If a business is considered as a human body, the finance department will function as the brain; product or service offered as the main skeleton, whereas the marketing department will work as heart, it will pump the blood (life) to all other parts of the business. Earlier, the role of marketing was just limited to communication about goods to ordinary customers. However, with the introduction of the New Economic Policy in 1991, the customers have become more demanding and informed. They know that businesses would take pains to satisfy them. As a result, the significance of marketing has changed over time. The Northeastern University professors studied the marketing schemes of Australia, Mexico, and the Philippines.
Let us look at some of the key roles played by the marketing field:
Marketing strengthens the brand; it helps in setting the brand name apart by making a clear route for the goals of the company, identifying the target audience; and by drawing emotions so that the customers feel connected to the brand.
Marketing teams make use of SWOT (strengths, weaknesses, opportunities, and threats) analysis before building up the products to analyse the strengths, weaknesses, opportunities, and threats for the company.
Marketers use distinct ways to communicate about the products of the company with the help of integrated marketing channels like an advertisement, social media, newspapers, etc. It gives new life to the products.
It builds a strong bond between the company and customers. It helps in making the customers loyal advocates of the organisation. It boosts sales and makes business operations more fruitful.
Marketing experts use numerous strategies like public relations and CSR (Corporate Social Responsibilities) to ensure the company’s good reputation among the customers. It plays an essential role in displaying the product better than other competitors in the market.
Therefore, the companies should realise the power of marketing and make appropriate use of the skills of marketing managers to maintain the pace of competition and achieve the goals of the organisation.
Aarushi Chawla