Essential new ideas in the management thought and practice such as manufacturing flexibility, flat organizational arrangement and increased emphasis no service are all as a result of marketing, which all are aimed at making businesses more quick to respond to the needs and preferences of consumers. Therefore small business owners must also perfect their basic marketing skills in order to be successful.
Marketers heavily rely on marketing to spread the awareness about the products of a business as wells as increasing sales and growth of profits. Marketing creates a need among the general public to purchase goods and services through effective planned marketing strategies as well as cohesive marketing communication. The more people become familiar with a product, the more they would be interested to buy.
Marketers aim at creating brand equity through brand name, image, logo or caption that buyers listen and watch in the commercials. A good reputation will make it easier for business to grow and to develop. Business also create a reputation through improvement of products, which is realized because of funds generated from sales.
In this modern era, the needs and preferences of across the globe consumers are satisfied through content marketing which relies on information technology. Vendors do recognize the role websites, online groups, and blogs in marketing exchanges. Nowadays a buyer can get a product through the internet by comparing the same product from different vendor and choose the best deal.
As much as marketing is primarily focused on promoting product awareness by the market, consumers also take benefit. Consumers do not recognize the importance of a product like phones laptops, until marketing is done to promote awareness, which can be used to improve the quality of life. Marketers help in spreading of awareness about a useful product, where customers the desire to get them which in turn improves quality of life.
Marketing is an intricate tool in business that requires many people in one form or the other in order to be effective. The key roles of marketing is buying, selling, financing, transport, risk bearing and standardization. In each such role, various undertakings are performed by a number of individuals and groups. This means that marketing gives employment to a lot of individuals. It is estimated that about 40 percent of people or populace is one way or another dependent upon marketing.
Another importance of marketing is that it makes the economy turn around and also stabilize the economic conditions. It fills the gap between the producers and consumers.
The success of a business financially will heavily depend on its marketing ability. Demand for products and services influence business functions like the finance operations, accounting among others.
Marketing offers alternatives to consumers and general public. Through marketing, many new products and in different variations are made available to the people. This is important as consumers are given freedom to purchase a product they desire without feeling like they are forced due to lack of an alternative.