A Comprehensive Report on the Importance of Marketing in Business
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This report delves into the critical importance of marketing in the business world, providing a comprehensive overview of its various facets. It begins by defining marketing and its core functions, emphasizing the crucial role it plays in connecting businesses with their target audiences and driving sales. The report then explores key considerations in marketing, such as the 7Ps (Product, Price, Promotion, Place, People, Process, and Physical Evidence), highlighting how these elements contribute to successful marketing strategies. Furthermore, it emphasizes the significant impact of marketing on building brand reputation, fostering customer relationships, and generating sales growth. The report also outlines practical steps and diverse marketing methods, ranging from market research to digital marketing techniques like social media, paid advertising, and email marketing, equipping businesses with the tools to effectively reach and engage customers. Finally, the report concludes by reiterating the indispensable role of marketing in modern business, underscoring its ability to drive customer engagement, sales, and overall business success.

Importance of marketing
in a Business.
Table of Contents
1. INTRODUCTION. 2
2. WHAT IS MARKETING 3
3. CONSIDERATIONS OF MARKETING. 4
4. IMPORTANCE OF MARKETING. 5
5. STEPS & WAYS OF MARKETING 6
6. CONCLUSION. 7
7. REFERENCE. 8
1 | Page Tashen Gunarathne
in a Business.
Table of Contents
1. INTRODUCTION. 2
2. WHAT IS MARKETING 3
3. CONSIDERATIONS OF MARKETING. 4
4. IMPORTANCE OF MARKETING. 5
5. STEPS & WAYS OF MARKETING 6
6. CONCLUSION. 7
7. REFERENCE. 8
1 | Page Tashen Gunarathne
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1.Introduction.
The aim of this report is to provide an understanding of the
“Importance of marketing in business”, under the sub-
topics of,
What is marketing, at its most basic level, marketing seeks to
match a company's products and services to customers who
want access to those products. Matching products to
customers ensure profit.
Considerations of Marketing, the considerations on what a
company going to produce, how much it will charge, how it is
going to deliver the product, and how the company will inform
the customers about the product will be discussed.
Why it is so important in a business, Today, as competition
increase, marketing skills are highly valued.
Steps and Ways a business can use marketing, there are
variety of steps and ways a business can be promoted, and they
will be discussed in this report.
2 | Page Tashen Gunarathne
The aim of this report is to provide an understanding of the
“Importance of marketing in business”, under the sub-
topics of,
What is marketing, at its most basic level, marketing seeks to
match a company's products and services to customers who
want access to those products. Matching products to
customers ensure profit.
Considerations of Marketing, the considerations on what a
company going to produce, how much it will charge, how it is
going to deliver the product, and how the company will inform
the customers about the product will be discussed.
Why it is so important in a business, Today, as competition
increase, marketing skills are highly valued.
Steps and Ways a business can use marketing, there are
variety of steps and ways a business can be promoted, and they
will be discussed in this report.
2 | Page Tashen Gunarathne

2.What is marketing.
“Marketing is the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have
value for customers, clients, partners, and society at large”
(AMA,2017).
Since the emergence of social media and technology, marketing has
been more about companies building a lasting relationship with people,
so they want to buy their products and services (Cohen, 2011).
Marketing concentrates on the buyers or consumers. Marketing
strategies are designed to inform customers about their product and
convince them to buy it. Back in the day marketing once stopped with
the sale. Today marketing involves finding ways to turn one-time
purchasers into lifelong customers because of more profit gain.
Marketing consists of planning, organizing, directing, and controlling
the decision-making regarding product lines, pricing, promotion, and
servicing. In most of these areas marketing has complete authority. The
marketing department of a business firm is responsible for issuing the
products, determining the distribution channels that will be used, and
supervising the profit-making flow of goods. (Assignment Point, 2021)
3 | Page Tashen Gunarathne
“Marketing is the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have
value for customers, clients, partners, and society at large”
(AMA,2017).
Since the emergence of social media and technology, marketing has
been more about companies building a lasting relationship with people,
so they want to buy their products and services (Cohen, 2011).
Marketing concentrates on the buyers or consumers. Marketing
strategies are designed to inform customers about their product and
convince them to buy it. Back in the day marketing once stopped with
the sale. Today marketing involves finding ways to turn one-time
purchasers into lifelong customers because of more profit gain.
Marketing consists of planning, organizing, directing, and controlling
the decision-making regarding product lines, pricing, promotion, and
servicing. In most of these areas marketing has complete authority. The
marketing department of a business firm is responsible for issuing the
products, determining the distribution channels that will be used, and
supervising the profit-making flow of goods. (Assignment Point, 2021)
3 | Page Tashen Gunarathne
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3.Considerations of Marketing.
Marketing helps a company deal with what it is going to produce, how much it is
going to charge, how it is going to deliver products or services to the customer,
and how it is going to tell its customers about its products and services.
These considerations are known as the 4Ps, Product, Price, Place and Promotion
which was first proposed by Jerome McCarthy, and then popularized by Philip
Kotler, who is often referred as to “Father of Marketing”.
Then a fifth ‘P’ was added by Kotler, People.
“If you look at Ikea, they have a childcare Centre. This allows people to leave their
kids at a safe place while they shop. Then they also have great restaurant that has
very good food at a reasonable rate. A happy customer means good business and
greater brand loyalty for the furniture retailer,” (Kotler,2013).
More recently, two further Ps were added, Process and Physical evidence. At first
these considerations were formed for service industry, now they are just as
important in other sectors.
In the 1990s, as experts realized that business had to become more customer-
centric, an alternative ‘4 Cs’ of marketing was proposed. They were: Customer,
Cost, Convenience and Communication. The 7Ps model, however, has endured
today’s customer first marketing world.
Marketing considerations are today the most critical factors in business planning.
The chief executive of a business organization cannot plan, the production
manager cannot produce, the purchase officer cannot purchase, and the financial
Controller cannot budget until the basic marketing decisions have been taken.
4 | Page Tashen Gunarathne
Marketing helps a company deal with what it is going to produce, how much it is
going to charge, how it is going to deliver products or services to the customer,
and how it is going to tell its customers about its products and services.
These considerations are known as the 4Ps, Product, Price, Place and Promotion
which was first proposed by Jerome McCarthy, and then popularized by Philip
Kotler, who is often referred as to “Father of Marketing”.
Then a fifth ‘P’ was added by Kotler, People.
“If you look at Ikea, they have a childcare Centre. This allows people to leave their
kids at a safe place while they shop. Then they also have great restaurant that has
very good food at a reasonable rate. A happy customer means good business and
greater brand loyalty for the furniture retailer,” (Kotler,2013).
More recently, two further Ps were added, Process and Physical evidence. At first
these considerations were formed for service industry, now they are just as
important in other sectors.
In the 1990s, as experts realized that business had to become more customer-
centric, an alternative ‘4 Cs’ of marketing was proposed. They were: Customer,
Cost, Convenience and Communication. The 7Ps model, however, has endured
today’s customer first marketing world.
Marketing considerations are today the most critical factors in business planning.
The chief executive of a business organization cannot plan, the production
manager cannot produce, the purchase officer cannot purchase, and the financial
Controller cannot budget until the basic marketing decisions have been taken.
4 | Page Tashen Gunarathne
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4.Importance of Marketing.
Marketing is an effective way of engaging Customers. It helps to build and
maintain a company’s reputation. Marketing is a channel used to inform
customers. Thus, helps to build a relationship between a business and customers.
It helps to boost sales (Mansoor,2019).
Marketing informs the customer about ins and outs of a product to give an
understanding to buy it. Marketing helps create awareness among potential
customers. Marketing informs the business about customer needs and wants
(Gross,2016).
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” (Chand, N.D.).
Modern Marketing is more finance-friendly than before because of social media
platforms. Traditional strategies are easier to understand, but more costly to
maintain due to the amount of material that needs to be printed regularly.
Modern approaches depend on technology, but they are more cost-effective.
Marketing helps you to sell your product and services. It helps you to make
money. Marketing helps sales and sales helps business. Marketing gives an
understanding to the business about new demands and therefore produce and
make available the goods. Marketing is important for business as it keep the
business updated about what is most demanded in the market.
Marketing helps businesses to expand. It secures the business future through
new and old customer engagements. With expansion of business marketing also
helps to create employment. In modern times, marketing has made it possible
even for the poor to fulfill needs at a reasonable price. Marketing also helps in
raising and maintaining living standards.
The main reason for the importance of marketing in business is that companies
need to market themselves to attract potential customers. If they are not
reaching out and constantly learning what their target audiences want, it
becomes much more difficult to succeed. Marketing in business is key, regardless
5 | Page Tashen Gunarathne
Marketing is an effective way of engaging Customers. It helps to build and
maintain a company’s reputation. Marketing is a channel used to inform
customers. Thus, helps to build a relationship between a business and customers.
It helps to boost sales (Mansoor,2019).
Marketing informs the customer about ins and outs of a product to give an
understanding to buy it. Marketing helps create awareness among potential
customers. Marketing informs the business about customer needs and wants
(Gross,2016).
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” (Chand, N.D.).
Modern Marketing is more finance-friendly than before because of social media
platforms. Traditional strategies are easier to understand, but more costly to
maintain due to the amount of material that needs to be printed regularly.
Modern approaches depend on technology, but they are more cost-effective.
Marketing helps you to sell your product and services. It helps you to make
money. Marketing helps sales and sales helps business. Marketing gives an
understanding to the business about new demands and therefore produce and
make available the goods. Marketing is important for business as it keep the
business updated about what is most demanded in the market.
Marketing helps businesses to expand. It secures the business future through
new and old customer engagements. With expansion of business marketing also
helps to create employment. In modern times, marketing has made it possible
even for the poor to fulfill needs at a reasonable price. Marketing also helps in
raising and maintaining living standards.
The main reason for the importance of marketing in business is that companies
need to market themselves to attract potential customers. If they are not
reaching out and constantly learning what their target audiences want, it
becomes much more difficult to succeed. Marketing in business is key, regardless
5 | Page Tashen Gunarathne

of the type of industry the business falls under, if not successfully marketed,
business will fall behind the competition (Lahey,2016).
5.Steps and Ways of Marketing.
Business needs customers. To get customers, business need to be promoted. In
the past, this was a matter of deciding between a flyer, a brochure, a postcard, or
an ad in the local newspaper. In today’s digital world, the possibilities are endless
(McCormick,2021).
To market a business; it should,
Conduct a market research.
Profile target market.
Identify Unique Selling Proposition (USP).
Develop the business brand.
Set Goals and budget.
Encourage loyal customers.
Monitor and review marketing activities. (SBDC,2021).
There are various ways a business can use marketing to approach customers.
They are,
Social Networks and Viral Marketing
Paid Media Advertising
Internet Marketing
Email Marketing
Direct Selling
Point-of-Purchase (POP) Marketing
Co-Branding, Affinity, and Cause Marketing
Conversational Marketing
Earned Media/PR
Storytelling
6 | Page Tashen Gunarathne
business will fall behind the competition (Lahey,2016).
5.Steps and Ways of Marketing.
Business needs customers. To get customers, business need to be promoted. In
the past, this was a matter of deciding between a flyer, a brochure, a postcard, or
an ad in the local newspaper. In today’s digital world, the possibilities are endless
(McCormick,2021).
To market a business; it should,
Conduct a market research.
Profile target market.
Identify Unique Selling Proposition (USP).
Develop the business brand.
Set Goals and budget.
Encourage loyal customers.
Monitor and review marketing activities. (SBDC,2021).
There are various ways a business can use marketing to approach customers.
They are,
Social Networks and Viral Marketing
Paid Media Advertising
Internet Marketing
Email Marketing
Direct Selling
Point-of-Purchase (POP) Marketing
Co-Branding, Affinity, and Cause Marketing
Conversational Marketing
Earned Media/PR
Storytelling
6 | Page Tashen Gunarathne
⊘ This is a preview!⊘
Do you want full access?
Subscribe today to unlock all pages.

Trusted by 1+ million students worldwide

6.Conclusion
In this report the importance of marketing is discussed above, under the
subtopics of what is marketing, considerations of Marketing, why it is so
important in a business, ways a business can use marketing. Marketing is essential
for both business and customer to fulfill needs and wants.
Marketing is the activities a company undertakes to promote the buying or selling
of a product or service.
7Ps of marketing are considered when meeting customer needs and wants. They
are Product, Price, Promotion, Place, People, Process, Physical Evidence.
Marketing is important because it allows business to share products and services
strategically. It helps to tell, show, and prove to people how terrific the business is
and how it can help customers. Marketing educates people on topics related to
the business.
There are various steps which marketing helps business. Businesses can identify
the problems of the customers, analysis the various market opportunities that are
present in the market and is able to create materials that are used for the
marketing purpose so that company can reach out to the desired audience.
Nowadays there are many ways business can use marketing. Such as Social media
platforms, Online advertisement, Email marketing etc.
7 | Page Tashen Gunarathne
In this report the importance of marketing is discussed above, under the
subtopics of what is marketing, considerations of Marketing, why it is so
important in a business, ways a business can use marketing. Marketing is essential
for both business and customer to fulfill needs and wants.
Marketing is the activities a company undertakes to promote the buying or selling
of a product or service.
7Ps of marketing are considered when meeting customer needs and wants. They
are Product, Price, Promotion, Place, People, Process, Physical Evidence.
Marketing is important because it allows business to share products and services
strategically. It helps to tell, show, and prove to people how terrific the business is
and how it can help customers. Marketing educates people on topics related to
the business.
There are various steps which marketing helps business. Businesses can identify
the problems of the customers, analysis the various market opportunities that are
present in the market and is able to create materials that are used for the
marketing purpose so that company can reach out to the desired audience.
Nowadays there are many ways business can use marketing. Such as Social media
platforms, Online advertisement, Email marketing etc.
7 | Page Tashen Gunarathne
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7.REFERENCE.
Cohen. (2011). 72 Marketing Definitions. [online] AMG. Available from:
https://heidicohen.com/marketing-definition/ [Accessed 13th July 2021].
Assignment Point. (2021). Definition of Marketing. [online] Assignment Point. Available from:
https://www.assignmentpoint.com/business/marketing-business/definition-of-marketing.html
[Accessed 14th July 2021].
AMA. (2017). What is Marketing? [online] AMA. Available from: https://www.ama.org/the-
definition-of-marketing-what-is-marketing/ [Accessed 13th July 2021].
Anand. (2013). Kotler adds a 5th P to his set of four — Purpose. [online] DNA. Available from:
https://www.dnaindia.com/business/report-kotler-adds-a-5th-p-to-his-set-of-four-purpose-
1812393 [Accessed 16th July 2021].
Gross. (2016). Why marketing is SO important. [online] Moving Targets. Available from:
https://movingtargets.com/blog/business-marketing/why-marketing-is-so-important/
[Accessed 13th July 2021].
Mansoor. (2019). Why Is Marketing Important? 9 Reasons Why You Really Do Need
It. [online] Business 2 community. Available from:
https://www.business2community.com/marketing/why-is-marketing-important-9-reasons-
why-you-really-do-need-it-02186221 [Accessed 16th July 2021].
Chand. (n.d). 7 Major Importance of Marketing | Marketing Management. [online] Your Article
library. Available from: https://www.yourarticlelibrary.com/marketing/7-major-importance-of-
marketing-marketing-management/25857 [Accessed 14th July 2021].
Lahey. (2016). THE ROLE OF MARKETING: HOW IT AFFECTS BUSINESS AND HOW TO MARKET
THE RIGHT WAY. [online]inSegment. Available from: https://www.insegment.com/blog/role-
marketing-affects-business-market-right-way/ [Accessed 16th July 2021].
McCormick. (2021). The 30 Best Ways to Promote Your Business in 2021—With or Without
Money. [online]Word Stream. Available from:
https://www.wordstream.com/blog/ws/2020/11/02/promote-your-business [Accessed 16th
July 2021].
Activate. (n.d). Modern Marketing vs Traditional Marketing. [online] Activate. Available from:
https://www.activate.kiwi/Blog/modern-marketing-vs-traditional-marketing. [Accessed 19th
July 2021].
SBDC. (2021). 8 steps to marketing your business. [online] SBDC. Available from:
https://www.smallbusiness.wa.gov.au/business-advice/marketing/8-steps-to-marketing-your-
business [Accessed 14th July 2021].
Woshnick. (2020). OP 10 MOST EFFECTIVE MARKETING STRATEGIES. [online] Weidert.
Available from: https://www.weidert.com/blog/top-10-most-effective-marketing-strategies
[Accessed 13th July 2021].
8 | Page Tashen Gunarathne
Cohen. (2011). 72 Marketing Definitions. [online] AMG. Available from:
https://heidicohen.com/marketing-definition/ [Accessed 13th July 2021].
Assignment Point. (2021). Definition of Marketing. [online] Assignment Point. Available from:
https://www.assignmentpoint.com/business/marketing-business/definition-of-marketing.html
[Accessed 14th July 2021].
AMA. (2017). What is Marketing? [online] AMA. Available from: https://www.ama.org/the-
definition-of-marketing-what-is-marketing/ [Accessed 13th July 2021].
Anand. (2013). Kotler adds a 5th P to his set of four — Purpose. [online] DNA. Available from:
https://www.dnaindia.com/business/report-kotler-adds-a-5th-p-to-his-set-of-four-purpose-
1812393 [Accessed 16th July 2021].
Gross. (2016). Why marketing is SO important. [online] Moving Targets. Available from:
https://movingtargets.com/blog/business-marketing/why-marketing-is-so-important/
[Accessed 13th July 2021].
Mansoor. (2019). Why Is Marketing Important? 9 Reasons Why You Really Do Need
It. [online] Business 2 community. Available from:
https://www.business2community.com/marketing/why-is-marketing-important-9-reasons-
why-you-really-do-need-it-02186221 [Accessed 16th July 2021].
Chand. (n.d). 7 Major Importance of Marketing | Marketing Management. [online] Your Article
library. Available from: https://www.yourarticlelibrary.com/marketing/7-major-importance-of-
marketing-marketing-management/25857 [Accessed 14th July 2021].
Lahey. (2016). THE ROLE OF MARKETING: HOW IT AFFECTS BUSINESS AND HOW TO MARKET
THE RIGHT WAY. [online]inSegment. Available from: https://www.insegment.com/blog/role-
marketing-affects-business-market-right-way/ [Accessed 16th July 2021].
McCormick. (2021). The 30 Best Ways to Promote Your Business in 2021—With or Without
Money. [online]Word Stream. Available from:
https://www.wordstream.com/blog/ws/2020/11/02/promote-your-business [Accessed 16th
July 2021].
Activate. (n.d). Modern Marketing vs Traditional Marketing. [online] Activate. Available from:
https://www.activate.kiwi/Blog/modern-marketing-vs-traditional-marketing. [Accessed 19th
July 2021].
SBDC. (2021). 8 steps to marketing your business. [online] SBDC. Available from:
https://www.smallbusiness.wa.gov.au/business-advice/marketing/8-steps-to-marketing-your-
business [Accessed 14th July 2021].
Woshnick. (2020). OP 10 MOST EFFECTIVE MARKETING STRATEGIES. [online] Weidert.
Available from: https://www.weidert.com/blog/top-10-most-effective-marketing-strategies
[Accessed 13th July 2021].
8 | Page Tashen Gunarathne
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