Importance of banking and transport in marketing
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Introduction & Definition: Marketing refers to all the activities and functions performed in order to move the goods and services from producer/manufactures to consumers. In other words, the entire process wherein the buyers and sellers interact with each other for the purchase and sale of various goods and services is known as marketing.
Graphic Presentation: The importance of marketing can be presented graphically as shown below.
Importance of Marketing: The importance of marketing can be explained with the help of the following points.
i) Helps in creating employment opportunities: Marketing helps in creating employment opportunities. Marketing involves a lot of activities such as transportation, warehousing, packaging, branding, sales promotion, advertisement etc. Thus, there is a lot of scope of employment created by marketing activities. Hence, we can say marketing is an important instrument of employment.
ii) Improving standard of living: Marketing makes a continous attempt to create innovative or superior quality products at low cost. Thus, this helps in improving the standard of living of the people.
iii) Progress: Marketing helps an economy to progress and to bring advancements.
iv) Higher sales: It helps a company to make higher sales by using the techniques such as advertising, sales promotion, personal selling etc.
v) Satisfying consumer wants: Marketing identifies the needs and wants of the consumers and then produces goods and services as per the consumer's need. Thus, marketing provides consumers with the goods and services that they need and which will satisfy their want.
vi) Helps in process of exchange: Marketing helps in the process of exchange of products and services between the buyers and sellers.
vii) Protecting the product: Marketing helps in protecting the product with the help of packaging. Packaging protects the product from natural environment such as humidity, warmth, rain etc.
viii) Storage of goods: It also helps in storage of goods by providing the facilities of warehouses. The produced goods are stored at warehouses so that they can be used as and when required by customers.
ix) Complete information: Marketing also helps the customers to get complete information about the products. Complete information about the product is provided with the help of labelling. The information provided on label includes maximum retail price, manufacturing and expiry date, features of product, direction of use etc. It is by looking at the label, customers make a decision to purchase or not purchase the product.
x) Support services: Support services such as handling complaints and feedback of the customers also comes under marketing which provide a great satisfaction to customers and also help the producers to improve their product by getting the feedback from customers.
xi) Economic Stability: Marketing helps in maintaining the balance between production and consumption. The demand for goods and services in the economy is anticipated and the goods services are produced in accordance with that demand. Thus, stability is established between demand and supply by producing goods demanded by consumer.
xii) Creates utility: Utility refers to the want satisfying power of a commodity. Marketing creates time, place and ownership utility. It means it makes goods and services available where and when required and transfers the ownership from seller to buyer.
Conclusion: Thus, on the basis of the above mentioned points, we can say that marketing plays a very important role in social development and provides benefits to business organisations.
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