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For different stakeholders, marketing holds different importance:
Customers are only motivated when all four aspects of the A.I.D.A. (Attention, Interest, Desire, and Action) principle is accomplished, if there would be no marketing, the customers will never be made aware and they will never be informed or persuaded to buy a product or a service.
Marketing sows the seeds for profitable sales for a company’s product or service. It helps make awareness and even persuades the target audience to give the brand a try. Additionally, the demand of the organization depends on the effectiveness of its advertisement campaign and creates a perception in the minds of the consumers, the way companies want it to be.
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An effective marketing campaign helps in educating the masses and prevents them from being exploited by big MNCs (Multinational Corporations). Government awareness campaigns could also help reduce the consumption of harmful goods and reduce the externalities it causes for society. For example, a campaign against smoking and so on.
Hence, it is due to these factors, students can safely say that the importance of marketing for the customers, companies, and even the government of a particular nation has only increased with the passage of time.
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