The Importance of Marketing for Business

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Table of Contents Introduction: 3 The importance of marketing to businesses: 4 Helps businesses create value for customers: 4 Helps businesses create lasting relationships: 5 Relating Directly: 5 Social CRM: 5 Business to Business (B2B) relationships: 6 Capturing Value from customers: 7 Customer loyalty and retention: 7 Growing share of customer: 8 Recommendations: 8 Works Cited 9 Introduction: The importance of Marketing to a business in the modern business era can be best understood with the example of Nike.


But Nike’s marketing success has more to it than just promotional hype. Nike gives its customers far more than just good sports gear. They make sure the customer doesn’t just wear his Nikes, he experiences it. Nike doesn’t just market sports shoes or athletic wear; it markets a way of life (Kotler). The Nike examples proves that through smart and innovative marketing businesses can create value for customers, build strong customer relationships and capture value from them in return. The importance of marketing to businesses: Helps businesses create value for customers: Marketing helps a business in creating value for its customers. Most companies today implement customer driven marketing strategies which allow them to create value for target customers. The process can be better understood through the following diagram: 1 Companies today identify and select marketing segments, develop products and marketing programs targeted to each and focus on the buyers who have more interest in the values that they create the best. ...
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