Management in marketing should be properly done to make a business successful. The relation between the consumers and sellers certainly play an important role in the marketing industry.
Here is a list of some marketing importance given as follows –
Marketing helps in movement, transfer and exchange of products – The movement, exchange and transfer of goods are helped by marketing. Intermediaries like retailers and wholesalers help to provide goods and services to the consumers. Both the customers and producers enjoy the benefits. The specific requirements and preferences of the consumers are informed to the producers by this method. It also helps the customers know more about the products which are produced by manufacturers. The design of the goods acceptable to the customers is involved too, just as the transfer of ownership between producer and customer is also facilitated.
It maintains and raises the living standard – The standard of living of the community is raised and maintained by marketing. The standard of living is delivered and created by marketing to the society. It does so by providing products and services to the customers at an affordable cost. Three classes of people- poor, middle and rich are comprised of by the community. Marketing supplies all the products that these three classes use. A reasonable level of living standard is achieved even by the poorer sections of the community with the help of latest techniques.
It creates employment – Employment is created too. It helps to offer jobs to many people of the society. Financing, selling, buying, warehousing, transport, risk bearing and standardisation are the main functions of marketing. Large numbers of people perform different activities in these functions. Marketing has widened the scope of large scale industrialization and production. Many employment opportunities are created by this widened role of marketing.
It is a source of revenue and income – Income or revenue can also be generated with the help of marketing. It encourages some specific activities to obtain income. Profits can be earned by selling and purchasing goods. You must create place, time and possession utilities to enjoy maximum profits.
It helps to make decisions – Presently, marketing is considered as a complex job. It not only manufactures products, but it is a specialized activity to create relationship between producers and consumers. The mechanism is largely dependent on by the producers. It also helps them to make their business strategies.