Importance of Marketing | Economy, Market, Companies

431
Importance of Marketing | Economy, Market, Companies | tinobusiness
Importance of Marketing | Economy, Market, Companies | tinobusiness

Know what is the importance of marketing in the economy, the success of companies and organizations and in improving the standard of living of the people …

“It would be hard to imagine a world without marketing
Stanton, Etzel and Walker ¹

In general terms, the importance of marketing has been directly reflected in three major areas:

  1. The economy: for example, generating direct and indirect jobs (such as (marketing managers, market researchers, publishers, vendors, etc …) staff who are engaged in a television through advertising paid by sponsors ), to promote the purchase of raw materials for the production of new products or existing products, to attract more capital, etc … All of which leads to an economic movement in companies, organizations, countries and around the world .
    According to Richard L. Sandhusen in free enterprise economies and dependent market, marketing processes, as the main force in creating mass markets, mass production and mass distribution, also help to create high levels of trade, greater investment opportunities and high employment ² .
  2. Improving the standard of living: Today, it has many more products and services that make life more pleasant and bearable than it was 50 years ago people; which, is due in most cases to different marketing activities such as market research, which is one of the first activities to be performed within the marketing process in order to identify the needs and desires consumer.
  3. The creation of more competitive companies: The marketing drives companies to focus their attention on the client to produce what your target market needs at a price they can and are willing to pay, with a promotional activity to publicize their offer and through distribution channels that allow you to have the product in the right place at the right time.

For companies and organizations, the importance of marketing has been reflected in two basic aspects:

  • First: Whereas the success of any business is to satisfy the needs and desires of its customers ¹, the importance of marketing lies in the fact that their different activities driving the business or organization toward achieving that goal.
  • Second: Although many activities (administrative, financial, production, etc …) are essential for the growth of a company, marketing is the only one that produces revenue directly ¹.
    According to Lamb, Hair, and McDaniel, the fundamental goals of most business is survival, their profitability and growth. The marketing contributes directly to achieving these objectives, since it includes the following activities that are vital to the business organization: evaluation of needs and satisfaction of existing and potential customers;design and management of the supply of products; pricing and pricing policies;development management product offerings; development of distribution strategies and communication with customers and prospects ³ .

Finally, for people or individuals the importance of marketing is reflected in almost all daily activities. For instance:

  • When you are advertising a product on television.
  • When you receive an insurance salesman.
  • When benefit from a discount at the supermarket.
  • When they buy a particular brand of clothing.
  • When you receive a product directly to your home, etc …

All these situations (which are framed within what is advertising, personal selling, sales promotion, distribution and trademarks, to name a few) are the “visible form” taking the different activities of the marketing and requiring a network of people, processes and economic movement to carry them out.

According to Richard L. Sandhusen, an individual responds to marketing each time you purchase a product ². Moreover, according Sandhusen, the field of marketing also offers the opportunity for careers that are less affected by cyclical and economic fluctuations, and offers better opportunities than many other professions, for growth and development in the professional ².

 

Importance of Marketing | Economy, Market, Companies | tinobusiness

 

Conclusions:

Currently, the marketing has an important vital in:

  • 1) the economy of companies, organizations and nations;
  • 2) improving the quality of life of individuals and
  • 3) generating more competitive and able to meet the needs and desires of the enterprises.

Therefore, no nation, corporation, organization or individual can ignore the importance that has the marketing in the development of society or group of people and the economy.

Sources:

[1] : From the book: Fundamentals of Marketing, 13a. Edition, William Stanton, Etzel and Walker Michael Bruce, Mc Graw Hill, pp. 21 to 26.

[2] : From the book: Marketing of Sandhusen L. Richard, First Edition, Continental SA Publishing Company, 2002, p. 12.

[3] : From the book: Marketing, Charles Lamb, Hair and Hoseph Carl McDaniel, Sixth Edition, International Thomson Publishing, 2002, p. 19.

 

 

is strongly seasoned and hard-working Graphic Designer with extraordinary creative thinking and project design abilities. With 7 years experience in print and digital, including art direction, web/mobile design and consultation, illustration, packaging and copywriting/editing for clients in fashion, pharmaceutical, furniture, automotive, food & beverage, design, hospitality, financial, broadcast and NGO. I love sharing ideas and writing articles.

NO COMMENTS

Leave a Reply