Before publishing your Article on this site, please read the following pages: 1. Marketing has brought the revolution in the buying and selling the business. Instead, most use intermediaries to bring their products to market. We the consumers are also attracted towards the products which we see our favorite celebrity is using on the TV. 3. It emphasized to open customer oriental business. Marketers call this “personalization“. Try to think of marketing itself as a big umbrella, with … If done effectively, marketing … When marketing a service, the service provider must demonstrate the service’s value in order to connect with consumers and make sales. The objective of this literature review is to examine and determine the importance of why marketers should understand marketing environment of a company. Consumer behavior influences all buying decisions, regardless of the product or service. Marketing is a process by which a product or service is introduced and promoted to potential customers. Thus, marketing helps to improve the quality of life for consumers. There are marketing in the media’s like TV and newspaper. The time consuming and mind-eating bargaining can now be completely avoided. Find out the 7 reasons why social media marketing is important for your business!Social media is quickly becoming one of the most important aspects of digital marketing, which provides incredible benefits that help reach millions of customers worldwide. Consumers’ expectations must be taken into consideration, and a detailed analysis of a company’s operations will allow firms to view their business from a client or customer’s perspective. There not only online shopping but the online booking of the tickets be it movie or bus or plane ticket. Address Hygiene: The precision and purity of postal addresses on a mailing list. Marketing Is an Effective Way of Engaging Customers We call this “segmentation“. Major 14 Significance of Marketing to Consumer 1. Privacy Policy Marketing is just not selling. So marketing provides the selection facility to the consumer out of those products according to their price and quality. How we come to know about the big discount offers. The world has changed dramatically, and continues to evolve rapidly. Informing, Persuading, Reminding Promotion implies any form of actions used by the firm to inform, persuade and remind consumers about their products, services, images, ideas, social activities. It is through marketing that the spending is continued and the depression is kept at bay. Like in other nations we the consumers are now indulging in more and more online shopping, online booking. Laura Lake is a former writer for The Balance Small Business. The same product but of different brand and company are available in the market. If it’s the right influencer marketing strategy using a popular personality, go So we can filtrate the information and choose among the thousands of products. (Image Source: Envato Elements) In this article, I'll explain some basic marketing research concepts. As the companies fight with each other in producing more qualitative products and selling them at low price. Most of the commoners and youths in Nepal are not that much educated because of the geographic difficulties of the country. Why Is Marketing Important? Marketing is no longer the sole prerogative of a single ‘function’. 72% of consumers … The role of consumer behavior in marketing is huge in that you can better meet the needs of your customers and prospective customers if you know why they’re buying what they’re buying. The primary importance of consumer buying behavior lies in the fact, that you can know how the consumer is going to behave. For example, my own experience has shown that most of the foreign people don’t know where Nepal is or there is any country called Nepal. If all these products can be exported to other nations worldwide imagine economic Uplift Nepal could have. The principal objective of marketing is to create new customers and to retain current customer. … Consumer behavior is the study of how people respond to products and services, followed by their marketing and selling. There must be a top line for there to be a bottom line. But for other nations to know that Nepal is rich in these unique and natural products marketing has to be done in aa adequate ways and in modern ways. We are benefitting. Thus to occupy the huge space of the international market, Nepal should do some serious marketing. The products which we couldn’t buy the other working days can be bought during the festival season. Marketing creates time, place and possession utilities. Marketing is helping by introducing the modern techniques and technologies to Nepal. This kind of labeling helps a viewer to differentiate the product from the rest in the shelves of the market. There are many advantages of Internet marketing to both the consumer and the company. The door to door salesman has to be little educated. Most companies have now created a position of Chief Marketing Officer, similar to Chief Finance Officer or Chief Strategy Officer. Consumer-centric marketing is more than just a buzzword. If you’re familiar with consumer behavior related to your Knowledge Commerce products, you can produce … Like inline fraud, online stealing of the personal data, online theft of the bank balance etc and etc. There are so many core business functions that stem from a good marketing plan that any SMB would be silly not to give it a shot. 2. With more consumers (and businesses) shopping and researching products online, it’s become critical for companies to recognize the importance of Internet marketing. The computer personnel also are required and have been engaged in graphic marketing and digital marketing. Marketers through computer and information technology are able to satisfy more customers across the globe than ever before. Marketers do recognize the role of websites and the blogs, online communities, SMS, e-mail etc which facilitate marketing exchanges. It is the giving of the knowledge and information about the products to the consumers. The Role and Importance of Brand in the Marketing of Small and Medium-Sized Enterprises in Kosovo November 2016 International Journal of Marketing Studies 8(6):52 DOI: … It is the primary objective of marketing. Getting the product recognized by the market is the primary objective of marketing, by which customers take advantage of them. The same revolution is required for any nation to establish it’s identity and recognition. Marketing is becoming more important as organizations around the world strive to develop products and services that appeal to their customers and aim to differentiate their offering in the increasingly-crowded global marketplace. Each and every day new products are launched and introduced. After getting detail information by the marketing about the product, consumers can take advantage of them in terms of satisfaction. The value of marketing research is that it helps you learn more about your customers. If enough marketing of Nepal through all the resources of marketing would have done these big celebrities would have visited just to travel.not to offer their sympathy. Content Guidelines Similarly, China is now portraying itself as the nation of Mount Everest. It has identified Nepal as the independent national not part of any other nations. Marketing activities are based on the premise of “make what the market wants”. Consequently, more and more organizations are choosing to adopt a marketing-led philosophy to enable them to win market share and capture and retain the hearts and minds of current and prospective customers. It also is generating g the opportunity of self-employment. Your email address will not be published. The variations of marketing like digital marketing, media and communication are all providing Nepal to introduce itself to the world. Marketing provides information about how to get the product. also provide great opportunities. I am Jitendra Sahayogee, a writer of 12 Nepali literature books, film director of Maithili film & Nepali short movies, photographer, founder of the media house, designer of some websites and writer & editor of some blogs, has expert knowledge & experiences of Nepalese society, culture, tourist places, travels, business, literature, movies, festivals, celebrations. Marketing is essential for providing increasing employment opportunities. Service marketing is not like product marketing. Importance of Marketing – Vital Contributions of Marketing to the Firm and the Society Marketing is one of the most significant activities in an enterprise. The salesman is even given the commission for every sale they make. Services are not tangible products, they are experiences and labor-savers that create value in consumers’ lives. The assignment focuses on the fact that how Branding impacts the mindset of consumers … Getting the product recognized by the market … Impulse – Chocolates, tic tacs, ice cream. This suggests that small business owners must also master the basics of marketing in order to succeed. Why Consumer Behavior is Important for Business Managers? This is the fourth importance of consumer behaviour and it means that consumer behavior is very much vital in designing and approaching marketing mix to be chosen (product, price, … … Fast forward to today, and Hispanics are now a $9.6 billion ad market , and growing. For which there are given the commission in each sale, remuneration, fuel expense. For the most part, consumers are receptive to some marketing at this time. So they can take the benefits of those products using them. Not only does marketing build brand awareness but it can also increase sales, grow businesses and engage customers. Marketing is one of the most important things a business can do. Even if the nation is not marketed properly in front of the world. A Guide On Bengals, An Intriguing Cat Breeds, Misuse of Water | 36 Ways How Water Is Wasted in Our Surroundings Everyday, Everything You Want To Know About Solar Power in Nepal, Everything You Want To Know About Electrical Engineering in Nepal, Everything You Want To Know About Civil Engineering in Nepal, Nepali Girl Prakriti Malla Has The Best Handwriting In The World, Top 10 Reasons Why You Should Visit Bandipur Nepal, 10 Reasons Why We Should Visit Sarangkot Nepal, 10 Reasons Why You Should Visit Langtang Nepal, 10 Reasons Why We Should Visit Lobuche, Nepal. It’s important for your business to engage its customers. The activity is now found in every aspect of the business. Digital marketing is playing the major role. Transport crates place utility, storage crates time utility, promotional activities create information utility etc. There is no management discussion in the annual reports without describing their latest marketing achievements, and the strategies and tactics adopted. Why? Nepal is not taking enough steps in the field of marketing otherwise the situation of collecting signatures so as to prove that Nepal is the country of Gautam Buddha would not have arisen. Use cause marketing to draw consumers that have a penchant for social responsibility. Similarly, the rivalry it is creating between the companies may not be Healthy and may take the evil form. As a power­ful technique of … These are the gifts of marketing. 10 years ago, brands were hardly marketing to US Hispanic consumers. Marketing is the source of many important new ideas in management thought and practice — such as flexible manufacturing systems, flat organizational structures, and an increased emphasis on service —all of which are designed to make businesses more responsive to customer needs and preferences. Marketing activities help to provide cheap goods and services to the society because it maintains effective channels of distribution. The basis function of marketing is identification of consumer’s needs and wants.This requires continuous and systematic collection of data, analysis and reporting of data relevant to marketing activities. With an established name it is easier for marketers to expand and to grow. Promotes Product Awareness: Like our, Nepal is famous for the tea in Ilam, pashmina, ginger and many more products. The creation of an effective marketing strategy is often the task of a firm’s senior management team. This post will provide you with the incentive you need to start improving your online marketing now! The market is full of similar products and the only thing which makes the company stand out is its brand. Marketing is a profit centre, other functions are cost centres. The salesman doesn’t need much education and experience. The bottom line of any business is to make money and marketing is an essential channel to reach that end goal. Consumer lifestyle and living standards rise high when they can get and use the goods and services which they need. That’s a long time to put any type of marketing on hold. Many of the Buddhists in the foreign don’t know that Nepal is the country where Gautam Buddha was born. Many of us middle-class consumers wait for Dashain and Tihar or new year and Christmas to buy new products we need. The youngsters who were once looking for the job are the ones who are creating these online shopping websites. Consumers feel satisfaction when they are full of information about any product. Now we are concentrating our mind on the importance of marketing to Consumer, Nation, and Society. Once you identify your target consumers, you can invite these people to participate in focus groups or send them surveys to quiz them on key elements of your marketing … The major importance of marketing to the nation are as follows: Marketing provides the opportunity for employment and it helps increase the standard of living. As said earlier marketing is providing the employment, the recognition to the nation, the economic growth all which are Necessity in the level if any nation. Marketing is a core business discipline. If not used correctly and rightly marketing can contribute to the number of frauds which we the consumer have to face. She's a marketing professional and author of "Consumer Behavior for Dummies." So it helps to rise in the standard of living of customers. Global marketing is essential for modern businesses. In short, marketing provides the recognition of the well-deserved products. The Importance Of Marketing Segmentation Gillian Martin, Kaplan University, USA ABSTRACT The rationale behind marketing segmentation is to allow businesses to focus on their consumers’ behaviors and purchasing patterns. Consumer-to-business marketing or C2B marketing is a business model where the end consumers create products and services which are consumed by businesses and organizations. A consumer is an individual person who buys the products or any kinds of services for personal use and not for manufacture or resale. They can buy goods globally: So the marketing is generating much-needed employment for the youths. The computer personnel and technician are also getting the job in the field of marketing. Apart from spreading awareness about the products, marketing actually helps boost sales and the revenue growth. Because of the earthquake Lionel Messi, Cristiano Ronaldo wore Jersey in their football match to dedicate the prayers to Nepal. These are some of the importance and advantage of marketing. But marketing is the only one which despite lower education is providing the chance f the employment to the people. The consumer is someone who can be influenced by marketing and advertisements. I'll also explain why marketing research is important and share some resources to help you get started on your own marketing … Marketing creates form utility (from timber into desired furniture), place utility (moving product closure to customer), time utility (product being made available when it is needed), information utility (informing of availability of a particular product at a particular place and at a particular price), and possession utility (through transfer of ownership). Today, there are hundreds of new products and tens of variants of every product are available only because of marketing. Goods are produced according to the needs and tastes of the consumers. Thanks very much, I found the notes interesting and helping to learn and am sure they can be depended on. The vast amount of marketing in an attractive way using the celebrities that we are a fan of are some of the specialized ways of marketing. All the articles you read in this site are contributed by users like you, with a single vision to liberate knowledge. Consumer behavior is not just … 1) What is the importance of marketing to you as a consumer 2) Briefly discuss how the Marketing concept has contributed to the Modern Practice of Marketing today 3) How does marketing … We don’t have to travel and don’t he hard work to know about them. The importance of knowing and understanding consumer behavior in modern marketing is vital. Non-Profit Marketing: Mission-driven marketing using the organization’s core mission as the foundation, and marketing communications as the focus. PreserveArticles.com is a free service that lets you to preserve your original articles for eternity. The importance of marketing is to make consumers aware of the product and services offered by the organization in order to maximize profits and achieve success. Provides information: But it doesn’t mean that marketing doesn’t have its disadvantages. How marketers can adapt to these psychologies and improve their marketing campaigns and marketing strategies which may create more impact in the minds of the consumer. A consumer is someone who makes the buying decision whether or not to buy an item at the store. Marketing is not bad in itself if used properly and accurately. Companies also create reputation through innovation of products, which is possible because of financial resources generated from sales. Our mission is to liberate knowledge. The things that we haven’t known about these products. A recent study from the American Association of Advertising Agencies found that 43% of consumers find it … It provides satisfaction to the consumers by supplying information and goods and services according to their demand and taste. It is... 2. Even high degree holders are getting employment in the field of marketing as the manager and designer. What Is Marketing Mix? Like appointing the known celebrities as the representative of the certain regions like Rajesh Hamal or days hang Rai whose celebrated status is increasing day by day. To the Consumers: 1. Today if someone has to buy a fridge, he can visit the sites for new and old fridges, compare them and can find the best value. We know that the economic machine has two wheels they are production and consumption and marketing is the motive power to keep the two wheels running in equilibrium or it is the vital link between these two wheels. Advertisements play an … Unlike the old times, marketing no more deals only in the communication of the product to the consumers. The only they should have is the method to sell more and more. So thanks to the marketing. Every field demands the qualified citizens for the job. One should not turn a blind eye to the importance of marketing Nothing succeeds like success and financial success often depends on marketing ability. Thus, companies are less able to predict – let alone control – the short-term shape of their own markets. The only requirement is the ability to present the products in such a way that the customers become attracted to buy the product. Marketing is a broad term, and one that both business owners and consumers are quick to confuse with other terms like advertising and public relations. How this helps your business: When you … Marketing provides satisfaction to the society by supplying relevant information, goods, and services to the people of society according to their demand and taste. But the good marketing. Besides, it was also necessary to go back and find whether consumer is getting optimum satisfaction, so … Importance of Consumer Behavior Studying and understanding consumer behavior allows brands and marketing specialists to identify what influences consumers and their decisions. Marketers aim at creating brand equity through brand ‘name, images, logo, or caption (‘Iodex maliye kam par chaliye’) that the customers listen and watch in the advertisements. This leads us to just how cost-effective digital marketing is for Need and Importance of Marketing Research! Or the product which is cheaper but qualitative. importance of marketing in business success. First and foremost, the insights you gain from studying and understanding consumer behavior will help you make informed choices about how to plan out your marketing … According to Stephen King of the WPP Group:The brand is the company’s most valuable asset and the sole responsibility to create a brand lies on the shoulder of the marketing department of the organization. It’s of huge importance to managers because the focus on consumers is the key contributor to the marketing … They get better customer experience and feel more valued as consumers. The Nature and Importance of Marketing Channels Few producers sell their goods directly to the final users. 4. As we have already discussed the top 5 importance of marketing in the manufacturing or business firm. We even pay the electricity bills by remaining in the ease of the comfort of our home. A more important consideration is the fact that the pandemic will have a long-term effect on the psyche and outlook of consumers. McDonalds is immediately recognized by its arch design. It provides satisfaction to the consumers by supplying information … Each tourist should know that there is one beautiful country named Nepal exists which is rich in culture and tradition and natural beauty. The Importance of Targeting in Marketing (And How to Include It in Your Strategy) When it comes to marketing, if you’re trying to talk to everybody, you’re going to have a difficult time reaching anybody. Importance of labeling in marketing Marketers use labeling to their products to bring identification. Marketing Helps to Build and Maintain the Company’s Reputation Importance of Pricing – Most Flexible Marketing Mix Variable, Setting the Right Price, Trigger of First Impression, Influences Demand Level and a Few Others When marketers talk about what they do as part of their responsibilities for marketing products, the tasks associated with setting price are often not at the top of the list. And to produce more and more high number of products which is helping to generate more jobs for the workers. 1) Customer Awareness : The consumer today is exposed to so many options and alternatives due to the high usage of social media plus the promotional and marketing activities such as digital marketing and various ATL and BTL activities, each and every brand in the market is trying to harp its presence in the minds of the consumers … Nepal was struggling to provide the employment to its youths. It is not possible for us to memorize and remember each of them their functions their price. Importance of Marketing to the Consumers: Promotes Product Awareness: Through different marketing activities, companies promote their products and services. Marketing about the big attractive speech of improving the tourism is not marketed properly in front of mind. The precision and purity of postal addresses on a mailing list extend beyond profit making for the nation if the! 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Demands the qualified citizens for the job are the consumers: promotes product awareness: through marketing... But also to the consumers are receptive to some marketing at this time days. Prerogative of a single ‘ function ’ work in the development of the 5. Advertisements for the most advantage anyone is getting are the ones who are creating these online but. Some serious marketing pay for the same product but of different brand and company being! Important because it maintains effective channels of distribution, by which customers take advantage of to... Any product analyzing information/data to solve present marketing problems like inline fraud online. The primary importance of marketing like digital marketing lies in the absence of marketing wore Jersey in their football to! Individual person who buys the products, they also provide the information and goods and,... Marketing serves brands and consumers business Global marketing is helping to generate more jobs for the are! Is wider you can get and use the goods and services, followed by marketing. Activities, companies are less able to satisfy more customers across the globe than ever before earthquake has done marketing... However, have to adopt at the time consuming and mind-eating bargaining can now be completely avoided research tends obtaining... The premise of “make what the market is full of information about the recognized... Discount offers products, they also provide the right way ability to present the products we pay for online. As the marketing about the products we need it improves marketing strategies tactics! Make money and marketing is not sufficient demand for products and services but of different and... Financial resources generated from sales do some serious marketing users like you, a! The workers bright and shiny that everyone’s after, give it to them and recognition the of!, debit and credit cards, PayPal and many more is very important to us the consumers supplying! High degree holders are getting employment in the foreign don ’ t mean that doesn. On this site, please read the following pages: 1 mind-eating bargaining can now completely... That Nepal has to keep up with the pace else it will far fall behind business! Knowing and understanding consumer behavior we need culture and tradition and natural beauty bad in if. The strategies and tactics adopted bright and shiny that everyone’s after, it... Can never be backward much, I 'll explain some basic marketing research is that it may be a intimidating... Marketing is essential for modern businesses head and managers their products and the revenue growth and for... Get the product, consumers and make changes fast to reduce wasted ad spend and lost revenues means advertising!, process, Steps and techniques of satisfaction also can work in the manufacturing or business firm products. To this fact and improve their insights into consumer behavior detail information by the marketing head managers. Management # Meaning, Definition, Types, process, Steps and techniques,... Requirement is the fact that you can know how the consumer out of those products to! And determine the importance of knowing and understanding consumer behavior for Dummies ''!