Benefits of Marketing
The term marketing comes from the word market which is a group of sellers and buyers who are willing to exchange goods and services for some value. Marketing includes all the activities involved in the creation of place, time, and possession utilities. It involves the activities that satisfy needs and wants through the process of exchange. It involves individuals and organisations performing a function that seeks to satisfy human wants by facilitating exchange relationships. Marketing influences us in our daily lives in our various roles as consumers, producer of goods and services, investor, parents, and so on. Marketing provides benefits to buyers, firms and the society as a whole.
Benefits to buyers
Here are a few of the benefits of Marketing:
1. Provides a variety of products: Marketing process brings new varieties, quality, and beneficial goods to consumers. A wealth of products can be purchased at our nearer retail stores which were not available previously.
2. Low cost: Marketing helps provide goods at cheaper prices. It aims to decrease the cost to give benefits to buyers.
3. Price stability: Wide changes in prices disturb the budget of buyers. Due to price fluctuations, profiteering, hoarding, and black marketing become common in the market. But efficient marketing can eliminate wide price fluctuations and maintain uniform prices in the market.
4. Provides lifestyle: Marketing has a strong impact on people’s beliefs and lifestyle. It creates innovative attitudes, artistic tastes and makes them status conscious.
5. Improves the quality of life: Marketing has a role to play in improving the quality of life. It helps new goods, ideas and services to be accepted by consumers. It encourages firms to make safer and beneficial products. It helps in increasing the living standards.
6. Buyer focus: Marketing accesses the needs, tastes and requirements of the consumers and accordingly produces the goods and services.
7. Give messages: Marketing educates the consumer; it gives a useful message on energy conservation, environmental protection, cures of diseases, safe driving, abuses of alcohol and other topics.
8. Creation of utilities: Marketing satisfies various wants of consumers by creating four types of utility time, place, possession, and image utility. Place utility is created when a product is made available to the buyer at his place. Time utility is created when the product is made available to consumers when they want it. Possession utility is created when a customer buys the product.
9. Better informed consumer: Marketing creates better-informed consumers by giving them information regarding the various aspects of the product. The buyer learns about the company’s pricing, branding, strategy, advertising and the role of middlemen.
Benefits to a business firm
1. Basis for existence: Marketing must be considered as the main basis for business existence due to its role as a direct contributor to profits, as well as sales volume.
2. Generates revenue: Marketing alone is the revenue generating activity in any organisation because nothing happens until somebody sells something. It is the process of earning profit through profitable sales. It earns profits through the creation of time, place and possession utilities.
3. Bridges the gap between production and consumptions: Marketing is the vital connecting link between producers and consumers. It bridges the gap between the quantity, time and place of production and consumptions. Marketing keeps the wheels of business running.
4. Better use of resources: Through optimum store hours, inventory movement, advertising expenditure and product assortments a firm can better coordinate its scarce resources. Some industries such as oil and gasoline may actually require demarketing.
5. Information for decisions: Marketing information is the basis of all managerial decisions. Marketing department provides various facts and figures to the top management and production department for making overall corporate decisions.
6. Management of innovation and change: Adapting a business to new changes in demand, fashion and markets are possible only through marketing. Marketing information system enables marketers to anticipate, meet and adopt changing conditions. Marketing research also acts as sources of information on consumer behaviour and market trends.
Benefits and importance to society
1. Delivery of standard of living: Marketing has the prime responsibility and task of creating, raising and maintaining the standard of living of the society. It creates new products and new means for a high standard of living.
2. Employment and income: Marketing has become a great source of employment opportunities and income. Over the few decades, jobs in marketing have increased at a much more rapid rate than jobs in other fields. It is estimated that one-third of the civilian labour force is engaged in marketing.
3. The equilibrium between supply and demand: Marketers can indicate the precious market demand to the production department. Thus, supply is adjusted with changing consumer demand. With the result, the danger of boom and slump can be avoided. It brings economic stability.
4. Helpful in the economy of abundance: Marketing solves the problems of surplus and overproduction by creating new demand and new markets. It is especially important for successful business performance in a highly competitive economy of abundance.
5. The nerve centre for human activity: The end of all production is consumption and that nothing happens in the country until somebody sells something. Hence, the selling aspect becomes the nerve centre for all human activity.
6. valuable to professionals: Marketing is also valuable for those not directly involved with marketing. Doctors, lawyers, management consultants, financial analysts, economists, city planners and nonprofit institutions can utilise the marketing principles to understand the needs of their clients.
7. Satisfies social values: Marketing satisfies individuals and social values, needs and works, be it through producing goods, supplying services, fostering innovation for creating satisfaction.
8. Economic growth: Modern marketing practices are a way to improve the economic health of a nation. Economic growth depends greatly upon the nation’s ability to develop effective marketing systems to handle its raw materials and industrial output.
Marketing is a broad field where it is adjusted and defined as per each and every individual. The concept and benefits of marketing changes for an organisation, for customers and in basic terms to. It serves to be a source of income to many and for others as a source to generate revenue ; helping in economic growth. There are various benefits you can go through in the content above. These will give you a synopsis of what marketing is about and how it benefits individuals, organisations, and society as a whole. You can even research about it in detail through marketing research assignment help or take assistance from experts at oz assignments to seek guidance for any business.