Marketing Value Introduction Marketing is an executive role and a detailed procedure for making, corresponding and bringing worth to customers and for dealing with customer connections in means that promote the business and its stakeholders. It is considered as the practice of drawing highly potential buyers and clients to ones goods or services. It involves the organization of classification of a product, determination of its price, allocation channel to customers and execution of a promotional strategy.
Importance of Marketing
Recognizing the trends and changes and knowing when to respond to these helps a business to competently carry out what the consumer wants valuably. The true importance of marketing is to understand the demographics and how to attract consumers. It entails acquiring and retaining customers for products and services by delivering customer value. Marketing promotes product awareness to the public as well as boosting the products sales (Higham, 112). If a business aims at increasing sales percentage and double production, effective and strategic marketing plans are significant not only to produce sales, but also to make a trademark and a strong status for the organization. Market share is increased, profitability as well as promotion of new products.
Limitations of Marketing
Marketing requires customers to use newer technologies, these leads to additional cost to the business. Businesses are regularly required to stabilize the call for build up as informed as possible regarding customers’ needs. This limits the speed by which the company makes decisions in order to keep up with improving their position in the market. Data given to consumer in the process may not be all accurate. In most cases, it is exaggerated and does not give conclusive information. Upon such realization, the company may lose their consumers trust reducing their customer base (Kotler, 98).
Marketing creates awareness of product and increases sales. This has a significant
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