Importance of Marketing -Marketing strategy

Importance of marketing has gone up extremely high honed by speed technology development, increased consumer needs and better education.

Market have greatly expended catering to the needs of a greater number and types of consumers.

One of the reason is the decline in cost which is the fruit of ever increasing production and new scientific methods. Fall in cost has produced two effects.

On one hand, it has raised the margin of profit for manufacturers and on the other hand, products are available to consumers at lower rates. 

Lowering price has helped product makers meet grave competition. Since large scale production has produced a severe competition it has necessitated selecting or making a right products.

The importance of Marketing can be judged from the following created utilities. 

1 Possession Utility:

Marketing moves goods from one person to another,

this movements creates possession utility.

The seller brings some changes in goods to make the goods suit the customers needs.

For this purpose he names a particular brand.

2 Form Utility:

Form utility is created when raw material are used to make a new product.

Bringing about changes in the existing one also make it a new product.

3 Time Utility:

Marketing creates time utility. goods produce are held back unless they are sold.

The time lag between the production and selling is bridged by creating time utility.

4 Place Utility:

Marketing creates place utility. once goods are produced they must be shifted to the point of sale.and hence place utility is created.

The goods have no utility at the point of production,abundance ,and supply unless shifted to the point of consumption demand.

5 Consumer Satisfaction:

Marketing play an important role in  satisfying the human needs and wants producers and sellers bring the products on the market.

Before doing so they make the product attractive and acceptable to customers so that it can best satisfy their needs. 

6 Selling:

Selling is a part and real thrust of marketing.

Whether a business is small or large, whether goods are popular or obscure, whether company enjoys high goodwill or little

The whole business will remain incomplete unless goods and services are offered for sale. 

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