Importance of marketing to the firm, Marketing Management

Importance of marketing to the firm:

Marketing plays an important role for the well being of a firm. This is evident from the following words of the Peter F. Ducker, "Marketing is the distinguishing and the unique function of the business". The importance of the marketing to a business firm may be summarized under following heads.

1.      Helpful in business planning and decision making: marketing is helpful not only to plan the production but it is helpful also in business planning and taking various decisions regarding the business. In today's economy production is planned according to the sales forecast and not according to the production capacity of the firm. A firm will produce what it marketing decisions affect the business decisions. All other activities such as planning, the demand production, purchase, finance, or decision revolves around the marketing decisions.

2.      Helpful in increasing profits: every business is carried on with the profit motive. Marketing helps in increasing the business profits by reducing the selling cost on the one hand and by increasing the demand of the product through advertising and sales promotion activities on the other hand.

3.      Helpful in the communication firm and in the society: business collects various information regarding consumer's behaviour and changes therein from time to time through marketing. Marketing also provides information to the firm of the competitions, price policies, productions policies, advertisement, and sales promotion policies. It helps the firm in framing its own policies or marketing necessary adjustment there in accordingly moreover marketing provides extensive information of the product regarding its quality price, utility and place of the availability to the society. Thus, society comes to know about the new products.

Posted Date: 9/19/2012 3:19:00 AM | Location : United States







Related Discussions:- Importance of marketing to the firm, Assignment Help, Ask Question on Importance of marketing to the firm, Get Answer, Expert's Help, Importance of marketing to the firm Discussions

Write discussion on Importance of marketing to the firm
Your posts are moderated
Related Questions
What is a behavioral measure of customer satisfaction measurement? Behavioral Measures of Customer Satisfaction Measurement: This is sometimes believed that dissatisfactio

The responsibility of manufacturing to provide safe products is clear product liability refers to the legal obligation of a manufacturing or seller to compensate for injury or dama

Jack is deciding how to spend the $6 budget he has allocated for today's telephone calls.  There are only two people he intends to call:  his girlfriend Jill, and his old high scho

Q.  Describe the nature & scope of marketing & importance of marketing? Ans.:  Nature & Scope of Marketing: Marketing is an ancient art and is everywhere. Formally or info

Discuss about Green Marketing in briefly. Green Marketing: Unfortunately, a majority of people think that green marketing refers only to the promotion or advertising of p

Q. Use of array in assembly language? Let's write a program to add two 5-byte numbers stored in an array. For illustration two numbers in hex can be: Let's also presu

my assignment (case study ) on selected organisation

What is concept of Position against Competition Strategy? Position against Competition: Many more times, success for a company’s strategies comprises looking for weak po

the value delivery process

Q. How to select a Media for advertisement? Media Reach and Coverage: Such media must be selected which has wide reach and can cover our target customers. If the advertiser h