Introduction
Marketing refers to the process through which a product or service value is enhanced to potential consumers. Nonetheless, the concept is further defined as a social process through which individuals create or exchange products and value with others to obtain what they desire. According to Mkt100 Textbook (n.p), marketing is considered to play a significant role in satisfying customer needs and wants. Increased competition characterizes the current business setting, and consumer tastes are experiencing continuous change. For sustainability purposes, organizations cannot assume the trend as they will experience decreased revenue and loss of customers. This paper seeks to give a deeper insight of marketing and appreciate its importance.
Importance of marketing
Marketing is important for any business to remain sustainable in the competitive society as firms are competing against each other in gaining and retaining customers. Marketing is thus considered as an important tool that gives companies a competitive edge in the business context (Mkt100 Textbook n.p). Furthermore, it is an important tool that is used by companies to understand what consumers want. Such insights help businesses remain profitable as they can meet customer’s needs more effectively. Corporations further use marketing in forecasting consumer change, hence a valuable tool for business operation. From internal perspectives, marketing is considered useful as it helps companies to change their structures and become more deficient.
Organizations use different marketing tools to make their products known to the public by convincing potential customers on the value obtained when they consume the products (Lorette Para 2). Furthermore, in the 21 century, there are numerous tools on the online platform used to enhance marketing practices. Marketing is one tool that has been appreciated for building companies’ reputations, an aspect that has a huge impact on sale of products. The tool can further be used to address a negative reputation that might have developed in the market.
It is further appreciated for building good relation with customers through creation of customer value and satisfaction. With increased satisfaction, customers tend to build more loyalty for the business, an aspect that results in improved performance for the firm. Furthermore, the tool helps organizations in retaining their potential customers, which is good for sustainability of the business.
An ideal marketing strategy enables organizations to create products and services with high chances of succeeding in the market. To obtain an ideal marketing strategy, organizations have to conduct market research, which is vital in understanding the available opportunities and threats in the market. Therefore, strategies employed will target on exploiting available opportunities while minimizing risks. The information obtained from the market research is further used in creating customer value, an aspect that makes the business to develop customer loyalty.
As suggested by Lorette (Para 5), marketing creates an environment that fosters healthy competition among different stakeholders. Through marketing, competitors in the market understand the retailing prices and services offered, hence support healthy competition. It is, therefore, an important tool as it helps maintain competitive prices among competitors, an aspect that is vital for sustainability of the business.
Conclusion
It is imperative to acknowledge that marketing plays significant roles in organizations. It is recognized for building a firm's reputation in the market, addressing company issues, selling product value to customers and enhancing customer loyalty, which is necessary for business sustainability. Besides, organizations that fail to meet the needs of their customers by embracing different marketing tools are likely to experience decreased revenues or face closure.
Works Cited
Lorette, Kristie. "The Importance of Marketing for the Success of a Business." Small Business Chron, 2017, http://smallbusiness.chron.com/importance-marketing-success-business-589.html. Accessed 28 Jan. 2017.
Mkt100 Textbook. Chapter one. What is Marketing? Define the role of marketing in organizations. Cengage Learning, Inc.
