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Discuss The Importance Of Marketing

Good Essays
The term ‘marketing’ is familiar to most people, and, for certain, most of society has heard about the word. However, despite the common use of the word, people may not realize what marketing involves. Some will say marketing relates to promotion, whereas in fact, marketing is more than this. Many major international companies are successful because of their effective marketing, and brands such as Coca-Cola, McDonalds and Apple are known throughout the world. Kotler (1999) has stated, “The good news is that marketing takes an hour to learn. The bad news is that it takes a lifetime to master.” So, what is marketing?

According to the American Marketing Association (as cited in Kotler, Burton, Deans, Brown, Armstrong. 2013). “Marketing
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The first part deals with the involvement of marketing directly in designing products. Second, marketing raises awareness and build good images of the products and companies by promoting. Next, marketing is involved in determining prices. Finally, the essay will examine how marketing will help consumers to reach the products in affordable places. This essay will explain these four points further. The importance of these four elements of marketing is often referred to as the ‘4 Ps’, namely, product, promotion, price and…show more content…
Price is the amount of money that consumers will give to obtain goods. Price is one of the important factors in companies’ success, yet marketing contributes in determining price for companies’ products. Companies might set the price without marketing but they will likely to set inappropriate prices for customers, which can be expensive or cheap price. On one hand, when the price is too cheap companies surely will lose profit, on the other hand when it set to higher price companies will lose customers. In this case Marketing plays its role. According to Ashe-Edmunds (2016), marketing’s role in price is to determine what the price should be to maximize sales, when sales increase, the companies are likely to gain profit. This statement proves that marketing involvement is necessary as marketing contribution has an impact to companies’ profit. That is why marketing is so important as it contributes in determining price to ensure the profitability of companies. Without marketing business will find it difficult to determine prices. As a result, marketing is important because it helps to determine price. In other words, marketing helps to put the right price to maximize