Role Of Marketing In Business
Marketing is an essential part of business, whether big or small. It plays a significant role in promoting the well-being of all businesses. The concept of markets brings us full circle to the idea of marketing. Marketing is perhaps the most complicated and thought-provoking function carried out by every business house.
Marketing has a direct impact on business sales as well as profitability. Marketing starts well before production commences and ends only after rendering sale services to the consumers. It is the ability of picking out and satisfying customer desires in such a way that a dosage of money put in brings around highest return.
The American Marketing Association has defined marketing as the execution of business actions, which direct the flow of good and services from manufacturer to final user.
Marketing offers up high employment potential; about 25 to 30% of the total labor force in the United States of America is directly or indirectly engaged in marketing. Marketing finds out and transforms customer requirements and wants into good and service specifications and generates demand for these goods and services.
The importance of marketing can be further highlighted from its different benefits listed below:
- Marketing expands the market place.
- It offers up lucrative employment opportunities.
- It lifts up the living standard.
- It offers maximum satisfaction of human requirements.
- It stabilizes the financial conditions.
- It facilitates exchange in the ownership and possession of goods and services.
- It helps in best possible utilization of resources.
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