Role of Marketing

• Understanding the role of marketing is fundamental to the strategy of any business entity. Its main aim is to satisfy the needs and wants of customers.

• Via marketing, a firm gets a chance to familiarise potential consumers about the services or goods they offer. This is achieved through advertisement, sales promotions, public relations, and direct marketing.

• One of the critical roles of marketing involves carrying out research to identify consumer needs and preferences. This ‘market research’ offers businesses insights into what consumers want, enabling them to tailor their products or services accordingly.

• The role of marketing also includes analysing competitor behaviour. This enables a business to identify gaps in the market and develop competitive strategies to set itself apart from its opponents.

• Marketing is not only important for attracting new customers but is also instrumental in retaining current customers. By providing relevant information about the products and services, marketing helps to build customer loyalty.

• The pricing of a product or service is significantly influenced by the marketing strategy. This includes a business’s consideration of demand, cost of production, profit margin, and competition when setting prices.

• Communication forms a crucial part of marketing. It’s essential for businesses to effectively communicate the benefits and features of their product or service to the target audience.

• Finally, product development is another critical role of marketing. With feedback obtained from market research, businesses can improve their product designs or invent new products to meet customer needs better.