The Importance of Marketing in Today's World - StatAnalytica (2023)

Marketing! Marketing! The word which is familiar to all the people. Without it, the picture of the product will not be made in the minds of people.

“Marketing is the food for business.”

As we all know, we are facing the worst time ever because of Covid-19. Today everyone wants to get out of this situation. The business also gets affected because of this pandemic. Marketing roles also changed in the time of Covid-19. The importance of marketing will never decline, irrespective of the situation. Let’s study it with an example-

In the time of the pandemic, the role of digital marketing comes into the picture. Now almost everyone uses it for promoting their product online. With the help of it, the businessmen create brand awareness and reach potential customers.

Social media marketing is also booming nowadays. It plays an important role in the marketing of the product. It brings a revolution in the marketing of goods. Facebook, Instagram, Reddit, etc., are helpful in the promotion of goods and services.

Let’s understand the importance of marketing through social media through the stats-

Now 1.12 billion accounts and above are existing around Snapchat, Facebook, Instagram, and WhatsApp. The story trends are increasing on these platforms since 2016. As per the buffer state of social 2019 reports. Social media has become an important marketing strategy part.

The social media mania is continuing. That is why 58.8% of marketers admit that social media is an essential part of marketing strategy. Only 2.4% say that it is not necessary for marketing.

Before understanding the importance of marketing. First, understand the meaning of marketing and its types.

What do you understand about marketing?

Table of Contents

Marketing includes the activities a company does to promote its products and services. It helps in boosting their buying and selling. The activities are advertising, delivering products to customers, etc.

AS per AMA (American marketing association), “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”

Types of marketing

There are three types of marketing-

Online marketing

In this, marketers do marketing on online platforms. For example, they are promoting products on social media platforms.

Offline marketing

In this, marketers do marketing on offline platforms. Such as Television advertisement, radio advertisement.

Word of mouth marketing

In this, marketers do face-to-face marketing. For example, door-to-door selling of products and services.

What are the reasons behind the importance of marketing?

The following are the reasons that help you to know why marketing is important-

Helpful in engaging customers

Your business needs to engage its customers. Marketing is a helpful tool in doing it. Engaging clients is not the same as pushing your offers. It involves Providing useful information about your products and services to your consumers. In contrast, it’s all about coming up with new ideas.

Telling your consumers what they don’t know is a good idea. Make it interesting and worthwhile for them to spend their time on.

Important point-
One of the most effective ways to engage your consumers is through social media by creating videos. Using a free online video maker, businesses can create short videos and use humor to effectively engage consumers. Marketing can also provide customers a sense of belonging by involving them in the process of creating videos online for free.

Helpful in building and maintaining company’s reputation

The reputation of your company has a favorable correlation with its growth and longevity. As a result, it’s safe to conclude that your reputation defines your brand equity.

The majority of marketing initiatives are aimed at increasing the company’s brand equity.

When you meet the expectations of your consumers, your company’s reputation develops. Customers are happy to be linked with your goods. Marketers apply excellent communication, branding, public relation. And CSR tactics to sustain a company’s reputation.

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Helpful in building a relationship between business and customers

Customers need businesses to have a trusting and understanding connection with them. How will marketing create this connection?

Marketing research helps in identifying the segments. It is based on consumer behavior, demographics, and psychographics.

Segmentation enables a company to address the demands of its clients. It helps in acquiring their trust. In addition, The product team guarantees that the company delivers on its promises on time. Customers become brand loyal as a result of this.

Customers that are loyal to you will be more likely to buy extra items from you. Your commercial actions will be more profitable. If the trust and understanding between the business and its customer are built.

It acts as a communication channel.

It is one of the importance of marketing. Marketing is the process of informing your consumers about the services or goods you are offering. Through it, customers learn about the product’s value, how to use them, and other information that may be useful. Moreover, it raises brand awareness and recognizes the company from others.

Remembering point- To satisfy consumers, you must be a continuous voice. Therefore, informing your consumers about any discounts or other offers is essential. Marketing supports your company in becoming a market leader by facilitating communication.

Helpful in boosting sales

Marketing uses a variety of strategies to advertise your products or services. When you market a product, it’s already on people’s radar. As a result, it boosts your chance of selling. Customers may wish to try out your items or services before making a purchase.

When customers are happy with your products or services, they become brand ambassadors. They’ll spread the word, and your business will begin to grow. In contrast to complement your marketing efforts, make sure you offer high-quality products and services.

Helpful in providing information about your company.

Every marketer recognizes the importance of focusing on the correct audience. You must have the appropriate content to share with such a group. Your marketing techniques can assist you in determining what type of corporate messaging you must use. Furthermore, it will help you in persuading your target audience.

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At this stage, you must experiment with various messages to discover what works. You’ll establish a suitable base for your marketing efforts by trying different messaging sets on the target audience. In addition, it serves as a tool and gives you the information you need to stop guessing.

Helpful in maintaining relevance.

Most businesses think that they will always be the customer’s favorite brand. It is the incorrect mentality. Therefore, you need to figure out how to stay on the client’s mind.

Remembering point- Every relationship requires maintenance from time to time. Marketing keeps your company relevant to clients. Also, it helps in allowing you to keep a positive relationship with them.

Helpful in creating a brand image.

Building and sustaining a favorable brand image relies heavily on marketing. You may utilize brand awareness initiatives to change people’s perceptions of your business. You can also use marketing to give useful information or to try to correct a problem.

Suppose that your company began donating 30% of its earnings to a local non-profit company. It is absolutely useful information that should be conveyed to the general public using various marketing platforms such as email, social media, and an online blog.

Helpful in the expansion of business

The main reason behind the importance of marketing is business expansion. Opening new franchises, extending a restaurant’s terrace, or growing your monthly customers of an eCommerce firm are all examples of expanding your business. Despite a particular situation, the need for strategic marketing is there to support your company’s growth.

Let’s sum up

From the above discussion, now you come to know about the importance of marketing. We hope you will find this blog helpful.

Many students pursued marketing as their main field. For this, they must have complete marketing knowledge. This blog will help you in knowing how marketing is used for the growth of the business. if you need help with marketing assignment, then contact our marketing assignment help experts.

If you want more knowledge, stay in touch with statanalytica blogs.

Frequently Asked Questions

Why is marketing so important?

It is the single most crucial factor in building your business. Marketing is a critical stage in your company’s growth as well as revenue growth. It might take a lifetime to become an expert in marketing. But it is critical to continually enhancing your present efforts to keep expenses low and profits high.

What impact does marketing have on our lives?

Marketing has a significant influence on consumer behavior and influences many aspects of our lives. We utilize promotional items daily, from toothpaste to clothing. Consumers’ purchasing decisions are shaped by marketing.

What do you understand about strategic marketing?

Strategic marketing includes these strategic activities-
Discovering the demand for a product through consumer research.
Transforming current products or designing new products to match consumer needs and wants
Learning how properly to influence potential customers to make them informed of your products. And convince them to purchase them.

FAQs

What is the importance of marketing in today's world? ›

The importance of marketing for your business manifold. It makes the customers aware of your products or services, engages them, and helps them make the buying decision. Furthermore, a marketing plan, a part of your business plan, helps in creating and maintaining demand, relevance, reputation, competition, etc.

Why is marketing important statistics? ›

Statistics help you prioritize your efforts.

If you're implementing a multi-channel marketing strategy, you'll want to know how certain platforms will perform compared to others. With statistics to back your choices, you're able to know what channels might require more resources over others.

How do you define the marketing word in today's world? ›

What Is Marketing? Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses. Some marketing is done by affiliates on behalf of a company.

What are the 7 importance of marketing? ›

These seven are: product, price, promotion, place, packaging, positioning and people. As products, markets, customers and needs change rapidly, you must continually revisit these seven Ps to make sure you're on track and achieving the maximum results possible for you in today's marketplace.

Which is more important in marketing? ›

Sales is important because it is the bottom line. Marketing is about getting a product known. At the end of the day, it's about the business bottom lines - and about getting results. You cannot sell a product without marketing.

What is the purpose of marketing? ›

The key purpose of marketing is to get people interested in the products or services of a company. This happens through market analysis, research, and contemplating the interest of a business's ideal customers and attracting them through messaging which would be educational and helpful to a business's target group.

What is marketing in modern times? ›

Modern marketing is the ability to harness the full capabilities of the business to provide the best experience for the customer and thereby drive growth. In a recent McKinsey survey, 83 percent of global CEOs said they look to marketing to be a major driver for most or all of a company's growth agenda.

What is the best way to explain marketing? ›

Marketing is the process of getting people interested in your company's product or service. This happens through market research, analysis, and understanding your ideal customer's interests. Marketing pertains to all aspects of a business, including product development, distribution methods, sales, and advertising.

What are the five most important things about marketing? ›

The 5 P's of marketing – Product, Price, Promotion, Place, and People – are a framework that helps guide marketing strategies and keep marketers focused on the right things.

What is the #1 goal of marketing? ›

While the primary goal of marketing is to generate revenue, marketing achieves this desired state through a unique approach as compared to other business units such as sales or customer service.

What are the 4 main purposes of marketing? ›

The purposes of marketing can be defined as:

Creating brand awareness. Retaining existing customers. Developing new customers. Strengthening brand association and recall.

What are the 4 most important things in marketing? ›

For all its complexity, at its core, marketing revolves around four things: product, price, promotion, and place. Tactics and channels change, but these are the concepts everything else revolves around, and they're principles that never change.

How does marketing benefit society? ›

Marketing drives a consumer economy, promoting goods and services and targeting consumers most likely to become buyers. Higher sales for a business that employs successful marketing strategies translate into expansion, job creation, higher tax revenue for governments and, eventually, overall economic growth.

What are the three most important elements of marketing? ›

They are PLANNING, INTEGRATION and CONSISTENCY.

Do you need to take statistics for marketing? ›

Statistics are vital to a marketing strategy. Companies need to know their market share, the competitors' share, consumer motives (for example, income levels), reactions to advertising, and target marketing.

How do you use statistics in marketing profession? ›

The best way to use statistics is to provide context around the numbers. Then, the reader can understand what the numbers mean to them and truly find value in your content.
...
Who is Your Audience?
  1. What organization collected the information? ...
  2. When did they collect it? ...
  3. How did they collect it? ...
  4. And why did they collect it?
Feb 24, 2023

Why is statistics important in business? ›

Statistics is crucial in business as it helps them make decisions based on historical data and ongoing trends. The correct data always serves as the basis for critical decisions; this is why businesses always go to in-depth research to grow their venture.

How effective is content marketing statistics? ›

91% of marketing pros surveyed by Semrush achieved success with their content marketing in 2021. A B2B Content Marketing Study conducted by CMI found 40% of B2B marketers have a documented content marketing strategy; 33% have a strategy, but it's not documented, and 27% have no strategy whatsoever.

What is the meaning of market statistics? ›

Market Statistics means summarised, derivative or aggregate data that is not personal, in addition to statistical information that cannot be attributed to, or associated with, transaction information or enable identification of the Parties.

What parts of marketing are growing the fastest? ›

One of the most cost-effective tools advertisers can use to attract new business.
...
FOUR FASTEST GROWING AREAS OF DIGITAL MARKETING SPENDING
  1. Content Marketing. ...
  2. Paid Search Advertising. ...
  3. Video Marketing. ...
  4. Paid Social Media Advertising.
Sep 15, 2021

What is the relationship between statistics and marketing? ›

Statistics are applied in marketing to identify market trends, and to measure and evaluate the potential and success of marketing programs. The secret to successful marketing is to identify the target market accurately and to use effective marketing communications channels and tactics to reach it.

What are the characteristics of marketing? ›

B. The two features of marketing are described below: Want and Needs - Marketing management deals with the function of satisfying and fulfilling the wants and needs of the organisation and individuals. Creating Offers in the Market - Marketing management helps create a complete market offer for a service or product.

How do you use statistics in your life? ›

Individuals use statistics to make decisions in financial planning and budgeting, while organizations are guided by statistics in financial policy decisions. Banks use statistics to lower risk in lending operations, analyze activity in the financial market, and predict the impact of economic crises.

What are the 5 importance of statistics? ›

Importance of Statistics

It provides the exact description and a better understanding. It helps in designing the effective and proper planning of the statistical inquiry in any field. It gives valid inferences with the reliability measures about the population parameters from the sample data.

What are 5 uses of statistics in business? ›

Statistics is used in business for: appraisal of value, consumer surveys, hiring decisions, insurance, manufacturing, online business, real estate investing, rental housing, sales, and stock markets. Data analysis, regression, forecasting, hypothesis testing, and more are used in these fields.

What is the example of business statistics? ›

Business statistics takes the data analysis tools from elementary statistics and applies them to business. For example, estimating the probability of a defect coming off a factory line, or seeing where sales are headed in the future.

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