Marketing Knowledge: Importance of Marketing and Characteristics of Marketing for Competitive Exams

Importance of Marketing

( i ) Importance of Marketing to the Consumers:

• Provides different information about the product and services. 
• Helps to know the different benefits and techniques of products.
• Provides satisfaction by providing different products to meet their demand and tastes when they need.
• Facilitates customers to select the best one according to their demand and capability.

(  ii ) Importance of Marketing to the Firms:

• Easily distribute the products.
• Suggest to manage the transportation and wire-housing systems which help the firm to delivery the product.
• Provides valuable information to make effective plan for future and right decision.
• Suggest to reduce unnecessary costs and utilise the revenue in proper way.
• Accumulates the opinion and ideas of different customers and supplies to the management.

( iii ) Importance of Marketing to the Society:

• An important source for the creation of employment opportunities.
• Helps in developing the living standard.
• Helps to utilise the different resources such as natural, financial, physical and human resources.

Characteristics of Marketing Environment:

Marketing environment refers to the factors and forces that affects a firm's ability to build and maintain successful relationship with customers. Some of the factors are controllable, while some others are uncontrollable. It is the responsibility of the marketing manager to change the company's policies along with the changing environment.

 

• Marketing environment plays a vital role while taking decision related to marketing.
• Its limit is decided on the basis of geographical factors.
• There are some non-controllable variable included in marketing environment which effect the potentiality of a company and provide new direction to the market.
• New opportunities and risks always rise in the marketing environment which reinforces marketing experiments and research.
• Consumers are divided in homogeneous sections for marketing of a product on the basis of marketing environment.