You may think marketing is only profitable for businesses and corporate giants. And it’s just one of their strategies to make more money. However, have you ever asked yourself what role does marketing play in our society?
From educating to creating job opportunities, marketing is responsible for numerous factors present in our daily lives. And it carries many benefits to them as well. In this article, we’ll show you how marketing plays an important role in our society.
What is Marketing?
Marketing is a process during which a company or an organization interacts with its target audience or society to inform them or promote products, events, and other offers. By applying the right marketing strategies, marketers help a business maintain its consistency in services and communication with society.
Marketing can be online and offline. Online marketing strategies include endorsement, affiliate programs, and email marketing, pay per click advertising, SEO, and much more. On the one hand, offline advertising can be in poster or flyer forms, marketing events, and billboard ads.
Why is Marketing Important?
While the term “marketing” is often associated with advertisements and product offerings, it’s actually more than that.
Marketing is important, as it can improve our quality of life. In business, marketing helps increase sales and establish a brand. For an individual, it helps distinguish one person from others. And in society, marketing provides an opportunity for us to raise our standard of living or spread important information.
Marketing Role in Business
Suppose you own a small business. In this situation, you want to get your potential consumers to try your best products or services. Without marketing, you’ll fail to let people know what your company offers.
Here’s the role of marketing in business:
- Increase awareness.By advertising its goods and services, a company will grow their audience. Though not all of them will buy what the company offers, marketing will bring potential customers to learn about the company.
- Raise revenue. Once the potential customers turn into buyers, a company’s sales will increase.
- Increase customer retention. Marketing can build relationships between a company and a customer. Keeping the communication between both parties will hold your customers from turning to your competitors.
Marketing Role for Individuals
The idea of putting yourself out in the market may sound like a lot. However, when done right, you’ll get more benefits than drawbacks.
Here’s the role of marketing in individuals:
- Build a personal brand. Getting a blog or putting yourself on a video can be an excellent start to building your brand. Having a personal brand helps your skills be recognized. Leading to more opportunities in your lives. Also, don’t forget that every brand needs a good logo design for sure.
- Manage customer expectations. By keeping the communication between you and your consumers intense, you can control how they see you. Thus, you can get rid of the need to impress.
Marketing Role in the Community
Marketing starts with a company introducing its products and services and ends with a purchase. The process is quite simple. However, the impact it gets on society is the opposite.
Here’s the role of marketing in the community:
- Increase economic growth. Setting up product demand can force a business to expand. This can create more job opportunities, leading to overall economic growth.
- Raise living standards. Marketing plays a vital role in shaping our community. By introducing new products, consumers get access to more convenient living. On top of that, marketing done by NGO’s and governments can help spread important information.
- Create competition. When consumers demand the same product, companies will compete against each other. When it happens, the highly-requested goods plummet in price. Letting you get more bang for your buck.
Is Marketing Good or Bad for Society?
Besides helping a business or an organization grow, marketing helps a community thrive as well. However, just like any other thing in this world, there are negative sides to marketing.
Now, let’s look at marketing pros and cons.
- Promotion. The role of marketing relates closely to promotion. With marketing, companies, even small businesses, get the chance to introduce their best products to their target market.
- Brand Awareness. Marketing makes it easier for a customer to recognize a business. Once they’re familiar with a brand, they’ll associate a product with it.
- Boosting revenue. Marketing plays a massive role in increasing purchases. As product promotion reaches a broader audience, more consumers will come.
- Costly. Advertising requires a lot of money. Unless marketers apply the right marketing strategy, spending all the extra dollars will be pointless.
- Time-consuming. The marketing process isn’t brief. It involves acts of researching, designing, writing, and publishing. Once published, marketers also have to respond to all queries the target consumers have.
Now you’ve known the role marketing plays in our society. Marketing links the communication between a company and its consumers.
While it’s obvious that marketing is one of the organizations’ and businesses’ needs, society can also benefit from good marketing. Here’s a recap on marketing roles in our community:
- Increase overall economic growth.
- Raise living standards.
- Create competition.
This is the end of the article. We hope you enjoy this little journey on why marketing is essential to our community.