Role of marketing in a Company
The present theory of marketing plays a significant role in achieving the objectives of a firm. It emphasizes that customer satisfaction is the key to the survival and growth of an organization in the contemporary competitive marketing environment. By adopting marketing direction, an organization whether profit making or non-profit making, can accomplish its goals in the most effectual way. It helps in focusing the activities of an organization on the needs and wants of the consumers. For example, what products or services will be marketed by a firm will depend upon what do its consumers need.
At a broader level marketing offers significant benefits to society. These benefits include:
- Developing products that satisfy needs, including products that improve society’s quality of life
- Creating a competitive environment that helps lower product prices
- Developing product distribution systems that offer access to products to a large number of customers and many geographic regions
- Building demand for products that require organizations to expand their labor force
- Offering techniques that have the ability to convey messages that change societal behavior in a positive way (e.g., anti-smoking advertising)
Thus, an analysis of the needs of the customers shall be undertaken in order to decide what to produce and sell. The product will then be designed according to the needs of the potential buyers and be made available through the outlets convenient to customers and be priced at a level which the target customers can afford. In other words, marketing as a business philosophy helps in serving the customers by satisfying their needs. It is a well known fact that a satisfied customer is the most valuable asset of any firm. Thus, marketing plays a crucial role in the survival and growth of a firm.