Answer in Brief
Answer the following.
Explain the importance of marketing consumers.
Importance of Marketing to the Consumers:
- Promotes Product Awareness:
Through different marketing activities, companies promote their products and services. This helps consumers to know about different products and services available in the market. It helps the consumer in making a buying decision. It also creates awareness among the consumers about different brands and features of the product available in the market.
- Provides Quality Products
There is increasing competition in the market. Consumers are getting easy access to information about the products and services available in the market. It creates moral pressure on
the businesses to provide quality goods to the consumers. Supplying defective products may
create a negative image of the business which affects the consumer's loyalty.
- Provides Variety of Products
Marketing creates awareness among the consumers about the product. At the same time, it attracts consumers to buy the same. With the customer population and preferences becoming wider, and the competitive options becoming more available, market segmentation has become critical in any business or marketing plan.
- Helps in Selection:
A variety of products with different brands are available in competitive markets. Marketing helps the consumer to choose the best products and services from the different options available.
- Consumer Satisfaction:
The first and foremost objective of any sound marketing policy is to satisfy the advertising, assurance of good quality products to consumers. When an offering meets the customer's expectations, the customer is satisfied. Marketing leads to consumer satisfaction through honest advertising, assurance of quality products, and availability of innovative products. Thus, marketing takes every effort to satisfy the consumer.
- A regular supply of goods:
Through efficient distribution channels of marketing regular supply of goods is possible. It helps to maintain the balance between demand and supply. It results in stable prices.
Concept: Importance of Marketing
Is there an error in this question or solution?