Importance of Marketing

Importance of Marketing

Introduction

Marketing is one of the most significant activities keeping in line with the strategic initiative adopted by organizations. Marketing is the set of institutions, activities and processes for the communication, creation, delivery and exchange of offerings that are characterized by a high degree of value for its customers, partners, clients, and the society at large.

Marketing shapes the effective brand communication for the organizations and thus an organization cannot survive without efficiently performing its marketing activities. Earlier, marketing was only restricted to mass selling of products and thus it did not incorporate the role of creating brand image and brand loyalty (William, 2012, pp. 35-55). Marketing strives to create a set of offerings that have the potential to significantly enhance customer value and have the potential to attract customers through its effective brand communication and product attributes (CIM, 2010).

Discussion

Marketing is a management process that is primarily responsible for the successful identification of customer's needs as well as anticipating and satisfying customer requirements in a profitable manner. The role of customer satisfaction shapes the essence of marketing and thus the whole idea of developing marketing strategies and plans is to successfully enhance the ratio of customer satisfaction.

As the saying goes, customer is the king and thus all marketing activities are aimed at addressing his needs in a persuasive manner. Earlier, businesses with their core purpose of selling ignored the needs of customers and the importance of customer as a whole. It brings into action the role of customer in a comprehensive manner and thus attempts to understand the core intricacies of consumer behaviour in a profound manner (Belch, Belch, Kerr, & Powell, 2008). In actuality, the marketing processes involve studying and analyzing the performance of market forces and factors which significantly aid the organization in ...