Marketing plays a critical role in human’s daily life, and is defined by its ability satisfy
the consumer’s need for information about a product or service, reach more potential
customers with the aim of making more profit for the business and it also assists in
ensuring that the value of the business improves at the same time. Marketing should
identify people’s needs and wants through exchange processes to encourage them
purchase a product (Kotler, 1983). Therefore, in order for a company or business to be
more successful in its ambitious goals, it is important for a business to have appropriate
ways to promote the level of information about goods and services among buyers,
retailers as well as other market players.
⚫ The importance of Marketing
Marketing focuses on solving problems that organisations and consumers may face in
selling their product and acquiring information about a product respectively, it assists
in the facilitation of a good customer, seller relationship. It may observe the popular
issues, analysis the customer’s view of point, know the market trends (Kotler, 1983).
Trends can be used to improve quality standards of a product or advertise their new
ideas on the product. For example, organization should always update their product in
order to be in line with emerging trends in the market, decide the most competitive price
for a given product, or they may choose suppliers when they decide how many stocks
they should have. Marketing could solve these problems. It helps the business to do
survey and get result from the consumer, such as their preferences, needs, the quantity
demanded in the market to prevent overproduction for purpose of having a well
development. The department of marketing should assist a company to understand the
current phenomenon or needs of the society, then they can make an informed decision
about how to design new products and how to attract consumers.
In addition, marketing is beneficial to the society’s economy by encouraging healthy
competition (Lorette, n.p.). Without competition, the bigger companies may dominate
the market, to an extent that small or new companies find it hard to survive in the market.
By satisfying customers with different requirements for a given product or service is
likely to encourage more and more businesses produce new differentiated products.
They are not only improving the product, but also highlight their specialties in the
market. Therefore, many organisations are likely to focus on the department of
marketing, because they can find many inspirations from customers and come up with
