Importance of Marketing

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Importance of MarketingIntroduction

Marketing

Marketing is a broad topic that covers a range of aspects, including advertising, public relations, sales, and promotion

It is a very important aspect in business since it contributes greatly to the success of the organization.

It is the process of introducing and promoting the product or service into the market and encourages sales from the buying public..

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Importance of MarketingIntroduction

Marketing

Production and distribution depend largely on marketing.

Many people think that sales and marketing are basically the same.

These two concepts are different in many aspects. Marketing covers advertising, promotions, public relations, and sales.

Sales refer to the act of buying or the actual transaction of customers purchasing the product or service.

Sales

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Importance of Marketing

Importance of Marketing in Business

The first importance of marketing and that is self evident is that the consumers get an opportunity to know about various products that are available in the market.

Due to marketing they may have to pay a higher price but in case, there was no marketing or advertising, how would the consumers know about the products?

The importance of marketing industry, that employ a large number of people, is in itself a crucial factor as it sustains economic balance.

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Importance of Marketing

Marketing Promotes Product Awareness to the Public

Getting the product or service recognized by the market is the primary goal of marketing. The only means by which product can be made known is to advertise and promote.

Various types of marketing approaches can be utilized by an organization. All forms of marketing promote product awareness to the market at large.

Offline and online marketing make it possible for the people to be educated with the various products and services that they can take advantage .

A company must invest in marketing so as not to miss the opportunity of getting its products ,being discovered.

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Importance of Marketing

Marketing Helps Boost Product Sales

Apart from public awareness about a company’s products and services, marketing helps boost sales and revenue growth.

Business will generate sales once the public learns about the product through various means such as

TV advertisements,

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radio commercials,

newspaper ads,

Online ads, and other forms of marketing.

The more people hear and see more of your advertisements, the more they will be interested to buy.

Importance of Marketing

Marketing Builds Company Reputation

In order to conquer the general market, marketers aim to create a brand name recognition

This is a technique for the consumers to easily associate the brand name with the images, logo, or caption that they hear and see in the advertisements.

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For example, some brand is known for its arch design which attracts people and identifies the image as brand.

For some companies, building a reputation to the public may take time but there are those who easily attract the people.

With an established name in the industry, a business continues to grow and expand because more and more customers will purchase the products or take advantage of the services from a reputable company.

Importance of Marketing

Advertisements

The purpose of advertising is to promote the products and services to the buying public or the consumers and

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educate the potential market about the existence of your business commensurate to their specific needs.

Your advertisement should be addressed to the typical customers. The captions should be targeted to a typical buyer.

The thought should answer more of their needs and not what you as the product or service provider wants for them.

Importance of Marketing

Offline Marketing

The advent of modern marketing has been very helpful for most business, but traditional marketing is still as effective and powerful as it used to be.

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Not to be overlooked in this age of computers and internet technology, offline marketing is still widely used by many businesses.

Tri-media or advertising through print ads, television, and radio have proven to be effective means of advertising and increasing product awareness even until now.

Newspapers continue to be used actively and widely circulated by many print media organizations where businesses occupy portions and spaces in the Classified Ads to introduce their products and services.

Importance of Marketing

Online Marketing

Affiliate marketing is a common type of online marketing where a company ties up with an affiliate or an online advertiser that will take care of advertising the company’s products and services to thousands of online users.

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Another example is online video campaign with a production cost that is a lot lesser than television advertising.

Importance of Marketing

Online Marketing

Advantages of Online Marketing

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Marketing in the virtual world is one of the tactics that businesses now engage in. Especially for small-scale businesses, online marketing offers them advantageous effects

For one, it is not as expensive as the traditional or offline marketing types. A small business now has the chance to compete on somehow the same level of marketing with large-scale businesses on the internet.

They can afford to pay for their business website just as big companies do. A pay-per-click ad fee is not that expensive compared to a whole page newspaper advertisement.

Blogging is soliciting ideas, more like a word-of-mouth advertisement, and it barely entails huge expenses.