Question

Explain importance of marketing to consumers.

Answer 1

1. Promotes Product Awareness:
   Companies use marketing to create awareness about their products and services. This helps the consumers to know about the different products and services available in the market. Further, it also creates awareness about the features of the products. Marketing enables consumers to compare product features, price, availability and other essentials. Marketing helps to improve the quality of the life of the consumer.
2. Provides Quality Products:
   There is increase in the competition in the market. Consumers are aware about various products and services in the market as they have easy access to information. This creates a moral pressure in businesses to provide quality goods to the consumers. Supply of defective product may harm the image of the company which will affect the consumer’s loyalty
3. Provides Variety of Products:
   Marketing not only creates awareness about the product but also attracts the consumers to buy the same. Factors like increasing competition, increase in customer population, wide variety of preferences of the customers etc. have made it important for businesses to adopt market segmentation. Business launches products keeping the market segmentation in mind. A business has to provide variety of goods according to the needs of the different market segments. Variety may change according to the price, size and quality of the product.
4. Helps in Selection:
   In the competitive markets a huge variety of products are available to the consumers. Marketing helps the consumers in choosing the best product and services from the variety of options available.
5. Consumer Satisfaction:
   One of the most important objectives of a marketing policy is to ensure that the assurance given by advertising of providing good quality product or service is satisfied. When the product meets the consumer expectation it leads to consumer satisfaction. Marketing leads to consumer satisfaction through honest advertising, quality assurance and availability of innovative products. Thus, marketing takes every effort to satisfy the consumers.
6. Regular supply of goods:
   Regular supply of goods is ensured through efficient distribution channel of marketing. It helps to maintain the balance between demand and supply. This results in stability of prices.