Why is marketing important in today's economy?

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readerofbooks's profile pic

readerofbooks | College Teacher | (Level 2) Educator Emeritus

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Marketing is important for several reasons. Let me list three of them.

First, marketing is important, because we live in a very competitive society. So, all companies are competing against each other to gain and retain customers. In light of this fierce market, marketing is important to gain an upper-hand if possible.

Second, marketing allows a company to know what the customers want and how they want it (for example, price point). This insight makes a company more profitable. A marketing company may also forecast what the new products will do well in the future.

Third, marketing is important also from an internal perspective. It allows the company to change it structure to become more efficient. This also allows for a competitive edge.

 

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indugupta's profile pic

indugupta | College Teacher | (Level 1) eNoter

Posted on

Today, businesses around the world, both large and small, cannot ignore the impact that the global economy is having on their performance.  Globalisation, the internet, and information transparency have led to an increasingly mobile workforce, ever more fickle customers, and rapidly changing technologies and business models.  One result of this seemingly inexorable trend is that companies are less able to predict - let alone control - the short-term shape of their own markets.

As a result, more and more organisations are choosing to adopt a marketing-led philosophy to enable them to win market share and capture and retain the hearts and minds of current and prospective customers. Marketing is becoming more important as organisations around the world strive to develop products and services that appeal to their customers and aim to differentiate their offering in the increasingly-crowded global marketplace.

Put simply, marketing is no longer the sole prerogative of a single ‘function’, even if the leadership on marketing comes from that function, together with the framework within which marketing strategies are conceived, developed, planned, executed, reviewed and improved.

It used to be that a company could rise to the top of its industry and deliver superior shareholder returns by doing one thing well.Marketing is becoming increasingly important, even in organisations and sectors where it has, perhaps, traditionally taken a back seat.

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