Question

no less than 250 words in length. As you reference information from a source, be sure to provide APA citations in text and at the end of your post. Question: Why is marketing important?

Answer 1

Marketing is a function of an organization that connects the firm's products with the customers by raising awareness among the public and communicating the features of the product/service to generate revenues for the firm through the sale of the product/service.

Below is why marketing is important for an organization -

1. To attract new consumers to increase sales revenues

2. To retain and get more business from existing customers.

3. To create awareness regarding the firm's products or services among the public.

Firms create marketing plan the purpose of which is to provide the organization with a complete and concrete plan to market and promote the product to achieve the specific objectives like - increasing the customer base, increasing the sales by x %, increase in the purchases of existing customers etc.

The components of a marketing plan include -

Marketing objectives - Goals/objectives of marketing

Situational analysis - Current situation of the firm's products and the capabilities

Target Audience - The target market which need to be focused for the product sales.

Marketing communication channels - The communication channels/avenues used to reach the target audience.

Setting Marketing Budget - The budget required to succcessfully implement the marketing plan and achieve the goals.

Once a marketing plan is created, the marketing team works towards executing it using various tools, communication channels etc.

Market segmentation is the process of dividing the market into various segments based on specific characteristics like demographics, psychographics, lifestyles etc.

It is done by the firms to identify the target segment which is the best fit for the products the firm sells and target the marketing communications and promotional offers towards them to increase the purchases. While the communication focuses majorly on the target market, other segment customers might also buy the products.