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The Importance of Marketing in Today's World

by Sameeksha Khanna 7. November 2011 11:43

Marketing, now-a-days has become one of the most important aspects in business. And it is no wonder that companies now have CMOs, that is, a Chief Marketing Officer along with CEOs and CFOs. They have realized that the success of a product or a brand depends mostly on the marketing efforts, on how well the product is introduced and promoted into the market and the consumers.

Marketing has become more of an emotional research which includes understanding the customer, his needs and his psychology so that the product can be based on these. Therefore, the marketing managers try and answer the following questions in order to aid their search:

How to find the right market segment?

How to compete with the other brands?

How to produce the better product with lower cost?

And how to advertise so that the product can reach the maximum number of people?

Successful marketing strategies help in not only understanding the consumer and his needs but also in the following ways:

It promotes awareness among the public – the consumers get the opportunity to know about the various products that are available in the market. Imagine, how would you come to know about, lets say, the latest mobile phones, without advertising or marketing?

It helps in boosting sales – apart from public awareness, advertising also helps to boost revenue growth. Whatever your business might be selling, it will obviously generate sales once the people come to know about it through TV advertisements and commercials, billboards, newspaper advertisements, etc. And more the people see and hear about a new product, the more they will be interested to buy.  

It builds company reputation – that is, it helps in creating brand name recognition. That is a technique by which the consumers associate the brand name with the images and captions that they see and hear in the advertisements. 

It helps in fostering healthy competition – consumers are the ultimate benefiters who, because of this competition among different brands, can demand high quality and low price. It also helps in generating revenue for many other companies, either directly or indirectly. For example, advertising, which is an integral part of marketing influences television, magazines and local and national newspapers.

Imagine, no marketing would mean only the pre existing and dominant companies would exist and go on to dominate the market prices and establish monopoly over the product! Therefore, one can see that marketing plays a very important role in the success of a company. Finance, operations and other business functions will not matter much if there isn’t good enough demand for the products and services so that the company can make a profit. Online marketing has added a new chapter with the internet becoming one of the most important media and is slowly evolving into a multi-billion dollar industry. However, one must be creative and wise enough so that they can promote their products with proper marketing tactics. For, if research is not done properly, then the company might just be wasting time and expenses on a failed marketing project!


Comments (1) -

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11/15/2011 10:45:01 AM #

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