Why do businesses market? What’s the need of marketing?
Well, the questions above might sound simple but the answer is not. In my opinion, there is no such specific or the most vital purpose of marketing.
Marketing, in itself, is a wide topic,
So limiting marketing with a few of its use cases and saying that these are the main purpose behind why we do or study marketing is not an excellent approach.
If you are still willing to know the main purpose of marketing then I would only say do not limit it to any stereotype that you have seen, read, or heard about marketing.
As marketing is beyond its actual definition that we have gone through in our school or college days.
No doubt those definitions were fundamentally correct but are not the only way to understand what marketing is.
Let me have an example
Can you define a doctor? If yes, how will you?
You might say, “Oh that’s very easy.
The one who injects an injection into a patient is a doctor.
OR
The one who prescribes medicine is a doctor.
OR
The one who treats illness is a doctor.
Sounds familiar, right?
Yeah, this is how we usually describe a doctor. But, that’s not the only function performed by a doctor. Doctor in itself is a diverse atmosphere.
This simple definition cannot completely describe doctors and their functions.
A doctor isn’t just limited to treating illness; additionally, he is also engaged in condoling, nurturing, caring, going through patients’ health reports, directing a patient with future precautions, and so on.
Similarly, marketing is. It’s wide, It’s deep, it’s diverse. It cover’s wide range of topics, applications, use cases, and functionalities that play essential roles in development and growth in various fields.
The one purpose which I have seen common in every profession is their “serving nature.”
So marketing is also the same, It won’t do anything else besides serving.
Still going forward with your question in this article I will be sharing. … … … .. .
- What’s marketing actually?
- Significance of Marketing in real world,
- Three main purposes of marketing
What marketing actually is?
Let’s start with a very basic definition given by dictionary.com.
The activity or business of promoting and selling products or services also includes market research and advertising.
For those who want to get a basic idea of marketing, this definition sounds great.
But, if we try to elaborate more, if we try to look at marketing from a wide angle, then the roots of marketing are grounded everywhere.
If you’re saying that marketing is only relevant in the business world, then I would like to add that it also plays a significant role in our daily lives.
From basic to advanced, “What we do in our lives” or “How do we choose our lifestyle to be?” is indirectly or directly influenced and directed by marketing tactics. And that’s not wrong in any way. What I am trying to say is that marketing is everywhere and not just limited to business life.
If I say that, we’re in the marketing world, that wouldn’t be crazy.
From thinking about the product to choosing the right one for us, we’re directed by the marketing process. Please correct me if I’m wrong.
Just tell me…
- What makes you think of any product?
- What increases the curiosity in you about anything?
- What makes you crave for anything?
I would say it’s nothing else than marketing!
Unfortunately, people usually take marketing negatively, they think that it’s all about tricking common people. They relate marketing with manipulation, persuasion, forceful selling, unethical promotion of products just to increase sales and profits.
To be honest, they’re slightly right, it does involve this kind of tactic. But, businesses that genuinely care for their customers don’t rely on these nonsense tricks. Instead they focus on ethical marketing practice.
If I would like to define marketing, then this is how I would say… .
It is a pure series of process that businesses, institutions or organization uses, in order to provide best-relevant experience to their customers by their products or services.
Good Marketing ensures both
- Business Profitability
- Healthy Customers Relations
This then leads to a successful journey for any business.
Three main Purposes of Marketing
— Helps in Understanding Market
Have you ever asked yourself, why do you feel so overwhelmed, happy or satisfied after buying an iPhone, shoes, clothes or anything which you were craving for? Even, sometimes parents aren’t able to satisfy their children with costly gifts, how come businesses are able to satisfy or make us happy with their products?
They never been to our house for the purpose of the inquiry.
Hey, … . . .
What type of iphone do you want?
What design do you love?
What flavour of ice do you like?
What colour of shoes do you prefer?
Did any business owner ever come to you and ask this type of question before designing and selling their products to you? Most probably not.
Still they’re able to satisfy our needs, desires and wants.
This shows that, before designing or launching any final product for customers there is something every successful business does to make sure that their customers get satisfied.
And thats nothing but market research or understanding of the market.
Pre Market research ensures that, product must aligns with their customers
mentally, physically and emotionally in order to fully satisfy their needs, desires and expectations.
— Assist and Guides in future steps in business
It therefore assists and guides businesses in their future steps not just in marketing or advertising but also in the financial side.
Marketing research makes it clear for a business where they should spend more and where they shouldn’t.
It also directs a business in designing the best possible products and services for their consumer.
Like, What a product should be?
How should it be?
Where should it be marketed?
And when should it be launched?
Let me add an example,
For a doctor, In order to treat his patient completely, he must first examine his patient, secondly,he must analyse his health report. Then and then only he will be able to recognize what’s the actual problem and accordingly offer treatment.
Same is in business, first examine the market, then analyze it and in last offer the right product and service.
— Ensures Business profitability and Customer satisfaction
All the processes that are involved in marketing as a whole make sure that the reputation, the value and the overall image of the company and their product is not spoiled. It again works to enhance the overall brand image in the society in such a way that customers can’t think of moving away.
If you are saying that marketing is just focused outside of the company to attract customers and prospects then you might be wrong because it also focuses inside of the company, i.e employees, administration, healthy work culture, perks, benefits and so on. This is done to satisfy the inner organs of the company so they work with more motivation and effectiveness.
Doesn’t it sound like marketing is all done to satisfy others.
In short, marketing plays a key role in ensuring customer satisfaction while business Still running in a profitable zone. If this is not achieved then, there is something missing, that businesses have to figure it out.
Significance of Marketing
Well every coin has two sides, marketing too, let me share with you some positive rays emitted by it.
Firstly, it helps businesses in taking the right decision, at the right time, for the right cause and in the right direction, ensuring that, whatever energy, capital, resources a business has invested in, does not go waste.
Secondly, it also boosts sales which results in increase in revenue and profit for the business. Therefore,strengthening the company to expand, grow and scale.
Thirdly, with the expansion of a business here comes the new employment opportunities. New job opportunities are created that ultimately enhance the living standard of people making themselves capable and able to shine.
Next, as I said above marketing aids businesses in expansion that means they now have to contribute more in terms of taxes to the government ultimately boosting the GDP of respective nation
By these we can conclude that, if we pursue marketing positively, it not only supports businesses but all those around them flourish, be it company employees, the government, common man and so on.
