produced and motivate existing entrepreneurs to put more and more efforts into their businesses through training schemes. Marketing professionals should play an active role in the entrepreneur development program.
It is relatively easy to provide technical support to the entrepreneur as compared to marketing assistance. But marketing skills are definitely necessary for successful entrepreneurship. Organizations dealing with entrepreneurial training must have thorough market knowledge, marketing analysis capability, and marketing professionals on their staff to train a potential entrepreneur.
Importance of Marketing - T. Society, Individuals and Business Firms
Marketing is recognized as the most important or important activity in our society. Production and marketing are the two pillars of an efficient economy. Rather, production and consumption are the two wheels of an economy that are connected to the powerful belt of marketing.
A market-oriented economy is a dynamic economy. If a country has a low standard of living it can be attributed to the least developed marketing system. This shows the importance of marketing. Renowned management consultant and thinker Peter F. According to Drucker, neglect of marketing is the main factor that keeps the economy underdeveloped.
Importance of marketing to the Society :
1. Marketing helps in achieving, maintaining and enhancing the standard of living and quality of society:
In our society, there are broadly three classes of people, upper, middle and lower class. However every member of society needs certain items to make a decent life. Many products and services like toothpaste, toothbrush, talcum powder, shampoo, snow, face cream, shirt, trousers, saris, medicines, fans, lights, air conditioners, mobile phones, motorcycles, cars, books, food grains, process marketing to vegetables etc. Is made available to consumers through Marketing is the means through which production and purchasing power are converted into consumption.
In addition, the marketing process brings new variety of useful and quality goods to consumers. Better marketing gives room for mass production. Under mass production, the cost will be lower and hence, the article price will be lower. Since the price is low, people can buy more goods for their money. This will raise the standard of living.
2. Wants human satisfaction:
Marketing leads to human satisfaction by maintaining a steady supply of goods and services to consumers.
3. Marketing enhances employment opportunities:
The marketing process leads to employment opportunities. Just as every industry provides employment opportunities to thousands of skilled and unskilled workers in different capacities, in the same way marketing also provides employment to millions of people. Marketing is a complex mechanism involving the number of tasks and subtasks that call on various specialized individuals for employment.
The major marketing functions are procurement, sales, transportation, storage, financing, risk-bearing, market information and standardization. In each such ceremony, various activities are performed by a large number of individuals or institutions. Industrial workers are continuously getting employment due to effective marketing machinery.
4. Marketing assistance to increase national income:
The income of the nation is made up of goods and services which money can buy. Efficient system of marketing reduces the cost to the minimum. This, in turn, reduces prices and increases the purchasing power of the consumer. This will increase national income.
5. Marketing helps to maintain economic stability and economic growth:
Economic stability is a sign of any efficient and dynamic economy. Economic stability remains only when there is a balance of supply and demand. If production exceeds demand, additional goods may not be sold at acceptable prices.
Stocks of goods were then piled up and the market developed a rift, resulting in a price drop, and a depression. Similarly, if production falls short of demand, prices rise, resulting in inflation. In such a situation, marketing maintains economic stability by balancing two aspects - production and consumption.
6. Marketing is a connecting link between the consumer and the manufacturer:
The marketing process brings new items to retail outlets from where consumers can take them.
7. Marketing removes the imbalance of supply by transferring surplus to deficit areas through better transport facilities and this leads to price stabilization.
8. Marketing assistance in building utilities:
Marketing as an economic activity creates occupancy, space, time and information utilities. The exchange builds utilities owned and occupied. Transportation creates utility. Storage time creates utility. Promotional activities create information utility.
Importance of marketing to personal / business firms :
1. Marketing generates revenue to firms:
Profit is the core on which the entire superstructure of the business is built. Marketing alone generates revenue or income to an enterprise. Marketing functions develop and widen markets. When markets are widened, sales increase and thus the firm gains profit.
2. Marketing Act as the basis for decision making:
What are the entrepreneur's problems, how, when, how much and for whom to produce. In the past, the manufacturer was in direct contact with consumers. Therefore, the problems were dealt with very easily. However, today the producer has no direct contact with consumers. Therefore, the manufacturer's problems become very acute and complex.
Nowadays the problem is solved by marketing department. The marketing department collects all the information about what, how, when, how much, and for whom it is produced and this information is given to the top management. Top management uses this information to make decisions.
3. Helps top management to manage marketing innovations and changes:
Marketing and innovation are the two basic functions of any business. We are living in a dynamic world. Nothing is permanent except change. Change is the essence of life and change means progress. Consumers' behavior and demand varies. Therefore, to run a business successfully, a businessman must adapt himself to changing priorities, changing styles, changing fashions etc. and innovate new customers, new products, new markets, new methods and processes.
Marketing helps to optimize change and innovation. Retailers communicate with wholesalers about consumers' demand. Wholesalers, in turn, communicate with manufacturers about market demand. Market research also serves as a source of marketing information on consumer behavior and market trends. Salesmen of a market-oriented concern have their ears and eyes for information feedback.
Importance of Marketing - सेवा Society and Personal Business Enterprises
Marketing is all around us. Our existence, our entire economic life, our lifestyles are constantly influenced by a wide range of marketing activities. The food we eat, the clothes we wear, the shelter we shelter, the comfort and health we get from our home and work sites, health and welfare activities, provide us peace of mind, all these days Marketing systems are affected by.
Marketing alone we can place goods and services at our doorstep and fulfill our needs, and our diverse and myriad needs and desires. If our marketing system fails to fulfill its core responsibility, then discovering and serving market demand will cripple our entire economic life.
Marketing has gained social importance as it is entrusted with the task of building and distributing the standard of living to the society. Marketing constantly studies consumer demand which is diverse and dynamic. Based on up-to-date knowledge of the nature, character, and magnitude of market demand, the firm produces desirable goods and services that are provided to consumers at fair prices through distribution channels.
Marketing is the vital link between producers (production) and consumers (consumption). This is mainly attributed to the wheels of production and consumption moving or running continuously at their optimum speed.
Optimal production and optimal consumption can secure the optimal standard of living in an economy. Marketing is directly responsible for maintaining the balance between mass production and mass consumption. Only then will we have economic stability.
The Industrial Revolution offered mass production in the 19th century. The marketing revolution called for effective distribution in expanding markets to provide mass distribution machinery in the 20th century. We have yet to develop a smoothly operating system of physical distribution. Customer oriented marketers can and should play a key role in mass distribution. Better marketing can raise the standard of living of all people in any country.
The marketing system plays a unique role in transforming the benefits of mass production in terms of increasing living standards and lifestyles of all people through the best system of physical distribution. The number 1 problem in our economic life today is distribution. Marketers must meet this challenge to justify their existence in our socioeconomic environment. Marketing has attached great importance to solving this burning problem of mass distribution. Today the problem of marketing is more than the problem of production.
Marketers must create a comprehensive marketing system, which (at profitable prices) is all the goods we can produce or manufacture to consumers or users. At that time, the total production of only agricultural and manufactured goods was greatly increased.
We live in a dynamic economy, and marketing systems are said to maintain a balance between supply and demand in such an economy. If two flows, that is, goods flows (representing supply) and money flows (representing demand) balance each other, then we have economic stability and, naturally, price stability, of course, national output, Higher and higher levels of employment and income. . It is an ideal and desirable state of the national economy.
Markets are now faced with a challenge to ensure that an expanding market will easily absorb the increasing volume of goods and services that our manufacturers and manufacturers are able to provide us under computerized and automated systems of production . If marketers assure equal distribution, the nation may have a dynamic expansion with steady economic growth and economic stability.
Economic development in developing countries depends entirely on the effective system of production and distribution — the two wheels of the national economy. The level of marketing controls the level of production. Production and distribution are two aspects of the same blade. Nothing happens in our economy unless someone markets something. Thus marketing plays an important role in our economic development.
In an underdeveloped country, marketing is the most underdeveloped part of the economy. Marketing development can change the entire economic life of such an underdeveloped country without any change in its methods of production, distribution of population, or income.
Marketing benefits both society and the firm, and its importance to each has been growing rapidly since the 1950s. Let us calculate the benefits of a sound marketing system to society and the firm.
Benefits for society:
1. Living Standard of Living:
Marketing is of vital social importance, as it has been given the responsibility to create, raise and maintain the standard of living of the society. This is a special demand of the people. Only a customer-oriented business enterprise can succeed in discharging this responsibility.
Marketing is essential to provide increased employment opportunities so that we can keep effective demand in the market. Sustainable production is controlled by continuous marketing. Marketing provides employment and income, about 30 to 40 percent of the total population. It holds special significance as a major source of livelihood or gainful employment in India.
3. Balance between supply and demand:
The marketing system can assure a balance between supply and demand through a process of proportionality and thereby we can have price stability as well as economic stability. If we have a balance between production and distribution, there will be no risk of boom and slowdown in our economy. If supply exceeds demand, depression will occur.
If demand exceeds supply, then inflation and rising prices will occur. Marketers can indicate to production managers the exact market demand. In short, marketers are the managers of demand. Of course, in practice, supply is adjusted with changing demands because consumer demand is not directly controlled by marketers.
4. Construction of utilities:
Marketing as an economic activity creates time, space and business utilities. Merchandising forms farm utility. The exchange builds utilities owned and occupied. Transportation creates utility. Storage time creates utility. Promotional activities create information utility. Therefore, marketing activities create or add value through form, location, time, ownership, possession and information utilities.
Marketing development can initiate the integration of agriculture and industry, make maximum use of current productive capacity, and develop entrepreneurial and managerial talents, especially in underdeveloped countries. Thus marketing can bring rapid growth in underdeveloped or developing countries.
Marketing alone generates revenue or income to an enterprise. It can generate revenue at a cost that will leave some surplus in the form of net profit. Marketing is defined as any activity that can yield income or profit. A business should benefit from its activities. Marketing is considered as the art of making a profit through profitable sales, i.e. by selling the right products to the right people at the right price, and through the right channels, and by the right publicity.
In fact, it is the best description of a marketer's job. In short, marketing is finding, creating and satisfying the needs and wants of people, and doing so at a profit. Marketing makes a profit through time, space and building business utilities.
2. Notice for decision:
The marketing department is the main source of information to the top management and production department to make overall corporate decisions and decisions on production. Social demands for goods and services are communicated only through the marketing manager to the general manager and production manager. Marketing information is the basis for all managerial decisions and also purchasing decisions.
3. Management of innovation and change:
Marketing and innovation are the two basic functions of any business. We are living in a dynamic world. Nothing is permanent except change. Change alone is constant. Change is the essence of life, and change means progress. Change is the common factor in planning, organizing, motivating and controlling marketing activity. Marketing information systems enable marketers to anticipate, meet and adapt to change and creativity, and to accelerate change conditions, especially in consumer demand.
Changing a business through the adoption of innovations, eg, its new role, new customers, new products, new markets, new methods and processes, etc., is more important than simply operating the business more efficiently. The buyer's behavior and market demand fluctuate.
A marketer can help the top management in managing communication, change preferences, changing styles, etc., and marketing communication system easily to beneficial marketing change and innovation.
Retailers communicate with wholesalers about consumer demand. Wholesalers, in turn, expose the manufacturer to market demand. Marketing research also serves as a source of marketing information on consumer behavior and market trends. Salesmen of a market-oriented concern have their ears and eyes for information response.
Importance of marketing - for the success of a business venture
Marketing plays an important role in the success of a business venture. Marketing is mainly concerned with the movement of goods and services from producers to consumers to meet their needs. Marketing directly contributes to maintaining the wheel of the organization while walking the path of progress and prosperity.
1. Marketing helps in achieving the objectives for which the organization is set up. In fact, effective marketing is necessary for the survival and growth of the organization.
2. It helps the community to meet their economic and social needs and thus raise their standard of living. This ensures better deals and services for consumers. It helps the enterprise to fulfill its social responsibilities.
3. It helps to produce the products that consumers and the community need on a large scale. This activates the production-consumption chain. Thus, it helps in the efficient and productive use of both resources and humans and materials, eliminating wastage.
4. It helps in adapting the enterprise to the changing circumstances and circumstances.
5. It provides guidance for the innovations the organization should adopt, enabling it to face competition more squarely.
6. It helps the enterprise to achieve maximum efficiency, productivity and profitability with minimum effort and cost.
7. It ensures the economic development of enterprises resulting in the development and economic development of the country.
Importance of Marketing - Important contribution of marketing to firm and society
Marketing is one of the most important activities in an enterprise. It is not important as a commercial activity in organizations; Marketing has positive effects that go beyond making a profit for the enterprise.
The following are important marketing contributions to the firm and society:
1. Importance for society:
(i) Standard of Living:
Paul Mazur has said- "Marketing is the distribution of the standard of living of a society." Marketing creates and increases demand for new and existing products, meeting people's needs and thus raising people's standard of living.
(ii) Provision of employment:
According to an estimate of the labor force in developed economies such as the United States, Japan, Germany, etc., marketing research work is engaged in various marketing processes such as wholesale and retail trade, transportation, communication, warehousing and warehousing, promotional work, etc. . In underdeveloped economies like India, there is a lot of scope to increase employment opportunities by developing marketing processes.
(iii) Reduction in distribution costs:
The objective of marketing is to reduce the cost of distribution as far as possible so that consumers reach the maximum number. It increases the level of consumption in the society.
It increases the profits of the producer which filters the shareholders. A portion of the benefit can also be used for further research. Thus, society benefits in the long run.
(iv) Increase in national income:
A marketing system is associated with the creation of increased demand for goods and services. Marketing is very broad and covers a wide range of activities. These activities generate income on a large scale and contribute to national income.
2. Importance of firm:
(i) Assistance in business planning and decision making:
Marketing is helpful in making various decisions regarding business planning and business. In today's economy, production is planned according to sales forecast, not according to the firm's production capacity.
A firm produces what it can sell and not how much it can produce. Thus, marketing decisions affect overall business decisions. Activities such as planning, production, purchasing, finance or design revolve around marketing decisions.
(ii) Help to increase profit:
Marketing helps in increasing the profits of the business by reducing the sales cost on one hand and increasing the demand for the product through advertising and sales promotion activities on the other side.
(iii) Assistance in communication between firm and society:
Marketing provides information to the firm about changes in consumer behavior from time to time and about competitors' production and price policies. It helps a firm to formulate its policies and make necessary adjustments.
Marketing is a potential force that commands high importance. Increasing the efficiency of marketing results in lower cost of distribution. Low prices are a boon for the entire population. Marketing brings new varieties of useful and quality goods to consumers, thereby improving living standards.
This creates wider employment opportunities. It has transformed the luxury of tomorrow into the requirements of today. This converts latent demand into effective demand.
Importance of marketing
1. The country's national income is not made from money, but from goods and services that money can buy. Therefore, any increase in the efficiency of the marketing process will result in lower costs of delivery or production of goods and services and lower prices to consumers will increase national income.
2. Marketing employs many people and hence it helps in reducing the rate of employment.
3. Reduction in the cost of marketing is a direct benefit to society by providing goods and services at a lower rate.
4. In this era of information technology, companies are widely advertising about the variety of products and services with specific characteristics. Therefore, marketing provides valuable information to consumers.
5. Marketing also prevents hoarding, profiteering and black marketing. For example- when a detergent company lowered its prices, all detergent companies followed it. Thus, consumers are now getting detergents at 45% less than the price of the previous two years.
6. Marketing of agricultural products, vegetables, fruits etc. is done through internet marketing. This enables producers to collect information about products anywhere in the world and sell it at the best price.
7. Marketing tries to find the right type of products, through the right channels, through the right channels, with the right channels.
8. Marketing also helps innovation and product development to identify entrepreneurial talent, develop the economy, stimulate consumption, raise people's living standards and act as a patron of the value system.
9. Marketing also ensures that the economic resources of the society are spread in the right direction. It also makes entrepreneurs and managers in the given society.
10. .Marketing acts as a "change agent" and "value adder", improves people's living standards and accelerates the pace of economic development of society.
11. Marketing makes economic planning more meaningful and more relevant.
12. In the words of Adam Smith "the selling aspect becomes the nerve center of all human activity".
13. According to Peter Drucker, "Any organization in which marketing is either absent or not incidental is not a business and should never be run as if it were one".
Importance of marketing
Efficient marketing is a pre-requisite for the successful operation of any business venture. Peter F. Drucker admits that a business venture is only a marketing organization and he further states that marketing is the specific function of the business.
A business organization is distinguished from all other human organizations by the fact that it markets a product or service. Neither the church, nor the army nor the state, nor the school does so. Any organization that markets a product or service business. Therefore, any organization in which marketing is either absent or is not a casual business.
Marketing ideas are the most important factor in business planning today. Marketing is the heart of a business organization. The chief executive of a business organization cannot plan, the production manager cannot produce or build, the procurement officer cannot buy, and the financial controller cannot budget until a basic marketing decision has been made.
Many departments in a business enterprise are essential to its development, but marketing is still the only revenue generation activity. Marketing function is correctly considered the most important operative function of management.
Marketing is the kingpin that determines the circumambulation of the economy. The marketing organization, if more scientifically organized, makes the economy strong and stable. The lower the stress on the marketing function, the weaker the economy.
Underdeveloped marketing is a sign of under-developed economy. A under-developed economy is characterized by many deficiencies and is a seller's market.
There is not much effort to sell. Business firms do not feel the need to change their marketing methods and practices as a result. Other reasons for haphazard marketing in under-developed economies are heavy dependence on agriculture, old methods of production, over population, low income and low standard of living.
Since marketing is consumer oriented, it can bring many positive changes in developed economies.
Marketing enables a nation to improve the quality of goods and services and consequently business values. The consumer gets the most priority. Quality of goods, store display, advertisement, packing, etc. is all directed towards consumer satisfaction.
Marketing helps in improving the standard of living of people. Marketing improves living standards by offering a wide variety of goods and services with freedom of choice and presenting the customer as the most important person. Some people define marketing as the distribution of living standards, because it meets the physical and emotional needs of the consumer.
Marketing generated employment in both production and distribution sectors. A large number of people are employed by modern business houses to carry out marketing functions. Marketing also gives an impetus to pursue employment facilities.
To pass the finished product to the customer, it goes through wholesalers, and employs many people to build these many establishments. In the absence of marketing, the level of employment should not have increased.
Marketing helps to develop economic resources. Since a business firm generates revenue and earns profits by completing marketing functions, it will engage in exploiting more and more economic resources of the country to earn more profits.
Therefore, if national resources are to be fully exploited, then marketing should be given the greatest importance. Marketing determines customer needs and determines the pattern of production of goods and services needed to meet customer needs. Marketing also helps in locating the export market.
Importance of marketing - from the point of view of firm and society