Today, Marketing management has become increasingly important in meeting increasing competition and the need for improved distribution methods to cut costs and increase profits. Today’s marketing management is the most important function within a business and commercial enterprise.
(1) Marketing Helps in Transfer, Exchange and Movement of Goods:
Marketing is of great assistance in the sale , distribution and transportation of goods. By various intermediaries, wholesalers and distributors, etc., products and services are made available to consumers. Marketing is of assistance to producers and consumers alike.
(2) Marketing Creates Employment:
Marketing is a complex mechanism which involves many people in one way or another. The major marketing roles are buying, distribution, financing, shipping, warehousing, risk-bearing and standardization etc. For each such task a large number of individuals and bodies carry out various activities.
Marketing thus gives many people jobs. It is estimated that about 40 per cent of the total population relies directly or indirectly on marketing. The role of marketing has expanded in the new age of large-scale development and industrialisation.
This expanded marketing position has provided many opportunities for people to get jobs.
(3) Marketing as a Source of Income and Revenue:
Marketing function performance is all important, because it is the only way the concern could generate revenue or income and bring profit. Buskirk pointed out that, “Any activity linked to earning revenue is a marketing practice. Operating under the broad assumption that the company will realize many dollars in total sales volume is all too easy for the accountant, engineer, etc.
Nonetheless, somebody must actually go to the marketplace to get dollars from society to support the company’s operations, as the business would die without these funds.
(4) Marketing Acts as a Source of New Ideas:
The Marketing method is a complex term. With the passage of time it has changed entirely. Such reforms have far-reaching effects on production and distribution. Marketing has to come up with the same thing with the rapid change of tastes and people’s preferences.
Marketing as a measuring tool provides room for recognizing this new trend of demand and thus generates and makes the products available accordingly.
(5) Marketing Is Helpful In Development Of An Economy:
“Nothing happens in our country until someone sells something,” Adam Smith remarked. Marketing is the kingpin that is turning the economy upside down. The more scientifically organized marketing organization makes the economy strong and stable, the less stress it places on marketing function, the weaker the economy will be.
I hope we have included all the information about importance of marketing management. Stay tuned for more updates.
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