It Is Helpful in the Good’s Exchange, Transfer, and Movement
The products and service that are produced in a company get to the company through various intermediaries inclusive of the retailers, wholesalers, and others. Marketing plays a part in the same, since it enables to identify the consumers and determine the most efficient methods for the goods transfer. To the latter, it tells about the products that the manufacturer can offer and to the informer it tells them on the preferences and the needs of the consumer.
Marketing entails detailing the products in a way they are acceptable to the customer and facilitates the activities which will ensure there is ownership transfer from the producer to the consumer in the most efficient manner.
In Raising as Well as Maintaining the Community’s Standards of Living
Marketing is capable of creating and delivering the standards of living in the community. Marketing ensures that the ideal products are supplied at a right price to the customers ensuring that their standard of living is delivered.
There are three classes of people in the community who comprise the rich, poor and those in the middle. Marketing helps to identify the needs of each class, what they can afford and supply to them respectively. Due to the large scale of production, even the poorest can attain their standard of living due to the lesser prices modernizing and revolutionizing the modern people living standards.
Marketing Creates Employment
Marketing involves various activities inclusive of financing, selling, transporting, risk bearing, warehousing, bring as well as standardization. All these activities need a huge number of individuals as well as bodies.
Marketing gives work to very many people. It is approximated that 40% of people in the workforce rely directly or indirectly on marketing. The role of marketing has widened the modern era of industrialization and large-scale production. In ensuring that the production is continuous, marketing must be ongoing for sustenance high employment level and business activities.
For example, I ask greatpaper.co.uk to write my paper for cheap and pay with money I earned with embroidery. As long as people keep working and buying, life we are used to goes on.
It is a Source of Revenue and Income
The only way the profits can be generated is for the proper functioning of the marketing functions. Any income generation function is connected to the marketing action. The company must source some funds from the marketplace to be able to sustain their activities. During the marketing proves, people have an opportunity to earn incomes and profits from the functions. The income earned is reinvested for future profit-making. It is one of the greatest activity which earns the company a lot of resources which depends on its effectiveness.
It Acts as a Making Decision Basis
People in business are faced with a lot of issues in decision making on what, when, who and the amount to produce. In the past, there was a direct link between the consumer and a producer leading to fewer problems on the local market’s account. Currently, marketing is a newly emerged specialized production activity which is quite tedious and complicated. Hence, it has become the most important step in marketing on deciding on what to sell or produce. The regulation of production can as well be achieved through the marketing techniques.
Marketing Is a New Idea’s Source
Marketing is a dynamic source which has changed over time. The change has affected the distribution and production process. Marketing has to come up with the people taste and preferences. It is an instrument of measurement, new demand patterns understanding and availing the new goods accordingly.
Helpful in the Economic Development
One economist said, “Nothing that can happen to a nation if it does not sell or buy products for income generation.” Since marketing ensures that the produced goods are sold, and revenue is generated, it is a kingpin that sets the economy revolving. The organized economy ensures that the economy is stable as well as durable. An economy with more stress grows factor, and it is strong. Creation of employment is also an indication of economic growth since people able to invest for development which as well increases the standards of living.
Hence, marketing is one of the essential functions in the production process. It is primarily set to satisfy the needs of the consumer profitably. Marketing is the heart of the business success. The umbrella of marketing covers the public relations, advertising sales as well as promotion. It entails the introduction and promotion of the goods to the potential customers.
Marketing ensures that after the company offers the services and products for sale, the consumers targeted are willing to purchase them and is by their expectations in the form of taste and price. There might be a business crash and companies closure if marketing is efficiently done due to zero-profits as well as products spoiling.
Hence, marketing is the backbone of every business which should be done effectively. Hence, companies should invest in marketing to ensure that their brand name remains in the market and they generate maximum profit. Also, a proper marketing strategy should be selected in ensuring that the process is efficient.