a. Strategic Direction: Marketing provides insights into consumer needs and market trends, helping firms decide what products or services to offer.
b. Brand Building: It shapes a company’s brand image, reputation, and positioning in the market.
c. Driving Revenue: Sales and revenue generation are directly influenced by marketing efforts, be it through advertising campaigns, sales promotions, or digital marketing initiatives.
d. Feedback Mechanism: Marketing involves research and direct consumer interactions, providing firms with valuable feedback to improve products or services.
Marketing is a multifaceted discipline that goes beyond mere advertising or selling. It is about understanding consumers, building relationships, driving business growth, and adding value to society. As markets and technologies evolve, so does the role and approach of marketing, making it a dynamic and indispensable field.