Marketing helps achieve the objectives of the organization like revenue generation through sales, getting success in a political campaign, seeking votes, promotion of ideology, etc. Even if your product is the best, communication of the same to the target audience is required, so that they come to know about your offering and inducing them to make a purchase. Therefore marketing is vital for the success of any organization.
Taking the case of a business organization, sufficient demand for its products is required for financial success. The marketing communication emphasizes benefits/ value offerings or customer’s pain alleviations by relating the features of the product with the needs of the customer so that the demand for the product is generated. The organization gets revenues and profits when this demand is converted into sales. Increased sales enable organizations to avail economies of scale leading to improved profit margins or power to compete on the front of pricing. Improved market share due to higher sales enhances brand equity and equips the company with higher pricing power.
In addition, a successful marketing campaign creates brand advocates, who spread positive word of mouth in the customer community which creates more customers. This helps the organization get a certain level of consistent sales and command a price premium.
Marketing research lets companies know the gaps between existing offerings and customers’ needs, which leads to the development of new products or incorporation of new features in the existing product. This creates additional economic activities and new jobs for aspirants. This leads to the fulfillment of customers’ unsatisfied or latent needs also which improves their lifestyle and comforts.
Besides, marketing plays a critical role in devising the features to be incorporated into the product, deciding the right price considering the competition and other environmental factors, making the product available to the customers.