The General Advantages of Marketing to a Business

Marketing” is defined by Wikipedia as “the process by which companies create customer interest in goods or services… through which companies build strong customer relationships and creates value for their customers and for themselves.” Since the essence of business is fulfilling a need it is very important to know which need you are trying to fulfil. Then you need to know how best to reach those customers who have that need.There are many different marketing mediums and working out which is best for your business is essential, both to keep costs down and to get the most back from your marketing campaign. ADVANTAGES OF MARKETING An obvious advantage of marketing is thepromotion of your business;getting the recognition and attention of your target audience across a wide ranging or specific market. Going hand-in-hand with this is the enhanced brand recognition. Over time potential customers and members of the public will begin to associate your logo and your brand with your business. Every business needs to ‘spend money to make money’. Investing in marketing is no different. The most important advantage of marketing is therefore quite simply improving the businesses profits by boosting sales. Market Expansion The most obvious advantage of marketing is the expansion of a company's market. Expanding the places where a company does business and advertises its products and services opens up a larger customer base and potentially greater profit margins.Technology such as social media and online newspapers and advertising services have made the process of marketing even more attractive. Customers can now buy from virtually anywhere in the world via the Internet, making market expansion through marketing a highly useful skill for businesses to master. Brand Reputation Marketing can have a unique advantage of helping to boost a brand's reputation. Right or wrong, customers perceive a brand that's selling in multiple markets to be of higher quality and better service than brands that just sell locally. Major technology companies, global automobile models and multinational banks are proof of this. People are keen to buy products that are widely available.