The Importance of marketing theories in

business
I. Introduction 

The world has witnessed many corporations and organization’s extremely fast growths. There
are lots of reasons why they are growing at a fast pace but the main factor that makes their
success is using marketing theories as their root to develop their business. This essay will
explain the importance of marketing theories in business by giving further information and
the effection of applying theories in business. 

II. Marketing theories and their impacts on developing business

1. Marketing theories 

Marketing theories are principles that organizations and corporations used to make good
marking decisions. By using the primary information and explaining, integrating that
information, theories can give users the information to predict future customers’ behaviors. It
also provides users the ability to learn from mistakes. Without applying theories in practice,
each decision is potentially bringing risk. There are lots of marketing theories yet there are a
few of them standing out of others such as Maslow’s Hierarchy of Needs, 7P’s of the
marketing mix, or SWOT analysis. 
2. Marketing theories’ impacts on developing business 

2.1 Maslow’s Hierarchy of Needs 

Maslow’s Hierarchy of Needs includes 5 main categories which are: physiological, safety,
love and belonging, esteem, and self-actualization. They formed a pyramid of human needs
(Maslow, A. H., 1943). Marketing persuades consumers to buy a product or service and one
of the best ways to succeed in it is tightening the products with the basic needs of the
customers. As the organization knows its target in Maslow’s Hierarchy of Needs, it can
predict what the prospect wants, what they are looking for. As the products appeal to their
needs in a relevant and meaningful full way, the purpose of marketing is succeeding at this
point if the Maslow’s theory is applied perfectly. 

2.2 7P’s of the marketing mix 

The marketing mix is widely used by marketers and businesses to decide whether the brand is
suitable or capable of selling a product in the area they are operating in. The marketing mix
7P’s is the extended version of the first 4P’s marketing mix. The 4P’s marketing mix includes
4 components which are: Product, Place, Price, Promotion. 7P’s added 3 more components
which are People, Processes, and Physical evidence. Companies use the 7P’s to review and
lookup for problems that harm the marketing of the products (McCarthy et al., 1964).
According to Kusumawati, the 7P’s marketing mix components has significantly affected the
consumer buying intention of digital music online product which is increased up to 23.8%
(Kusumawati et al., 2014). Another case study of HubSpot, this company is founded in 2006
and it currently has more than 86,000 customers in more than 120 countries. HubSpot used
every component of the 7P’s mix and they had adds values to the customers (Anon, 2021). 
III. Conclusion 
Marketing theories are the foundation of the success of many countries around the world.
They are the principles that companies based on to generate decisions when promoting
products as well as brands. The paper focused on the importance of the marketing theories
and case study of two theories which are Maslow’s Hierarchy of Needs and the 7P’s of the
marketing mix. 

References
Maslow, A. H. (1943). A theory of human motivation. Psychological Review, 50(4), 370-96.

Kusumawati, R.D. et al., 2014. The influence of 7P's of marketing mix on Buying intention
of music product in Indonesia. Procedia Engineering, 97, pp.1765–1771.

McCarthy, E. J. (1964). Basic Marketing. Richard D. Irwin. Homewood, IL.

Anon, 2021. 7Ps of marketing mix - How HubSpot is nailing it? Growth Natives. Available
at: https://growthnatives.com/7ps-of-marketing-mix/ [Accessed August 31, 2021].