Advantages of Marketing in Business

Advantages of Marketing in Business

            The profitability of businesses depends on their ability to meet the main objectives. The main objective of many businesses is to get as many consumers as possible in the market to increase the number of sales and ratings for the company. The managers hence go through a lot of strategic plans to gain this advantage, including marketing. Marketing refers to the process whereby a business undertakes many activities to promote the buying or selling of their products or services. This process takes place through advertisements, selling and delivering the product or services to the destinations that they are required successfully. This process hence facilitates the main objective of the business buy the means of creating awareness and influencing the customer’s decision on buying the products and services on sale. Companies like Apple, Colgate, and Boeing are able to operate globally due to this process. The ways through which marketing function benefits the organization are discussed extensively in this paper.

The creativity that is emulated in the entire marketing procedure is crucial in the determination of the people in the consumer bracket that will be interested in what is being advertised. The ideas that are given by the employees, consumers, suppliers and competitors on the new goods are implemented to develop new and more effective products for the market.

These products are put out in the market and the sales are highly influenced by the marketing strategy. Successful companies around the world like coca-cola advertise new products on national televisions, internet, and billboards which help the company to increase the sales globally. They apply effective marketing strategies which guarantee them a wider market share. The marketing process can take place through an agency or in-house. The agencies are used externally as third parties to implement the marketing process (Wieland et al., 2017). These are an organization that is primarily formulated for these purposes; hence they have the resources and influence in the market in many ways.  In-house marketing, on the other hand, involves the organization’s team of workers and minimal or no external people.

The marketing process helps the business to be successful in many ways. First, marketing helps the business in facing the competition greatly. Competition in recent days is a major factor in determining the market share and the influence you have on the market. Marketing aids the process of matching the expectations of the consumers to what other competitors are offering by close monitoring the market. For instance, Starbucks failed in Australia because they could not give the quality of coffee that the consumers in Australia are used to as per their culture. They hence failed to have the product and services that challenged their competitors making them close all the stores in the country because of losses. Secondly, the process has a significant impact on the reputation of the business. All businesses need a good reputation for people to have the ability to consider their products. The picture that the business paints to the consumers determines if they choose what they are selling. Advertisement creates this picture and thus highly influences the consumer choice. Marketing also influences the demand in the consumer market, thus increasing the number of sales (Olson et al., 2018). They keenly monitor the needs of the customer and direct them on the goods and services they are offering, this influences the demand by making the customers buy the goods. Lastly, marketing widens the market for the business by spreading the word about the products and services. The use of technology in the recent day makes it easy for marketers to advertise the products and services even globally.

Digital marketing is the use of online platforms like the internet in the marketing process. Digital media is widely used around the world, and the availability of technology like the internet and smart phones makes it easier to spread information around the world. The use of this component in marketing thus leads the business in many advantages like global reach, which gives the business the ability to find new markets and trade internationally. It is also cheaper to conduct besides the ease of tracking and measuring the result, which is an important factor in marketing (Iankova et al., 2019). Openness and social currency are also upheld in this method allowing the business to interact with its customers. The adverts should be personalized in a way that they do not have social biased so that they cannot be banned like the case of Christmas campaign featuring Kevin the Carrot that was ruled to be irresponsible.

In conclusion, it is right to note that marketing is an important strategy that enables the organization to meet most of the objectives that they have set easily. It helps in increasing market share and customer retention, thus determining the profitability and reputation of the business.

 

 

 

 

 

 

 

 

 

 

 

 

References

Iankova, S., Davies, I., Archer-Brown, C., Marder, B., & Yau, A. (2019). A comparison of social media marketing between B2B, B2C and mixed business models. Industrial Marketing Management, 81, 169-179.

Olson, E. M., Slater, S. F., Hult, G. T. M., & Olson, K. M. (2018). The application of human resource management policies within the marketing organization: The impact on business and marketing strategy implementation. Industrial Marketing Management, 69, 62-73.

Wieland, H., Hartmann, N. N., & Vargo, S. L. (2017). Business models as service strategy. Journal of the Academy of Marketing Science, 45(6), 925-943.