Marketing is a non- negligible aspect of business because it contributes immensely to the growth of an organization. Production and distribution companies who achieve immerse profits can be attributed to a certain percentage of their budget to marketing. There is a difference between marketing and sales; marketing covers the aspect of promotions, advertising and public enlightenment whereas a sale is a process of introducing your product or service into the market and encouraging the patronage from the buying public. Since the aim of marketing is to make the product or service widely known and acceptable to the market. In this world of competition, a marketer has to be creative in their marketing activities to get the product noticed. Without proper strategic marketing your business may offer the best product and services and prospects would not know anything about it. I will highlight five importance of marketing.
Once your product or service gets accepted by the general public and your targeted audience, there is a boost sales and revenue growth. The more fascinating your advert is the more sales boost, do you ever wonder why you just finish watching a 5mins advertisement on TV and you can’t get your mind of it or after watching an advertisement of iPhone 5 and you lost interest in the iPhone 4s you just bought barely 6months ago. That is why marketing department must make use of innovative, captivating, strategic and effective marketing tactics and planning. The more people you reach out to through TV advertisements, radio commercials, newspaper ads, online ads and other form of marketing and also the more they hear and see your advertisement, the more interested they are in buying and patronizing your company.
Product Awareness to the Public
It has earlier been discussed that marketing gets he product and service been recognized by the public and potential buyers and that is the primary aim of marketing. Unless your business is known in the community and have communication with your clients readily available, you might have to use innovative and strategic marketing tactics and strategies to establish product and service awareness.
Builds Company Reputation
In the quest to conquer the general market, the marketing team will have to create brand name recognition, and the success of any company often lies on a solid reputation. Marketers must be creative, strategic and innovative to promote their products, because as your company reputation grows sales increases and productivity increase and also the revenue increases. If proper research and survey is not well conducted the company might just be wasting their resources and time on a failed marketing tactics and strategy.
When a brand gain recognition and there is sales boost, the demand will increase. The increase in the demand for goods or service will amount in increase in productivity and therefore, the need to employ more workforces will be necessary. The increase in the workforce will help to increase productivity in the company and help reduce unemployment.
Marketing also help foster an environment for healthy competition, Marketing goes all the way to reach the intended consumer or client and the general public, but it also reaches companies who are also in the line of business. When a company is the only company offering a product or service they can change price anytime, marketing helps to make pricing competitive for a business and each companies try to win the heart of prospects. If not for competition, bigger and well known companies will continue to thrive and make sales while new companies would stand no chance. Marketing helps a healthy competition to thrive and allow small business and new business to be successful and increase the marketplace.
Marketing propels sales, this is indeed a way of life for all, a preacher needs to propagate the gospel, a man needs to woo a woman to be his wife, a lawyer needs to convince his client he can win a case. Just like any product the essence of marketing is to deliver essential value in exchange for service while making the activity sustainable and satisfactory.