29. What is the significance of marketing management for businessmen ? Explain in
detail.( please give the long answer)
Answers
Answer:
In simpler terms, Marketing Management is important for any business, because: Understand the customer needs. Improving the product and/or service to satisfy customer needs. Expand the technique to reach potential customers. Provide the right tools at the right time.
Marketing management has obtained importance to meet thriving competition and the need for developed strategies of distribution to reduce cost and to increase profits. Marketing is very beneficial for the transfer, exchange, and movement of goods. Marketing management today is the most important function in a commercial and business enterprise. The following factors will help you to understand why marketing management is important in this competitive world:
Introduce new products
For a business to succeed, the product or service it provides must be known to potential buyers. If your business is unknown to the potential customers and you don’t have any kind of relation with your customers then marketing techniques can help you to create brand awareness for your service or product.
In simpler terms, Marketing Management is important for any business, because:
Understand the customer needs
Improving the product and/or service to satisfy customer needs
Expand the technique to reach potential customers
Provide the right tools at the right time
Saves company time and money by focusing the resources.