Explain importance of marketing to society and firm.
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Answer:
Importance of Marketing – For Business, Consumers and Society
Marketing is just not selling. Marketing is neither just a business function. Marketing is a lot more complex than selling and just being a business function. In a path breaking article ‘Marketing is everything’, Regis McKenna has stated, ‘Marketing today is not a function; it is a way of doing business. Marketing is not a new ad campaign or this month’s promotion… Its job is not to fool the customers, nor to falsify the company’s image. It is to integrate the customer into the design of the product and to design a systematic process for interaction that will create substance in the relationship.’
Marketing spans across all the aspects of your business and across all customer contact points including your company’s web site, how do you answer the phones, your marketing and PR campaigns, your sales process, how your sales representatives present themselves (in person and on the phone), how you implement your products and/or services, how you manage your customers (customer service), and how you solicit customer feedback
Marketing drives a consumer economy, promoting goods and services and targeting consumers most likely to become buyers. Higher sales for a business that employs successful marketing strategies translate into expansion, job creation, higher tax revenue for governments and, eventually, overall economic growth