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7 Major Importance of Marketing | Marketing Management

Importance of marketing can be studied as follows:

18 of the Best Marketing Techniques for 2021

(1) Marketing Helps in Transfer, Exchange and Movement of Goods:

Marketing is very helpful in the transfer, exchange and movement of goods. Goods and services are made available to customers through various intermediaries’ viz., wholesalers and retailers etc. Marketing is helpful to both producers and consumers.

To the former, it tells about the specific needs and preferences of consumers and to the latter about the products that manufacturers can offer. According to Prof. Haney Hansen “Marketing involves the design of the products acceptable to the consumers and the conduct of those activities which facilitate the transfer of ownership between seller and buyer.”

(2) Marketing Is Helpful In Raising And Maintaining The Standard Of Living Of The Community:

What Is Marketing?

Marketing is above all the giving of a standard of living to the community. Paul Mazur states, “Marketing is the delivery of standard of living”. Professor Malcolm McNair has further added that “Marketing is the creation and delivery of standard of living to the society”.

By making available the uninterrupted supply of goods and services to consumers at a reasonable price, marketing has played an important role in raising and maintaining the living standards of the community. The community comprises three classes of people i.e., rich, middle and poor. Everything which is used by these different classes of people is supplied by marketing.

In modern times, with the emergence of the latest marketing techniques, even the poorer sections of society have attained a reasonable level of living standard. This is basically due to large-scale production and lesser prices of commodities and services. Marketing has, in fact, revolutionized and modernized the living standard of people in modern times.

(3) Marketing Creates Employment:

Marketing is a complex mechanism involving many people in one form or the other. The major marketing functions are buying, selling, financing, transport, warehousing, risk-bearing and standardization, etc. In each such function different activities are performed by a large number of individuals and bodies.

Thus, marketing gives employment to many people. It is estimated that about 40% of the total population is directly or indirectly dependent upon marketing. In the modern era of large-scale production and industrialization, the role of marketing has widened.

This enlarged role of marketing has created many employment opportunities for people. Converse, Huegy and Mitchell have rightly pointed out that “In order to have continuous production, there must be continuous marketing, only then employment can be sustained and high level of business activity can be continued”.

(4) Marketing as a Source of Income and Revenue:

The performance of the marketing function is all-important because it is the only way through which the concern could generate revenue or income and bring in profits. Buskirk has pointed out that, “Any activity connected with obtaining income is a marketing action. It is all too easy for the accountant, engineer, etc., to operate under the broad assumption that the Company will realize many dollars in total sales volume.

However, someone must actually go into the marketplace and obtain dollars from society in order to sustain the activities of the company, because without these funds the organization will perish.”

Marketing does provide many opportunities to earn profits in the process of buying and selling the goods, by creating time, place and possession utilities. This income and profit are reinvested in the concern, thereby earning more profits in the future. Marketing should be given the greatest importance since the very survival of the firm depends on the effectiveness of the marketing function.

(5) Marketing Acts as a Basis for Making Decisions:

A businessman is confronted with many problems in the form of what, how, when, how much and for whom to produce? In the past problems were less on account of local markets. There was a direct link between producer and consumer.

In modern times marketing has become a very complex and tedious task. Marketing has emerged as new specialized activity along with production.

As a result, producers are depending largely on the mechanism of marketing, to decide what to produce and sell. With the help of marketing techniques, a producer can regulate his production accordingly.

(6) Marketing Acts as a Source of New Ideas:

The concept of marketing is a dynamic concept. It has changed altogether with the passage of time. Such changes have far-reaching effects on production and distribution. With the rapid change in tastes and preferences of people, marketing has to come up with the same.

Marketing as an instrument of measurement gives scope for understanding this new demand pattern and thereby produce and make available the goods accordingly.

(7) Marketing Is Helpful In Development Of An Economy:

Adam Smith has remarked that “nothing happens in our country until somebody sells something”. Marketing is the kingpin that sets the economy revolving. The marketing organization, more scientifically organized, makes the economy strong and stable, the lesser the stress on the marketing function, the weaker will be the economy.

Improve Business Profits with these Marketing Management Tips and Strategies | Bakkah Learning

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Tackling the risk or ‘perceived risk’ of inclusive business investments

When risk mitigation processes are put in place, inclusive business deals are no more risky than other investments – it’s is just a different kind of risk.

Earlier this year, inclusive business pioneers and thought leaders from across Asia came together to share ideas, experience, and knowledge at ADB’s 2nd Inclusive Business Forum for Asia in Manila. The result was four days of lively discussion, collaboration, and questions on the state of inclusive business in the region and where it is heading.

A new report, entitled A Gathering of Pioneers, takes an in-depth look at the key themes discussed and the implications for Asia.

The risk associated with investing in inclusive business as opposed to mainstream business is a common topic amongst those engaged in inclusive business and is often cited as being a major deterrent for investors. The risk was a key topic of discussion at the Forum as well and while investors expressed the need for caution, they agreed that by putting risk mitigation processes in place, inclusive business deals are no more risky than other investments, it is just a different kind of risk.

Jorim Schraven from FMO, the Dutch development bank) admitted that formerly as Chair of the FMO Investment Committee he had ‘looked unfavorably’ at inclusive business deals. Risk, particularly operational risk, tends to cascade through the inclusive business deal.  Uncertainty about the base of the pyramid (BoP) consumer behavior underpins operational risk. But the complex structures that create layers of risk in inclusive business deals also help to share and thus mitigate risk.

In the opening session, Lito Camacho from Credit Suisse explained that inclusive business investments can generate as good a return as other deals and it is an advantage that inclusive business deals have risks that are unrelated to other risks that Credit Suisse takes as an institution.

More or less risky?

Why inclusive business may be riskier:

  • The business model is unproven. Scalability is unproven.
  • BoP market is unfamiliar and information is lacking.
  • Multiple players add to the complexity.
  • Inclusive business models such as Lifespring Hospitals are asset-light, lack collateral.

Why inclusive business may be less risky:

  • It involves multiple stakeholders and disperses risk.
  • Understanding the poor reduces risk.
  • Takes a long-term view
  • Doesn’t just look at quarterly profits.
  • Risks are weakly correlated to other investment risks (so maybe counter-cyclical).

A wide range of suggestions for how to clarify and mitigate risk emerged, falling into 3 broad categories:

1. Sharing financial risk

  • Financing arrangements that include first loss guarantees and other forms of risk-sharing amongst investors.
  • Deal structures such as milestone-based investments, convertible notes, put options, syndications; inclusion of performance payments in the model as incentives.
  • Integrating output-based payments and subsidies, tapping into government programs and grants.

2. Tightening the business model to reduce operational risk

  • Invest where there is strong demand growth at the BoP.
  • Understand the consumer and affordability, and invest in consumer capacity or community development.
  • Pay huge attention to cost structures, use technology for scale at low cost.
  • Coordinate value chain players to blend skills and build buy-in.

3. Good risk management processes include:

  • Due diligence – deploy usual high standards of social, environmental, and ESG risk screening to inclusive business deals.
  • Reality check – visit on-site to understand things on the ground and the credibility of the partners.

IFC’s approach combining risk mitigation tools

Since 2005, IFC has invested $12.5 billion in more than 450 companies in 90 countries, reaching more than 250 million beneficiaries to date. A variety of risk mitigation tools are used, including first loss guarantees and incorporation of subsidies, attention to cost structures in the business model, and investing in the BoP consumer base.

For example, in the Manila Water investment, output-based aid was integrated, along with subsidized connection fees for poorer households, reducing the risk for investors. Investment in community development ensured that communities would decide on cost-sharing and police against non-metered water use.

Beneficiaries of the water meters grew successfully from 300,000 to 1.8 million in 2002-2014. First loss guarantees were seen as better than subsidies because they reduce the price of capital but market principles still apply to the business. The costs of structuring deals are high, particularly the first time, due to the discovery process.

Mitigating risk through financing structures and engagement with BoP clients

In an ADB investment in Pakistani dairy supply, it was more important to focus negotiations on how to mitigate risk than on rates of return. DFID agreed to provide a first loss cover of up to 20%. The dairy company agreed to take 10% second loss, ADB and the local bank agreed to cover 70% as a third loss.  Due to this structure, it was possible to offer credit to farmers at lower rates (15-20% below MFI rates for a 5-year loan) thus enhancing the social impact and scalability of the business. Arrangements with the dairy farmers further reduce default risk:  as they get paid by the dairy weekly, so repayments were arranged weekly.  Good repayment performance leads to eligibility for further loans, acting as a further incentive. Finally, support from a veterinary team further reduces non-payment risk.

Another example of careful engagement with consumers to reduce risks came from 8890. In the Philippines, 8890 sells low-cost housing ($9,000 – 20,000). A proactive collection platform focuses on educating consumers, providing financial literacy training, and modifying their behavior. This has led to 96% collection efficiency and exponential growth.

Malik Rashid, a Risk Management Specialist with ADB, emphasized the importance of the risk culture of the investor: “Being able to structure a transaction properly is important. But the willingness to be able to close on a highly structured innovative or unprecedented transaction is determined by the risk culture in your organization.”

This blog is the third in a series by ADB and the Practitioner Hub for Inclusive Business that explores key topics from the forum. Visit the new Inclusive Business in Asia site here, and view all the speaker presentations on the forum pages.

5 Tips for Developing Your Sales and Marketing Strategy

A proper sales and marketing strategy involves more than just running some ads and cold-calling a list of prospects. Developing the right strategy is a process that requires research to discover who your prime sales prospects are, what motivates their purchasing, and how your firm fits in the marketplace. The data your research provides is what will drive your sales and marketing strategy. With the right plan, growth and profitability are predictable and controllable.

Effective sales and marketing requires talent, expertise, effort, and consistency. If that doesn’t exist inside your organization, then it’s important that you find an outside resource that can help you develop and implement your strategy.

Whether your sales and marketing strategy is developed internally or externally, these 5 tips will help ensure that it is both effective and efficient.

5 Tips for Developing Your Sales and Marketing Strategy

The Importance Of Developing A Marketing Strategy For A Business | Rhino  Media

1. See your marketplace and prospects as they really are—not how you’d like them to be.

The best strategies take into account the marketplace as it really is, not the way we think it is or wish it were. The same holds true for potential clients—we may think we know what they want, but reality may be quite different. In the absence of objective information, it is too easy to fall into a pattern of wishful thinking.

Your strategy should start by taking an objective look at your target client and the marketplace in which you operate. Don’t make the mistake of focusing at first on the services you offer or what you think your target audience might want. Do the research necessary to understand what your ideal client really wants or needs and tailor your offerings accordingly. Hinge’s own research has revealed firms that do regular research on their target client groups grow faster and are more profitable than those that don’t.

Done correctly, this research will give you a clear idea of client needs and priorities, their buying process, the competitive landscape, how your firm’s brand is perceived, and the real benefits clients receive from working with you. This knowledge can dramatically reduce your risk and lead to a much better strategy.

 

2. Take a hard look at your own firm: what are your goals and what do you offer of value?

Once you know how your firm measures up in the marketplace, it’s time to take a look at your organization’s internal situation. For example:

  • What does your firm want to accomplish?
  • What valuable product or service do you have that your target client wants?
  • Do you want to add new or different products or services or expand into new markets?
  • Are you interested in growth? If so, what kind, and how much?

Answers to questions like these provide the business context for your sales and marketing strategy. They reveal what your strategy will need to accomplish and how it should be evaluated as you implement it. Internal and external research will help ground your plan in reality and make success more likely.

 

3. Assess your current resources.

BPO - The Ideal Case for BPI (Business Process Improvement)

The best sales and marketing strategy in the world is useless if you don’t have the resources to successfully execute it. What sort of talent is already on board? What level of training do they have? Do your sellers have the skills and knowledge they need? Does the marketing staff understand the services you offer?

How about tools? Do you have the marketing infrastructure you need to pull off an inbound strategy? How about sales tools such as marketing collateral or case study videos?

We’ve found that answering questions like these will give you real insight into what is both possible and practical. Without this information, strategies are often under-resourced or simply not feasible because they are not based in reality.

 

4. Settle on a strategy that aligns with your abilities.

After researching your target client and marketplace, determining what you want your strategy to accomplish, and assessing your resources, it’s time to settle on how you’re going to implement your strategy:

 

    • Are you a sole proprietor? If you are, then you’ll most likely employ the “seller-doer” model in which you are the brand—selling your hands-on expertise and its value, while building a personal rapport and trust with the client.
    • Does your firm have a dedicated sales staff selling services performed by others who are the experts? If so, the “seller-expert” model aligns better with your business to make your doers visible experts and thought leaders in the marketplace.
    • How will you position your firm in the marketplace?
    • What are your key messages?
    • Will you use inbound or outbound marketing or both?

5. Develop an implementation plan to ensure strategy execution and follow-up.

An effective sales and marketing strategy is a major element of your overall business strategy. It requires a major commitment, which is why, in larger firms, it’s important that senior management fully buy into the strategy. No strategy will be successful without full management support. But with a proper investment of time, money, and effort, your carefully developed and implemented sales and marketing strategy will yield big results.

Contact us for more information.

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