Importance of marketing

Mohamed Aman Arif

COL00150763
Bridging Programme - HND in Business
[batch no.] 2022
Contents
Introduction p1
Why is marketing so important p4
4p’s of marketing p3
Benefits and drawbacks p5

List of figures
Figure 1: marketing plan p1
Figure 2: marketing strategy p2
Figure 3: importance of marketing p3
Summary
The Author tells you how marketing effects our day to day life and why it is important and how
it has changed with revolution. Marketing plays a crucial role in easing people’s day to day life.
This consists of the practices that the company has to carry out. Identifying customers,
researching their needs preferences, analyzing factors that influence their purchasing decisions
and persuading them to buy products and services from you rather than a competitor.

Figure 1: marketing plan

Introduction
Most people think that marketing is only just advertising and selling products, but that’s not it,
marketing is a philosophy that ensures products of the goods and services that they give
interprets customer desires and match them. Marketing consists of product, price, promotion and
the place where it is produced. [Twin, 2022]
Paul Kotler is widely acknowledged as the father of modern marketing, with 57 books to his
name its not hard to understand why he is such an authority.
It was in the industrial revolution, the people decided to buy goods instead of producing it
themselves. Because of the mass production, many people and industries engaged in the same
endeavor to serve the needs of the consumer market.

Figure 2 : Marketing strategy

Why is marketing so important?
Marketing helps in transfer, exchange and movement of goods. Marketing benefits both the
producer and the consumers. According to prof. Haney Hansen “marketing involves the design
of the products acceptable to the consumers and the conduct of those activities which facilitate
the transfer of ownership between seller and the buyer”[Hansen, n.d.]. Marketing eases to fulfill
peoples wants and needs. There are four factors that need to be followed in order to run a
business or for marketing to work successfully. These are given below.

Figure 3: Importance of marketing.

4 p’s of marketing
The model of the 4p’s can be used when you are going to produce a new product. You need to
carefully analyze these 4 factors.

Product
This is the most important part of marketing as it is the product that is sold, for the customers.
Producers need to have very good understanding and a very good definition about what the
product is and how it beats other products to doing it’s purpose.

Price
This is what the consumers are willing to pay for the product that they are buying. Marketers
should give the product a very real and reasonable price for the consumers. You do not want to
put a high price for a small product for example: a pencil for $3, consumers would not want to
spend a high price for a very small product like that. Sometimes marketers may raise the price of
a product because of it’s rarity, exclusiveness or because the product is luxurious.

Place
This is where the product is placed and where it is going to be bought. Marketers need to be very
decisive with this because the place where the product is placed is very important for selling the
product, for example: A Louis Vuitton bag cannot be placed in a supermarket, consumers would
want to see it in a mall or shop where luxurious bags are sold. Same thing goes for, if marketers
want to place their product on sale on media or online. For example: Football shoes would be
placed on a website where sport accessories are sold.

Promotion
This is where the marketer and the consumer communicate about the product not being on a
reasonable price for the consumer to get it. This way the marketer can reach out to their core
audiences, and build a good connection with the consumers.
Benefits and drawbacks
Benefits

 Important to business organization

It serves as the face of your company, coordinating and producing all materials representing the
business. Its their duty to reach out to customers, investors and communities.

 Beneficial to consumer
Marketing helps raise the living standards of the customers

 Offers career opportunities

Marketing studies gives a unique competitive advantage. You can learn how to promote yourself
and your work. Marketing helps you understand the true meaning of value.

 Economic development
Successful operation of marketing activities creates, maintains and increases the demand for
goods and services in society. To meet this increased demand, the company needs to increase the
level of production, in turn raising their income, which increases the national income.
Disadvantages
 Expensive and drains profit
Transporting the products from one place to another or from one country to another is costly. If
the products value has no profit to what you do in order to place it on the market, it becomes a
waste.

 Might not be successful if not researched and planned

Marketing requires thinking and being very decisive with your decisions. You need to keep
everything analyzed. Segmentation, targeting and positioning, promotional tactics and marketing
plan.

 Invests in time
It takes up a lot of time, as marketing is more than just selling a product or advertising it. It plays
an essential role in providing consumers with need/satisfying goods and services.

 Might require more staff for the business

The business may require additional staff to assist with advertising. This will cost more money
and would not be easy to appoint many people.
Conclusion
In conclusion, this report has told you guys about the importance of marketing and how it should
be done. Marketing has a big impact on our day to day life as it eases people to live in a much
higher living standard than they are. This also tells you how carefully you need to take decisions
while marketing.
References

Chand, S. , n.d. 7 major importance of marketing [online] available at:

https://www.yourarticlelibrary.com [Accessed 28 July 2022]

Twin, A., 2022. What is marketing? [online] Available at: https://www.investopedia.com

[Accessed 28 July 2022]

Hong, D., 2016. The top 5 benefits of People based marketing [online] Available at:
https://www.thebridgecorp.com [Accessed 28 July 2022]

Jobling, R,. 2012. Advantages and Disadvantages of Marketing [online] Available at:
https://www.thecompanywaehouse.co.uk [Accessed 28 July 2022]