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Importance of Marketing as a Business Function


Marketing function is considered important on account of the following contribution:
1.       Marketing concept enables the organization to keep abreast of charges. An organization practicing the concept keeps feeling the pulse of the market through continuous marketing audit, market research and consumer testing.
2.       The purpose of any marketing concept is the satisfaction of consumers. It is the customer who is willing to pay for goods, converts economic resources into wealth, things into goods. All economic activities like production, distribution, and consumption are dependent on marketing.
3.       Another distinguishing feature of the marketing concept is integrated management action i.e. all the different functions of the business must be tightly integrated with one another, keeping marketing as the pivot.
4.       An efficient marketing set-up increases the volume of sales and thus reduces the cost of distribution of products and services.
5.       A marketing function maintains a regular interaction with the existing and potential consumers to ascertain their needs.
6.       Marketing has been described as a means of helping man as a member of society and as a means of delivering a better standard of life to society as a whole.
7.       It creates an infra-structure of various activities viz. warehousing, insurance and transportation etc. due to which employment opportunities increase.

India’s vast rural areas provide ample opportunities for marketing. Nearly 80 percent of the total population lives in villages. More than 50 percent of the N.I. is generated from the rural areas. Marketing has not made many inroads into the rural areas. It, therefore, requires playing an important role in providing more and more goods to the rural people to increase their living standard.

However, in the modern era of marketing, the objective of the marketing is not so much to find customers for goods and services produced by the firm as it is to find ways in which the resources of the firm can be used to meet the needs of the potential customers and maximize profits. Marketing guides the actions and decisions of every one in business in close contact with its environment and informs of events that can influence its operations.

As we know that the end of all production is consumption. But there is a widespread gap between production and between production and consumption. The place of production is far away from the point of consumption. Therefore, marketing bridges this gap and facilitate smooth exchange.
Thus, in order to satisfy consumer’s needs and wants, the products must be available in the right form, on the right time, at the right place and in the right manner.


Also read:
Importance of marketing in an economy
Marketing concept

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