Importance of Marketing

In the first decade of twenty first century, dramatic changes are occurring in the marketing arena, the major marketing development has various importances towards consumer, firm and society which can be sum up as follows:

Importance of Marketing towards Customer
a) Provide satisfaction
The main goal of marketing is to deliver value and satisfaction to consumers. Modern marketing is mainly concerned with understanding consumers needs, wants and preferences and delivery appropriate products and services that delight consumers.
b) Freedom of choice
Consumers can exercise a very wide freedom of choice through the marketing activities. Marketing offers a variety of goods and services at varying prices among which consumers can elect those that match their needs. Marketing also offers a very wide choice of retail outlets ranging from the neighborhood stores to large department stores from which consumers can fulfill their needs.
c) Information
Modern marketing educate consumers in various ways. It informs consumers about the product availability thereby reducing consumer's search time. It also provides information on price, quality and the appropriate use of the products.
d) Increase living standard
Modern marketing provides variety of goods and services at affordable price which helps customer to improve life style and living standard.

Importance of Marketing towards Firm
a) Provide market information
Based on marketing information system business organization can collect various important information from market. So marketing provides important information regarding.
What to produce?
When to produce?
At what quantity to produce?
How much price should be fixed? And so on.
b) Mass distribution
Mass distribution can be achive only through marketing. Marketing provides information about distribution. It is the art of selling right product at right place to right person at right time through proper promotion and proper distribution channel.
c) Revenue generation
Marketing is only departments which generate profit to the organization by providing want satisfying product to customer.
d) Increase goodwill's
Primary objective of marketing is to satisfy customer of customer are satisfied they make repeat purchase of goods and services and became life time customer. So success of business depends upon customer satisfaction which increases the goodwill of company.

Importance of Marketing towards Society
a) Employment generation
Marketing provides a large number of employment opportunities which helps to reduce unemployment rate in society.
b) Poverty reduction
The major sector of economy like agriculture and industry development can be possible by the help of marketing. So marketing eliminate poverty by increasing investment, employment, production, income and saving through proper development of agriculture and industry.
c) Creation of utility
Marketing adds value to product or service through the creation of place, time, quantity and images utilities.
d) Utilization of resources
Marketing helps to use optimum utilization of physical, financial, natural and human resources for development of nations.