Produced a high quality product? Believe that the product has the capability to impress the consumers? Think that your product is better than the competitor’s products? All these could be possible, but there are millions and billions of products selling in the market, how will your product reach the consumers? The solution to these problems is ‘Marketing’. Marketing is a very integral part of a Business. It is nearly impossible for a business to make profits without adopting marketing strategies.
Marketing is the action or business of promoting and selling products or services, including market research and advertising.[i]
If a business does not focus on marketing its goods in an effective manner, even a high quality product will not be sold enough in the market. Marketing consists of various departments like advertising, public relations, promotions and sales.[ii]
A business should highly focus on good marketing of its goods as it has great benefits. It helps the business to reach to the consumers and it makes them aware of the specifications of the product. Also the company’s reputation depends on the marketing of its products. If the products have been marketed well to the customers, then the company will have a good and positive reputation. Whereas if there has been a bad or negative marketing of the products then the company will have a negative reputation which will make the business move towards losses. Businesses tend to have a fight with an enemy called ‘marketing’, if they win against it, then they succeed and increase their probability of making profits, whereas losing against marketing would literally kill the business and can bring the business to a shut down point too.
An example of how marketing can be a savior is of the company ‘Mylan’. Mylan is a company that sells the ‘Epipen’, which is an auto injector for food allergy and bee-sting emergencies. The revenue generated by the product was not enough, therefore the CEO decided upon adopting marketing strategies to bring in a change in the revenue. The company had started massive public awareness campaign on the dangers of child allergies and how Epipen protects children from these allergies. Good marketing always has good results therefore, the revenue generated by the product shot up from 200 million a year to 1 billion a year, generating almost 40% of the whole firm’s profits. This is an ideal example of how important marketing is in today’s generations. Thus I would conclude by saying that it depends on the business if they want to make marketing a friend or an enemy!
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