Marketing: What Is the Role of It?
Marketing is one of the main parts of a business. Most of us are familiar with "marketing" but do you know what exactly about it?
So, let's find out what marketing is!
Marketing can be defined as a process or activity to promote a product or service. Besides, it is also an activity to persuade people to buy or use certain products or service. The simplest and most basic reason why marketing is important because it helps business to introduce their offer as we know without any sales, a business can be difficult to keep going.
But what is the role of marketing in business? Is that really important?
To find out the answer, you can read some of the points below!
1. Marketing Helps Businesses to Identify the Needs of Their Customers
Understanding customers is crucial in business. That is why you can never underestimate it! In business, marketing helps understand customer needs by gathering and analysing important information about them. Once the information is collected, you can apply it to your business.
In business, one of the most essential roles of marketing comes when we discuss pricing. How much you price your product or service will determine the success or failure of your business. Because of that, it takes marketing to determine the best price for your product or service. Marketers will find the perfect price by considering a few things such as how much your target customers value your offering, production and delivery costs, and competitors' prices.
Instagram or Facebook ads, billboards, and TV commercials are just a few examples of promotions. You must be familiar with those all, right?
Another top role of marketing in business is promotion. It helps businesses to inform their customers about what they have to offer, persuade them to buy the offer, and remind them of the products or services. Plus, promotions can improve the public image of the business!!
One of the main goals of marketers is to sell their offerings. That is why, in business, marketing plays a role in selling. This activity includes identifying client needs, creating a plan, and personalized communication. As a result, this role influences purchasing decisions and business opportunities.
5. Marketing Information Management
Marketing has a role in information management. What is that? That is an activity where marketers collect and find out information about their customers, markets, and competitors. The information can be about the habits and attitude of their customers, their occupation, where they live, their ages, the hottest trends in the marketplace, and many more! Then what will be done with the data? The data will be used as a reference and consideration in making business decisions.
Is marketing related to distribution? Isn't that about the supply chain? Yes, it is! But distribution is also a marketing problem! Marketing is involved in ensuring that products are distributed to the right distribution channels based on their target customers, how customers perceive the brand, and where they expect to find your offer. Isn't that related to marketing?
All of the points above are just a few of the many more marketing roles in business. Hopefully, that will give you an idea of how marketing has many important roles in running a business!