- Business and Employment
Importance of Marketing in organizational success
The Importance of marketing
Today, no business around the world, can afford to ignore the importance of marketing. Either it is a large business or small, nonprofit organization or industrial product manufacturers. A company’s pecuniary success largely depends upon prudent marketing efforts along with financial, operational, accounting and other business functions.
One can ask why marketing is important in financial success of a company. The answer to this question is, suppose you have a great product to offer with excellent features, best quality and amazing packaging but no one knows about your product. There will be no demand in market for your product; company will make no sale and eventually no profit. Here comes the importance of marketing. The most important function of marketing, along with others, is to create awareness about products/services and make loyal customers. Through marketing customers get an opportunity to know what you are offering them and you get opportunity to convince them to buy your products/services.
As, there is high competition in market and you are not the only one to offer that product or service. How your products differentiate from your competitor’s? What you have better to offer than your competitor? And why customer should spend his money on buying your product instead of your competitor’s? This is achieved through intelligent marketing campaign and is self-evident of significance of marketing. It enables organization to capture maximum market share, make big brand name, make loyal customers and retain them.
Many companies acknowledge importance of marketing and have separate Chief Marketing Officer (CMO) to give marketing equal importance along with other c-level positions such as, chief executive officer (CEO) and chief financial officer (CFO). Sustained and steady top line growth and customer loyalty/retention are the biggest challenges CEO’s face and their accomplishment severely depends upon marketing.
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