Why Business Students Study Principles of Marketing?
A process by which a product or service is introduced and promoted to potential customers is defined as Marketing. This process includes advertising, selling and delivering products to people.
Actually, the heart of a successful business lies in its marketing strategy. As it creates demand & helps to increase profit margin continuously. The overall marketing umbrella covers advertising, public relations, promotions and sales. Without marketing, a business may offer the best products or services in the industry, but none of the potential customers would know about it. Without strong marketing strategies, sales may crash and companies may have to close.
Uses of marketing in business helps to promote a product or service & minimize the misconceptions. It also improves the lack of knowledge about a product or services and increases the chances of being discovered by prospective customers. It helps to spread the name of the product/services, telling friends and family about this amazing new product they discovered. As a result, Sales will steadily increase as the word spreads.
Products don’t; contrary to popular belief, sell themselves. Generally, in modern days “build it and they will come” philosophy doesn’t work.
Good marketing educates customers so,
- they can find the products they want,
- make better choices about those products,
- And extract the most value from them.
In this way, marketing helps to facilitate exchanges between buyers and sellers for the mutual benefit of both parties. Likewise, good social marketing provides people with information and helps them make healthier decisions on selecting products for themselves and for others.
Contributor: Mustari Rahman Ritu
From Mawlana Bhashani Science & Technology University