Five Functions That Illustrate the Importance of Marketing

Marketing is an important concept in business and one that several business functions are affected by. The importance of marketing is always increasing. Marketing is perhaps the most important component in determining a business’ profitability and success. There are five functions that clearly illustrate the importance of marketing in a business.

Customer

The customers’ needs, wants and demands are what a business caters to. How well the business captures customers’ attention through marketing its products and services affects how many customers spend money with the business. Without promotion, the customers do not know what a business has to offer.

Finance

The more effectively marketed a business is, generally the more financially successful and stable it is. Finances affect how many goods a business can produce, since supplies for manufacturing cost money and labor does, too. However, without marketing, a business may have trouble selling its products even if it has the finances to produce them.

Human Resources

Every business needs human resources to serve as labor. Human resources are how the business makes it products or provides its services. Yet, a business can have a plethora of human resources, but if it doesn’t have the marketing to capture the customers, the goods or services won’t sell, so the business won’t flourish.

Production

The more products a business manufactures, the more goods it has to sell and the more potential earnings it has to make. A business can have a warehouse full of products, but without the marketing to sell them, they are profitless inventory.

Competition

As certain goods and services become more popular, more businesses start offering them, making competition for them keener. Marketing helps make your business stand out so that customers will prefer to buy from you than from businesses that offer similar goods and services.

by Kayla Lowe, Demand Media