Importance of marketing in business

Marketing is the process of identifying customer needs and satisfying them through the creation, promotion, pricing and distribution of goods and services at a profit. It is important because no business survives without customers.

Importance of marketing in business

1. Creates demand and sales: Advertising and promotion make customers aware of products, as Nepal Telecom and Ncell do with data packs.
2. Satisfies customers: Market research finds what customers want, so products match needs.
3. Earns profit: Higher sales and good prices give revenue for survival and growth.
4. Gives competitive advantage: Branding, quality and service distinguish a firm (Wai Wai noodles, Dish Home).
5. Guides production: Information on tastes and trends guides what to produce.
6. Expands the market: Finds new customers, regions and export opportunities.
7. Builds image and goodwill: Good customer relations create a loyal base.
8. Creates employment: Sales, advertising, transport and retail jobs.

Importance to the organization and economy

1. Link between the firm and society: Brings feedback from the market.
2. Raises standard of living by making goods and services available.
3. Supports other functions: Finance, HR and production depend on sales.
4. Encourages innovation through competition.
5. Contributes to the economy: Trade creates tax revenue and economic growth.

Without marketing, even excellent products fail to reach customers; with it, even a small firm can grow, as many online sellers in Nepal using Facebook and Daraz have done.