Effect of Marketing on Business
In the modern business climate, which is becoming increasingly complex and interconnected, staying competitive is a challenge that the majority of organizations, both new and established, experience. Business publications have concluded that marketing is a crucial driver of competitiveness because its purpose is to make customers interested in the products or services a company offers (Yohn, 2019). Effective advertising within companies through market analysis, consistent and up-to-date research, as well as considering the interests of ideal customers who are attracted through enticing messaging that is both educational and helpful to them as the target audience.
Thus, if implemented correctly, marketing has a highly positive influence on businesses. Among the key outcomes of marketing is the possibility to provide important information to consumers. Through advertising, consumers get a general idea of the purpose of the product, its qualities, potential benefits, and other characteristics that will help make a decision regarding purchasing (Osman, 2018). When the target audience of a marketing campaign is well-informed about the product or service in question, company sales are likely to increase (Law, 2022). Second, marketing is instrumental in creating different revenue options (Fields, 2022). Media advertisements and promotions increase the awareness of the public regarding specific products, thus allowing to boost sales and subsequent revenue.
Third, marketing influences the way organizations set goals for the business. The consistent practice of marketing strategies will lead to brand popularity, thus motivating to maintain its reputation. Subsequently, brand reputation can be effectively built by making sure that the outstanding quality of products or services is provided to consumers (Hadi and Indradewa, 2019). The importance of a positive image of an organization lies in the possibility of establishing credibility and consumer loyalty, both of which contribute to increased retention of customers and overall increasing profits.
Finally, marketing significantly affects the effectiveness of decision-making in an organization. When the advertisement team meets its objectives, they boost the sales of the promoted products or services by making relevant marketing actions (Eng and Purcarea, 2019). When a brand knows its audience, the leadership will engage in improved decision-making regarding the details of how to convince people to purchase certain goods (Mitchinson, 2019). This will inevitably lead to considerations regarding which activities help to boost customer engagement and which do not.
Rationale for the Chosen Topic
The topic of marketing is important to me because it is multi-dimensional and does not have limits when being studied. As the business environment changes and evolves, the marketing efforts in which companies engage will also change (DiResta et al., 2020). For example, the COVID-19 pandemic had a tremendous impact on the majority of industries, which called for companies to reconsider their marketing efforts to fit the new business reality (Jacobides and Reeves, 2020). Specifically, customers started valuing home comfort more as they were forced to work from their houses, which gave a boost in demand for home goods and other relevant gadgets (Valet, 2020). Thus, marketing as a subject was chosen as a focus because it is hard to predict what will happen with it in the future. Instead, any external changes and fluctuations in trends and customer expectations will reflect the marketing efforts, which makes this field of study quite exciting.
Moreover, with the increasing digitalization of society in the past two decades, marketing has become heavily reliant on digital sources, especially social media. Social media marketing (SMM) is and is likely to remain the most promising area of development because it is possible to reach millions of customers worldwide through such efforts. Studying different trends in SMM can be a fruitful research area because the field is ever-changing and will yield various developments.
Reference List
DiResta, A. E., Williford, K. T., Cohen, D. A. and Genn, B. A. (2020) The impact of COVID-19 on your advertising and marketing campaigns. Web.
Fields, A. (2022) What is revenue marketing? The complete 2022 guide. Web.
Hadi, D. P. and Indradewa, R. (2019) ‘The service quality effect on corporate reputation, customers satisfaction, and loyalty’, Journal of Multidisciplinary Academic, 3(3), pp. 51-56.
Jacobides, M. G. and Reeves, M. (2020) ‘Adapt your business to the new reality’, Harvard Business Review, Web.
Law, T. J. (2022) Why you desperately need a defined target market and target audience. Web.
Mitchinson, A. (2019) Let’s get personal – the importance of knowing your target audience inside out. Web.
Osman, A. (2018) Advertisement role in consumer decision-making process. Web.
Purcarea V. L. (2019) ‘The impact of marketing strategies in healthcare systems’, Journal of Medicine and Life, 12(2), pp. 93-96.
Valet, V. (2020) ‘Working from home during the coronavirus pandemic: what you need to know’, Forbes, Web.
Yohn, D. L. (2019) ‘Marketing Matters Now More Than Ever’, Forbes, Web.