Importance of Marketing in Business
Marketing plays a crucial role in business by identifying and satisfying customer requirements profitably, leading to optimum resource utilization, achieving organizational objectives, building brand loyalty, and enhancing brand equity. Explore the key advantages and significance of marketing in driving business success.
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Presentation Transcript
Welcome to all for the MHRM Online lecture By Dr. Dhiraj Ovhal HOD of Commerce
Q.1 :- Meaning and Definition of Marketing and Explain the importance /Advantages' of Marketing Meaning:- Need identify of Customer Right product, price, place, promotion,-Feedback-CRM- (this process is called as Marketing) It is vital function of Business Created demand in market as well as satisfy the customers Definition:- Charted Institute of Marketing (UK) defines- Marketing is the management Process of Identifying, and Satisfying Customer requirements profitably .
Q.2 Importance/Advantages of Marketing (Shortcut to remember) O2 . B4 .C4 .
Importance/Advantages of Marketing (Shortcut to remember ) (O2 . B4 .C4 ) 1. Optimum Utilisation of Resource O2 2. Organizational Objectives 3. Brand Loyalty 4. Brand Equity B4 5. Brand Image 6. Benefits to the various Stakeholder 7. Customer Satisfaction 8. Competitive Advantages C4 9. Corporate Image 10. CRM
1. Optimum Utilization of Resource:- Effective Marketing helps to generate demand in the market. To use resource at the maximum level for the production Physical Resource:- Machines, Equipments, Tools.etc. Capital Resources:- R. M- W.I.P.-Finished Goods Manpower resources :- Managerial and non managerial employees
2. Organizational Objectives:- Effective Marketing helps to achieve organizational objectives such as Increase Profit Increase brand Image Increase Market Share Improved Corporate Image Enhanced Customers Loyalty Survival
3. Brand Loyalty:- Effective Marketing is enable to develop brand loyalty Repeat Purchase by Customers Recommendation or Mouth publicity by Customers Marketing Guru AL Ries Evangelist
4. Brand Equity:- It means incremental value of a brand over and above its physical asset For example I phone Nirma Washing Powder Dettol Nirma Biscuit Dettol Soft drink
5. Brand Image :- The image and reputation in the mind of customers It helps to introduce new products also
6. Benefits to the various Stakeholder :- Effective Marketing --- Generate Demand High Production- Higher profit Employees ---- Higher salary and incentives , Bonus Shareholder--- Higher Dividend Government--- Higher Tax Dealer Incentives Supplier Regular Payment and Order Customers-- best quality products
7. Customer Satisfaction :- It is correlation between Customers Expectations and Product Performance Product performance Customers 1 Product performance matches with Customer Expectation Satisfied 2 Product performance below than with Customer Expectation Dissatisfied 3 Product performance more than with Customer Expectation Delight 4 Product performance exceed more than with Customer Expectation Astonished
8. Competitive Advantages:- Effective Marketing enables to Enjoy advantages and distinct image in Competitive market to launch the new products also .
9. Corporate Image:- Effective Marketing helps Right product Right price, Right place and Right promotion. A firm achieve higher performance XYZ Company & Tata Company
10. CRM:- Customer Relationship Management Holistic approach of Marketing Customers are the king of Market Maintains Long term relationship with customers for Progress and Prosperous of business
Importance/Advantages of Marketing (Shortcut to remember ) (O2 . B4 .C4 ) 1.Optimum Utilisation of Resource O2 2. Organizational Objectives 3. Brand Loyalty 4. Brand Equity B4 5. Brand Image 6. Benefits to the various Stakeholder 7. Customer Satisfaction 8. Competitive Advantages C4 9. Corporate Image 10. CRM
Attendance Link https://forms.gle/Xqvykv5vfEi1zpyF7 Last point mention today date in feedback link
