What is the importance of 7p’s marketing in the development of marketing strategy?
Answers
Explanation:
It is a technique of guiding the customers to choose your goods and service rather than electing the products of your rivals. If a firm or business not accounting this aspect, it hampers their profit level. The key is searching the correct channel of marketing and disclosing the accurate message in order to influence the targeted customers.
The importance of marketing can be understood through the points mentioned below:
Exchange and progression of goods — Marketing is highly beneficial in deportation, transaction and progression of goods and services. Products and services are contrived available to consumers by numerous intermediaries like wholesalers and vendors. Marketing is profitable to manufacturer and consumers both.
Rising the living standard — Through the availability of continuous supply of goods and services to customers at a nominal price, marketing has a significant role in establishing living standards of the society. Community consists of three genres of people that are wealthy, middle and poor. All the things which are accounted by these three classes of society are outfitted by marketing.
Increase in employment — Marketing is a complicated practice involving numerous people in under one segment. The chief marketing activities include buying, selling, transporting, storing etc. Every function comprises of different activities which are performed by a large variety of individuals. Hence it helps in raising the level of employment. According to the sources almost 40% of the whole population is reliant on marketing directly or indirectly. The widened role of marketing has immensely increased the employment level for people.
Opening of income and revenue -Marketing caters various opportunities to bring in profits in the practice of buying and selling the products and goods, through slashing time, place and tenure utilities. That income and investment can be used as profits in future ventures. Marketing must be given the utmost significance, as the initial and conclusive survival of the company gambles upon the potency of the marketing operation.
Support for Making Decisions — A businessman goes through several complications during the process of creation and distribution of goods and services. He/she requires the exact and relevant information and queries related to their product and service. Marketing process ease this complexity of businessmen by forming a direct link between manufacturer and consumer.
Opening of new ideas — Marketing concept is deeply dynamic and progressive. It has altered and modified several aspects for the better functioning of certain activities. With the changes in taste and preferences of consumers marketing accord understanding and apprehension accordingly.
Advancement of Economy — Marketing is considered and characterized as a wizard that sets the economy whirling. An organized marketing structure helps the economy to rise and lessens the burden of weaker economy.