Why Is Marketing Important? Reasons Why You Really Do Need It
If we want to understand most of the concepts that this profession entails, perhaps it would be a good idea to first understand what marketing itself is. The word itself comes from the English language and is a derivative of “Market”. We’re talking about the study and implementation of sales and promotion objectives that lead to the profitability of a business. Marketing is the science and art of exploring, creating and delivering value to satisfy the needs of a target market for profit. Marketing identifies unrealized needs and wants. It defines, measures and quantifies the size of the identified market and the potential profit.” Philip Kotler. We could also define marketing as a set of techniques, strategies, plans, tactics, actions and processes that aim to communicate, promote and expand offers that give in return a value to a particular audience; and that of course, is translatable into profitability. Every company needs to apply marketing strategies to: increase sales, define