The importance of marketing can be addressed from the 4Ps (Price, Product, Promotion, and Place). Marketing is a bridge connecting the business and the customer. In regards to the elements mentioned, marketing is expected to gather information about the business’s financial expectations and the customers' purchase ability. This information, among other strategies, would enable the business to set a price that is acceptable to the customer and that achieves profits for the business. Marketing ensures...
The importance of marketing can be addressed from the 4Ps (Price, Product, Promotion, and Place). Marketing is a bridge connecting the business and the customer. In regards to the elements mentioned, marketing is expected to gather information about the business’s financial expectations and the customers' purchase ability. This information, among other strategies, would enable the business to set a price that is acceptable to the customer and that achieves profits for the business. Marketing ensures that the product developed can adequately satisfy the needs of the customer. Through promotions, marketing is expected to inform, educate and create awareness about the products and services which are produced as solutions to different consumer problems. Marketing is also expected to ensure availability of the products in the market by establishing the most efficient and effective route to reach the customer through distribution (Place).
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