Describe the role that marketing channels play in marketing strategy.
When a product or service is produced, it needs to get to the buyers and/or consumers. This process of procuring, packaging, shipping, and presenting a product to potential buyers is called marketing.
Marketing is important to a company for the following reasons:
1. It links the producer to potential buyers. In essence, it serves as a pipeline or channel through which the product flows until it's in the hands of the intended consumers.
2. It allows a company to advertise a product's components, usefulness, availability, and price.
3. It allows a company to tailor a product for suitability to a specific region, locale, or populace.
4. It helps a company cut their costs and maximize profits.
5. A company can reach a broader market through the use of distributors, wholesalers, brokers, agents, and retailers.
The marketing department of a company is one of its most important assets, and wise marketing decisions often make or break a company.