Marketing helps businesses to grow and prosper: Marketing is the backbone of a nation’s economy. It plays a crucial role in stimulating demand for products and services, thereby resulting in growth of an overall GDP. It also provides employment opportunities to millions of people and improves the quality of life for the masses. The success of any business lies in its marketing strategy. Most aspects of business depend on successful marketing and its implementation. The overall marketing umbrella covers advertising, public relations, promotions and sales. Marketing is a process by which a product or service is introduced and promoted to potential customers. Without marketing, a company may offer the best products or services in the market, but none of the potential customers would know about it. Without marketing, sales may crash and companies may have to shut down.
Spreading Awareness: People are more enthusiastic than even before to know about the products and services they want to buy. For a business to succeed, the product or service it provides must be known to potential buyers. Unless the business is known in the community and have effective communication system in place to interact readily with the customers, you have to use marketing strategies to create awareness about the products or services. Without marketing, your potential customers may never be aware of your business offerings and your business may not be given the opportunity to progress and succeed. Using marketing to promote your product, service and company provides your business with a chance of being discovered by your prospective customers.
Improved Sales: Firms can hope to sell only when the prospective buyers know about it. Once the product, service or company gets on the radar screen of the prospects, it increases the chances that consumers will make a purchase. As awareness becomes a reality, it is also the point where new customers start to spread the word, telling friends and family about the amazing new product they discovered. Sales will steadily increase as the word spreads. Without employing marketing strategies, these sales may not have ever happened; without sales, a company cannot succeed.
Known Brands and Company Reputation: The buyers need to trust the brand before they buy. The success of a company often rests on a solid reputation. Marketing builds brand name recognition or product recall with a company. When a company reaches the high expectations of the public, its reputation stands on firmer ground. As your reputation grows, the business expands and sales increase. The reputation of any company is built through active participation in community programs, effective communication externally and externally and quality products or services, which are created or supported by marketing efforts.
Healthy Competition: Consumers gain if the market has many sellers for the same product. Marketing also fosters an environment in the marketplace for healthy completion. Marketing efforts get the word out on pricing of products and services, which not only reaches the intended consumers, but also reaches other companies competing for the consumers’ business. As opposed to companies that have a monopoly on products and services that can charge almost any price, marketing helps keep pricing competitive for a business to try to win over consumers before its competition does. Without competition, well known companies would continue to sell while lesser known companies or new companies would stand little chance of ever becoming successful. Marketing facilitates the healthy competition that allows small businesses and new businesses to be successful enter and grow in the marketplace.
Expensive: Although marketing is hugely important for a business to succeed, it can also be very expensive. In its first year, a company might spend as much as half of its sales on marketing programs. After the first year, a marketing budget can reach as much as 30 percent--sometimes more--of the annual sales. A marketing program that gives your company the best chance is a healthy mix of different forms of marketing, such as website development, public relations, print and broadcast advertising, design and printing for all print materials, trade shows and other special events.
Marketing the most preferred course in PGDM: Marketing has become the most preferred course, due to the career opportunities it offers and the growth opportunities it provides, most of the CEO’s have marketing background, and maximum companies that come for campus placements at the Accurate Institute of Management & Technology campus have vacancies for marketing profile.