Change is going on at an accelerating rate; today is not like yesterday and tomorrow will be different from today. Through good economic times and bad, marketing remains the pivotal function in any business.
Majority of people assume marketing as only sales and advertising. Any given day we are bombarded with television commercials, flyers, catalogues, sales calls and commercial e-mail. However, selling and advertising are only one element of marketing. Today, marketing must be understood not in the old sense of just making a sale but in a contemporary and holistic sense of satisfying the customer needs. Determining and satisfying the needs of customers through products that have value and accessibility and their features are clearly communicated is the broad-spectrum purpose of any business.
Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is “meeting needs profitably.” Marketers are skilled in stimulating demand for their products. Marketing is a process by which companies create value for customers and build sustainable relationships in order to capture value from customers in return. Thus, marketing is the central driver of corporate profit and growth. Marketing also has tremendous impact on society. Marketing benefits society in general by improving people’s lives as it facilitates trade and improves the quality of life.
Products don’t sell themselves, they have to be marketed in scientific way. Good marketing educates customers so that they can find the products they need, make better choices about the products and take out the most value from them. In this way, marketing facilitates exchanges between buyers and sellers for the mutual benefit of both parties. Similarly, good marketing provides people with information and helps them make healthier decisions for themselves and for others.