What is the importance of marketing to the organization? What are the top three marketing challenges faced by the organization?
The basic objective of any business organization is to acquire or produce products and services and deliver these to customers, the people who need it, at a profit. Marketing is at the core of all the activities that ensure that the product and services which a company makes available to its customers are indeed the ones that are needed by the customers, the customer will by these products from the company, and that company will be able to deliver these at a profit. In this way many management experts consider marketing as the most important activity of the company.
Different people may have different views on the top three marketing challenges. There is no such universally accepted challenges. I personally believe the following three to be the greatest challenges of marketing.
- Marketing communication to find out from customer what kind products and services can be supplied by the company that achieve best fit between customer requirements and company capabilities. Communication also covers creating awareness about the company products and convincing customers to buy them.
- Countering and handling the competition.
- Distribution of products to ensure that these are available to the customer when they want and where they want. This part involves considerable expenses in terms of logistics costs, inventory costs, and margins of intermediaries. Marketing plays an important part in balancing the service to the customer with distribution costs.