Marketing is an important aspect to look at by almost all businesses. It is a means to achieve customer satisfaction while understanding and fulfilling their specific and general needs for a profit. In simple words, marketing is about serving customer needs while executing best of your efforts.
Marketing is important as long as needs of customers need to be fulfilled by businesses. All businesses battle for serving the needs of their key and potential customers in the market.
Abraham Maslow’s hierarchy of needs proves useful when it comes to understanding customer needs and wants. He says that there are various levels of needs in all humans being and give their chronology as – biological need, esteem need, self actualization needs, etc. The markters actually tend to chase these needs and try to create, communicate, and deliver value to help solve needs of their customers, says marketing guru Philip Kotler.
Philip Kotler goes further by saying that no business can achieve sucess unless it doesn’t refrain from its profit obsession. However, if marketers try to satisfy customers, profits will fill their accounts automatically. Therby it is understood that major focus of a business should be customer satisfication not craving for profits.
Profits are nothing but an outcome of fulfilling your customer needs well. Even though earning profit is a legitimate goal of a business, it is important for it to keep interest of all of its customers, employees, suppliers in business. They are all called stakeholders and their interests have always to be taken into consideration.
But the main problem is that companies with a single minded focus on just profit maximisation won’t survive for a long time. It is because these companies forget to serve the best interests of their customers and by such they end up as mere failures. Customer satisfaction boosts success than your focus on profit maximisation.
When a business keeps its focus on serving well its customer needs, there is nothing to stop you from attaining goal of profit maximisation and that is possible when it understands the importance of marketing for business. Marketing helps develop long term relations with customers and that in turn gives a business opportunity to survive all the odds and earn profits for a long period of time.