It is considered as the practice of drawing highly potential buyers and clients to one's 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 valuable. 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 the promotion of new products.Limitations of Marketing Marketing requires customers to use newer technologies, these lead 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 the 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 the product and increases sales. This has a significant effect on the business, but nevertheless, it is not the only strength of the business. Marketing Value.
Higham, William. The Next Big Thing: Spotting and Forecasting Consumer Trends for Profit. London: Kogan Page Ltd, 2009. Internet resource.
Kotler, Philip. Marketing Insights from A to Z: 80 Concepts Every Manager Needs to Know. Hoboken, N.J: John Wiley & Sons, 2003. Internet resource.
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