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
Question 1: (a) Discuss the influences that led to the development of relationship marketing. (b) Using appropriate theories, discuss why the marketing mix paradigm and the

Rehman invests his summer earnings of $3050. He invests part of his money at 8%/year, and the rest at 7.5%/year. After 1 year, these investments earn $242 in simple interest.How mu

Q.   Describe how can a company divide a market into segments? O R Explain basis for market segmentation? Ans. :  Market may be segmented by using several relevant

What are the different strategies in sprite brand

Pricing policy Pricing policy is a highly visible and key component of a company's marketing strategy and marketing plan. A company's pricing policy is the ultimate expression

hstory of marketing

Market Defense  is the strategic actions that try to minimize or deter threatening activities by existing or potential competitors. Strategic moves can deter all or a few of the p

What are the strategic benefits in e-commerce? Strategic Benefits: This helps to reduce labour cost and delivery time and also the cost incurred within the given areas:

explain cash flow and funds flow with suitable example from existing corporate entity for at least three years .i.e..,2008, 2009, 2010.