Importance Of Marketing Essay

MARKET:

Market can be termed as a place where groups or individuals come in interaction to satisfy their needs, wants, or desires through mutual exchange. These exchanges represent value for all involved parties. For these groups to come into interaction there must be an underlying need that deserves to be satisfied. Along with this, certain other factors are also pre-requisite for a market which include, but are not limited to:

 Need that is required to be fulfilled

 Ability of the group to buy products for satisfying that need

 Willingness of the group t interact with each other

MARKETING:

Marketing refers to a process whereby marketers or companies identify and anticipate the needs of customers, and fulfill them with mutual considerations

Marketing is a function that needs to be proactive as most of the times even the customers themselves are not aware of their specific needs. What they feel is just lack of satisfaction from using different products available in the market for satisfying needs. Herein comes the importance of Marketing as it has the art of visualizing and seeing factors which are invisible and telling the customers what they actually need and fulfilling it by offering products that are superior to that of available options;

STRATEGIC IMPORTANCE OF MARKETING:

The business environment in which companies operate today is hyper-competitive. No company can survive until and unless it does following:

1) Retains already developed clientele and acquires new customers through offering of better products and services

2) Adopting and responding timey to the dynamics of market place through formulation of strategies which are market-oriented

The role of marketing has now transformed to shaping and reshaping a company’s business so that returns could be maximized. Analysis of customers needs is at core of each strategy that is developed. However, it must also be remembered that overall strategies are formulated by cross-functional teams in which marketers enjoy a reputable

In order for a marketing opportunity to be assessed timey and prudently, a company must be able to know who its customers are, the specific needs it wants to fulfill, the proportion of that particular group and the company’s own capacity to capture the market share. This situation presents a company with an approach that has now become the basis of modern marketing practices. This approach is referred to as Segmentation, Targeting, and Positioning STP)