Importance of Marketing

STUDENT NAME
PROFESSOR NAME
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NOVEMBER 27, 2020
 Introduction

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 Marketing and HRM Topics
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 14 PPT
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Marketing
 Importance of Marketing

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 References
 Thank You
 Conclusion

 4 -6 references
Marketing: definition &
importance
THE DEVELOPMENT OF TIME, LOCATION AND POSSESSION UTILITIES INCLUDES BOTH PRACTISES.
THE DESIGN, PRICING, PROMOTION AND DELIVERY PROCESS OF IDEAS, PRODUCTS AND SERVICES TO BUILD EXCHANGES WHICH MEET INDIVIDUAL AND
CORPORATE GOALS. ASSOCIATION IN AMERICAN MARKETING
THE MANAGEMENT MECHANISM THAT DEFINES, ANTICIPATES AND FULFILS CONSUMER REQUIREMENTS PROFITABLY. CHARTERED MARKETING INSTITUTE
Market vs Marketing

Market is an arrangement for the sale of commodities. Marketing is the sum of all operations
connected to the movement of products from produce to consumption.
Marketing, Selling & Merchandizing

Marketing is a wider term informed by consumer needs. Selling is a promotion part of

persuading consumers to purchase goods from the vendor. Merchandising refers to the
practise of giving the supermarket customer a range of goods in a way that increases demand.
IMPORTANCE OF MARKETING

1. Marketing leads to achieving, sustaining and raising living standards – marketing ensures
that production and procurement power are turned into consumption. - Better marketing >
mass manufacturing > medium cost production > improved living conditions > Low cost >
higher purchasing power
IMPORTANCE OF MARKETING

2. Marketing Improves work opportunity - Marketing requires a number of functions and

subfunctions (Buying, Selling, Transportations, Warehousing, Finance, Risk Control etc) -
Which provides the need for a variety of requirements.
IMPORTANCE OF MARKETING

3. Marketing increases national income - More purchasing power > increase in national
income
The success of the marketing role is critical as it is the only way that the business can produce
revenue and profit. "Any operation linked to the income generation is a marketing action,
Buskirk pointed out. For the manager, engineer, etc., it is all too easy to act under the general
premise that the company can reach a gross number of revenue of millions dollars.
IMPORTANCE OF MARKETING

4. Helps maintain economic stability & development - By maintaining demand supply

balance
"Nothing happens in our country until something is being sold," said Adam Smith. Marketing
is the secret to the revolution of the economy. The further technically structured marketing
organisation, the better the economy, the less burden on the marketing function, the poorer the
economy.
IMPORTANCE OF MARKETING

5. Removes imbalance of supply & demand by transferring surpluses

 In the shipping, commerce and storage of commodities, marketing is really helpful.
Goods and services are delivered by different intermediaries, wholesalers, dealers and
others to the consumers. Both suppliers and customers benefit from ads.
 First of all it addresses customers' unique requirements and desires and, secondly, the
goods that producers should sell. "Marketing involves the design and conduct of products
acceptable to the consumer, which facilitate transfers of ownership between the seller and
the buyers" according to Prof. Haney Hansen.
IMPORTANCE OF MARKETING

6.  Decrease in distribution cost:

 The management of distribution costs is the second essential marketing obligation.
Companies may reduce their distribution costs substantially by way of productive
marketing. Reduction of distribution costs impacts retail prices directly as the distribution
costs are an important aspect of the product's sales price.
 IMPORTANCE OF MARKETING
7. Protection against business slump:
Business depression triggers unemployment, business success slowdown and a big economic decline.
Commercialization aims to shield us from all these issues.
 IMPORTANCE OF MARKETING

8. Decrease in distribution cost:

 The management of distribution costs is the second essential marketing obligation. Companies may reduce
their distribution costs substantially by way of productive marketing. Reduction of distribution costs impacts
retail prices directly as the distribution costs are an important aspect of the product's sales price.
IMPORTANCE OF MARKETING

9. Link between producer & consumer

10. Helps create utilities of time, place & possession
IMPORTANCE OF MARKETING – Business Firms

1. Marketing helps decision making process (what, when & how much to produce, store or
transport)
 A businessman has many difficulties in the context of when, how, where and for whom?
There were less issues with municipal economies in the past. The direct relationship
between producer and customer was created.
 Marketing is a very complicated and fatiguing job in modern times. Marketing along with
production has arisen as a modern specialised industry.
 As a consequence, manufacturers are increasingly dependent on the selling process to
determine whether to manufacture and distribute. A producer may manage his production
accordingly by means of marketing techniques.
IMPORTANCE OF MARKETING – Business Firms

2. Helps change management & innovations

 A complex definition is the concept of advertisement. With the passage of time everything has
improved fully.
 These improvements have far-reaching output and delivery consequences. Marketing has to be
the same as constantly shifting tastes and people's desires.
 Marketing as a calculating tool offers scope for recognising this emerging trend of demand,
manufacturing and making the products available accordingly.
IMPORTANCE OF MARKETING – Business Firms

3. Marketing Generates Revenue, by generating sales & thereby profits

Marketing gives many chances to prosper from setting up time, position and ownership utilities in
the course of acquiring and distributing goods.
In the future, this revenue and benefit are re-invested in the business.
The most critical emphasis should be placed on the marketing as the firm's very life relies on its
marketing role effectiveness.
 References

 Menegaki, A. A., & Alexopoulos, A. B. (2017). Evolution of logistics centers and value-
added services offered in port areas and the importance of marketing. In Strategic
Innovative Marketing (pp. 291-297). Springer, Cham.
 Low, S. P., Gao, S., & Mohdari, M. M. (2016). Marketing importance and marketing
performance measurement of architecture firms in Singapore: an exploratory
study. Construction Management and Economics, 34(11), 739-750.
 Oparah, P. C., Aghara, G. C., Ndubuisi, V. N. O. A., & Chidozie, E. (2018). The
importance of marketing in entrepreneurial development and poverty alleviation in
Nigeria. International Journal of Academic Research in Business and Social
Sciences, 8(10), 524-538.