Importance of marketing management

 Importance of marketing management

1. Marketing Helps in Transfer, Exchange and Movement of Goods-

• Goods and services are made available to customers through various intermediaries viz wholesalers and retailers etc.

• Marketing is helpful to both producers and consumers

• For producers- it tells about the specific needs and preferences of consumers and to the latter about the products that manufacturers can offer.

• According to Prof. Haney Hansen “ Marketing involves the design of the products acceptable to the consumers and the conduct of those activities which facilitate the transfer of ownership between seller and buyer.”

2. Marketing is helpful in raising and maintaining- The standard of living of the community-

• Paul Mazur states, ”Marketing is the delivery of standard of living”. 

• Professor Malcolm McNair states, “ Marketing is the creation and delivery of standard of living to the society.”

• By making available the uninterrupted supply of goods and services to consumers at a reasonable price, marketing has played an important role in raising and maintaining living standards of the community.

• Community comprises three classes of people i.e. rich, middle and poor.

3. Marketing creates employment-

• The major marketing functions are buying, elling, financing, transport, warehousing, risk bearing and standardization etc.In each such function different activities are performed by a large number of individuals and bodies.

• 40% of total population is directly or indirectly dependent upon marketing.

4. Marketing as a source of income and revenue-

• Buskirk states, “ Any activity connected with obtaining income is a marketing action.”

• Marketing provides many opportunities to earn profits in the process of buying and selling the goods by creating time, place and possession utilities.

5. Marketing Acts as a basic for making decisions-

• A businessman is confronted with many problems in the form of what, how, when, how much and for whom to produce?

6. Marketing Acts as a source of new Ideas-

• The concept of marketing is a dynamic concept. It has changed altogether with the passage of time.

• With the rapid chage in tastes and preference of people, marketing has to come up with the same.

7. Marketing is helpful in the development of an economy.-

• Adam Smith states, “ Nothing happens in our country until somebody sells something”. 

• Marketing is the kingpin that sets the economy revolving.