ADVERTIsem*nTS:
Some of the most important role of marketing in making a product successful are as follows:
1. Meets consumer needs and wants:
Needs pre-exist in market. Marketers identify the needs of the consumer and adopt their marketing strategies accordingly. They influence wants, as these are shaped by cultural and individual personalities. Their needs are satisfied through the exchange process.
2. Ensures organization survival, growth and reputation:
A business survives because of customer retention and increase in the market share. Marketing helps companies achieve their objectives because it is customer-centric. Marketing helps in satisfying customers beyond their expectations.
3. Widens market:
ADVERTIsem*nTS:
Marketers use mass communication tools such as advertising, sales, promotion, event marketing and PR to promote their products far and wide. Moreover, PR programmes build and protect a company’s image and product. Revolutions in media technology have made marketing more interactive.
4. Adapting the right price:
Price is a critical element in the marketing mix of a producer because it generates revenue. Marketing strategies help in setting fair prices, incorporating appropriate changes, and preparing a right approach. The exchange process move smoothly when prices are fixed in a favourable manner.
5. Better product offerings:
Most companies sell more than one product. Physical products, that is goods have to be well packed and labelled. In contrast, services are characterized by intangibility and inseparability. Thus, marketing plays an active role by designing and managing product offerings.
6. Creates utility:
Much of a product’s utility is created through marketing. Utility is the ability of a product to satisfy wants. Marketing creates form, place, time, information and possession utility. For example, a car fulfills the need to possess a vehicle and ride it.
7. Management of demand:
ADVERTIsem*nTS:
Marketers are skilled professionals who play a key role in influencing level, timing and composition of demand. A demand can be a negative demand, no demand, latent demand, declining demand, irregular demand, full demand or overfull demand. Marketing helps in dealing with these varied levels of demand.
8. Face competition:
Competitive orientation is important in today’s global markets. Marketing helps in maintaining balance of consumers’ expectations and competitor’s offerings by monitoring the market closely. Superior services, premium products and efficient dealership are used by marketers to retain their market share.
9. Discharge social responsibilities:
Rising customer expectations, government pressure and environmental degradation have forced companies to practice higher levels of social responsibilities. Here, social marketing plays an important role. Cause-related marketing is widely used by big corporate houses. For example, through the promotion of low-priced Lifebuoy, Hindustan Unilever Limited spreads hygiene awareness in rural areas.
10. Economic growth:
Marketing creates demand. Increased demand encourages production and distribution activities. As a result, industrial growth is boosted and income levels improve due to increased employment opportunities. This improves the standard of living by offering superior and improved products. Thus, the overall economic growth is boosted.
