Hello friends, today you’re going to know about What is Marketing, Advantages of Marketing and disadvantages of Marketing.

What is Marketing?

Marketing is the process of people interested in the product or service of your company. This is done through market research, analysis and understanding of your ideal customer’s interests. Marketing is concerned with all aspects of business, including product development, delivery methods, sales and advertising.

Marketing is always based on thinking about business in terms of customer satisfaction and their needs. It is different because selling (in the words of retired professor of Theodor C. Levitt, marketing of Harvard Business School) “With the tricks and techniques to get people to exchange their cash for their product, Sell.

Marketing refers to activities undertaken by a company to promote the purchase or sale of a product or service. It involves advertising, selling and delivering products to consumers or other businesses.

Marketing is a good business term which experts have defined in dozens of ways. In fact, people can see this word differently at the company level too. Basically, this is a management process through which the products and services reach the customer through the concept. It involves identifying a product, determining demand, fixing its price and selecting distribution channels.

Advantages Of Marketing

advantages of marketing

Marketing exchanges ownership of goods and services:

Advantages of marketing: This makes the utility of time, space and occupation for goods and services. It is helpful for both producers and consumers. The producers are aware of the specific needs and priorities of the people and the customers who can offer the manufacturer.

Marketing accelerates other activities:

Due to marketing, many other activities such as banking, transport, insurance, warehousing, etc are encouraged because they require more to help in the marketing process.

Marketing broadens the market:

Marketing brings out the hidden desires of consumers, creates new demands, detects untouched areas and detects the possibility of selling new products. Thus it extends the market and enables the growers to increase production and earn more profits.

Marketing accelerates other activities:

Due to marketing, many other activities such as banking, transport, insurance, warehousing, etc are encouraged because they require more to help in the marketing process.

Marketing helps in optimal utilization of resources:

As the marketing efforts widen the market area, manufacturers can use their resources, otherwise the remaining partially used is maximized. This optimum usage of resources reduces the total cost per unit.

Brand helps your business:

Your marketing strategy is not just about raising leads and turning them into buyers, it is also about expressing your business culture, values ​​, and purpose. The process of conveying that vision to your audience is the essence of branding.

Cost savings:

As sales peak and brand awareness increases, marketing efforts cost savings as marketing expenditures start decreasing. The marketing team at home is always less expensive than hiring a marketing or advertising agency to handle marketing or promotional activities. Marketing agencies can offer some perks and benefits, but these efforts can be expensive over time.

Promotes your business for a targeted audience:

You can not sell your products or services without appealing to people to buy those products and services. That group is known as your target audience, and a marketing strategy is the most effective way to reach that important group.

Marketing increases national income:

National income is the sum of goods and services near a country. The net effect of all marketing efforts is an increase in the provision of existing industries, investments in new industrial units and more services. The nation is enriched with an increase in its national income and increase in per capita income. Economy grows up from the underdeveloped state to the developing state and then leads to the developed economy.

Marketing provides maximum satisfaction of human:

It acts as an effective link between business and society, eliminates obstacles of knowledge, educates people, cultivates their minds, lends them to buy the best and thus ultimately Enables maximum satisfaction. Advantages of marketing.

Disadvantages of marketing

Disadvantages of marketing

Expansive expenditure:

Market analysis is financially tax as it includes expenditure on data analysis, processing, and hiring of market analysis specialists or research agencies. Such costs can discourage and unnecessary. There may not be enough resources to appoint experts in small business and to conduct a comprehensive market survey. Therefore, small firms can choose to use secondary data, which is not optimize for their marketing needs.

Lack of Feedback Control:

One aspect of social networking that is especially harmful to marketing campaigns is negative post responses. Competitors of the unhappy customer or industry are capable of posting dissatisfied or offensive pictures, posts or videos, and no marketer can do a lot to stop these incidents.

Uneven success:

A market analysis does not guarantee the exact diagnosis of a market. It only analyzes a piece of market involved in the research, which will not be the proper representation of the entire market. It may also not be possible to do a single market analysis to cover all the parameters like market value, demand and consumer preferences in the market.

Methods of Inappropriate Data Collection:

Inappropriate data collection methods may contain incorrect information. For example, it may be wrong to use the questionnaire to retrieve data when you incorrectly create questions. The structure of the questions can affect the feedback from the respondents, which will invalidate market analysis. If the interviewer is biase, there is also bad data collection while using the interview. Respondent’s perception of the interviewer can also affect his responses to questions.

Social and environmental neglect:

Since a company commits itself to serve its customers, it designs and produces products that its customers want. Due to this practice, the design of the products has been prepared with great features and benefits, resulting in the wastage of valuable resources. Companies are reducing the resources of the Earth to please customers, who are always making extraordinary demands on companies that are ready to oblige.

Supports innovation:

Marketing research identifies customers’ needs, which a company uses to guide its innovation process. It is not always a good idea that customers’ spy needs should guide the company’s innovation process because customers can not express their needs, which are beyond their own experiences. Customers would not have expressed the need for mobile phones only because they did not know that such a possibility was present.

Customer satisfaction is still a goal:

Customer does not deny the importance of orientation, but it is easy to see that most companies are not practicing it. Some companies still consider customers as irritants, which they have to bring with revenue. Knowing that many companies still sell a product to a customer who is ready to buy it; The product is not for him. It is not clear how many companies will continue to do this.

Negative feedback:

While it is beneficial for businesses to get feedback from their customers, social media makes the public. If a customer has a bad experience with your brand. Then it may be force to share the experience on your social network profile. As the owner of a business, you have to be ready to deal with negative feedback immediately, before it ruins your brand’s reputation.

Difficulty measuring results

When a business sends an email marketing campaign to its customers using the email marketing program. The business can track how many emails sent, how many people open the email and resulted in the number of sales generated. Social media does not offer the same mediocre, so the business owner himself wonders whether it is worth the time to invest and dedicate human resources.

Misinterpretation of data:

Incorrect interpretation of data from a market analysis can be detrimental to your marketing campaign. It can make incorrect marketing decisions or make unrealistic financial estimates. Therefore, before deciding on the basis of information collected from market analysis, you should consult a professional market analyst. Analyst can identify any losses and can help you avoid unwanted marketing strategies based on flawed analysis.

Thus, Now You all know that What is Marketing, Advantages of marketing and Disadvantages of marketing. Read this article also – Economic growth | Top 10 factors of economic growth.