Why marketing is important in undertaking?

Answer 1

Marketing is important because:

1) It studies consumer behaviours and thus help to understand why consumers purchase and how they purchase a particular goods. this understanding will be used to better serve consumers by enhance the supply of the goods they demand and how these goods are sold to them.

2) It helps to communicate the value of a product to customers. without marketing, consumers might not have a reason to by a particular products. thus, marketing helps to provide consumers with information about products in the market.

3) equips the managers will necessary still and tools for quality management. marketing incorporate numerous theories in the field and studying of marketing helps managers to be well equipped with modern management stills and tools to better be successful in their field.

4) creates brand awareness marketing is important to increase the popularity of a particular brand in a market.

5) reduce wastage. through marketing, companies are better positioned to sell off all their products and services and it will reduce the associated costs of not selling such.

6) enhance competitiveness of a company. since the market is globally becoming competitive, companies can only survive if they sell more. thus, marketing helps companies to be very competitive by educating customers on their products and persuading them to make purchase.

7) increase repeat purchase intention. through marketing activities such as promotions and discounts, companies increase the possibility of customers to repurchase their brands and thus increase their overall profit level.

8) increases customer loyalty. when customers are constantly being updated about a particular product through marketing activities, their loyalty for that product increases and this is another reason why marketing is important.