The Role of Marketing in

Contemporary Business
Executive Summary: Marketing is perhaps the most important activity in a business.
For the last three decades, the marketing practices are emerging and progressing. It
has a direct effect on profitability and sales. Marketing can be described as the
backbone of any business, yet marketing can not be carried out in isolation from the
business. Marketing should be work closely with operations, Research and
Development, Finance and even Human Resources too. Simply sustainability of any
organization and whole point of profitability depends on the Role of Marketing and how
fair it is performed.

1. Introduction
Marketing can be defined as the process of providing goods and services to
customers, to satisfy their needs and wants. In contemporary business world
marketing is doing a huge task. It is obvious that some goods and services never come
to the hands of customers if there were no marketing.
When the times goes on marketing managers realized the importance of marketing
practices for making their business successful. The marketing objectives are not
always financial in nature. Ecological and social needs are becoming increasing
imperative in the framework of marketing strategies. The study on marketing function
also revealed marketing function are not limited to advertisements but also include the
understanding, learning of customers basic needs and fulfillments of their demands.

2. Literature Review
It is necessary to state about those literature reviews to get a vast idea about the
Marketing.

Marketing was defined by the American Marketing Association as, The

performance of business activities directed toward, and incident to, the flow of
goods and services from producer to consumer or user.

In 1991 McKenna stated that Marketing is everything and everything is

marketing or as Haeckel Marketings future is not a function of business, but
is the function of business.
1

The Role of Marketing in Contemporary Business

Marketing is a societal process by which individuals and group obtain what

they need and want through creating, offering, and freely exchanging products
and services of value with others
By Philip Kotler

3. Developing of Marketing Concepts

Before stating about how contemporary business use the marketing it is must to notice
in briefly how marketing is develop to present states.

Production Concept Emphasis:

The concept is base on productions. Reasonable Price were fixed, businessmen
enjoyed business opportunities and believed in quality production resulting better sell.
Sales Concept Emphasis:
Due to the effect of production emphasis all the suppliers tried to produce and
distribute quality goods. Hence there was a high competition due to over supply. Then
they put much effort on promotion and selling and believed that only if there were
enough promotion customer would buy.
Marketing Concept Emphasis:
In this concept businessmen identified that promoting is not enough to sell goods to
the customers. They identified that they need to study the customers first and produce
goods in accordance to the requirements of the customers and satisfy their
requirements.

4. Modern Marketing Concept that Businesses use (4Ps)

In todays world role of marketing in organization is too important to be ignored. In the
present time the marketing deals with demand, supply and price control of goods and
services. It also looks after the needs of consumers. The contemporary businesses
earn more profits because of better marketing strategies. The Marketing strategies
also ensure smooth co-ordination of business activities at market place.
4Ps (Product, Price, Place, Promotion) can be shown as the whole point of marketing.
In really great marketing program, all four elements, work together to create the right
product at the right place; that is well communicated and available at a place that work
for the customers.

The Role of Marketing in Contemporary Business

5. How Businesses use Marketing to achieve their targets

The firms use marketing activities to achieve their business targets. A combination of
marketing activities is generally known as marketing mix. The marketing mix is
traditionally consisting with four Ps (Product, Price, Place, Promotion). 4Ps is
probably among the simplest framework of covering all the aspects of marketing.
It is general philosophy that customers are king, modern day business owners take
each and every steps to protect the loyalty that customers build upon the business.
Marketing can be explained as a bridge that link sellers and buyers. Marketing do
almost everything to sustain the business. Various processes are taken into action to
ensure effective marketing. i.e. identifying the needs of customers, timely supply of
product.
Commonly some people mistake the marketing mix the 4Ps for the meaning of
marketing. But 4Ps are just used as functional tool to help executing marketing
strategies and eventually to facilitate the efficiency of an exchange.

6. Why Marketing is need in Contemporary Business?

The key objective of an organizations marketing effort is to develop satisfying
relationship with customers that benefit both the customer and the organization. These
efforts lead marketing to serve an important role within the organization. Marketing is
very important function. No matter the organization operates as a profit or non profit
institute. For a business that seeks profit, marketing is responsible for most tasks that
bring revenue and profits. For a non-Profit organization, marketing is responsible for
attracting donors or supporting a cause. No matter the type of organization. It is
unlikely they can survive without a strong marketing effort.
Marketing is also the organizational business area that interact most frequently with
the public. What customers know about the business is determined by their
interactions with marketers. Simply a customer may believe a company is dynamic
and creative based on its advertising message. So the almost all companies do
marketing even though it is quite expensive.
Furthermore, marketing gives us the confidence to try a new product in the market,
when there is enough publicity newly entered products also may sustain in the market.
Marketing shapes the image of the organization. That is why some brands
continuously advertising. Marketing also give people the confidence bout their product
or service. In addition, it helps to increase the customer base of the organization.
The marketing function is also tasked with branding of the organizations participation
in publicity activities, advertising and customer interaction through feedback collection.
At the very beginning the launch of new product starts with marketing.

The Role of Marketing in Contemporary Business

Marketer should identify the customers ego sensitiveness by understanding them.
Therefore, for a Rs.50 cost of perfume can be sell to Rs.500. Pricing a product for 99/=
instead of 100/= is also fall under this. The final effect of all these activity is directly
impact on the sustainability and the profitability of the company.
When it comes to contemporary businesses, entities use internet for their businesses.
The cost of rent will be reduce and products can be sell for cheaper price. Vender
Machines are also getting popular. It will reduce the labor cost and directly effect on
the profitability of the company.

7. Conclusion
From bottom to end marketing is doing a great and unmeasurable task. Business
operations and marketing environment are correlated and inter related. When any
change is occurred marketing environment; it directly or indirectly affects the business
of any kind in general. Therefore, every business manager takes care of market
variables while making decision. The marketing role must be very creative in the
present changing world. To the sustain of any businesses there should be customer
oriented marketing process.
Businesses are competing to be at the top of the customers mind and at the same
time trying to protect their market share. Marketing is the core to everything. Simply
marketing attracts more customers to the business. Marketing helps to develop long
term relationship between manufacture and end user for the success of the business.
They can also get the opportunity from modern information technology that give
boundless freedom in marketing to maximize profit and customer relationships. Simply
the role of marketing in an organization is too important to be ignored.

References
Jagath Bandaranayake (2012), Business studies Key to the business world
The Role of Marketing in Organization by Timothy Mahea Linkedin.com
https://www.linkedin.com/pulse/20140915080650-84228363-the-role-of-marketingin-organizations-by-timothy-mahea
The Role of Marketing Knowthis.com
http://www.knowthis.com/what-is-marketing/role-of-marketing
The Marketing Blueprint: Lessons to Market & Sell by Jules Marcoux
The Role of marketing Rhsmith.umd
https://www.rhsmith.umd.edu/files/Documents/Faculty/TheRoleOfMarketing.pdf
Marketing Management (14th Edition) by Philip T Kotler, Kevin Lane Keller