The Weekly Insight Of The “Future Of CIO” 7/19/2019

Blogging is not about writing, but about thinking, brainstorming, innovating, and sharing. The “Digital Master” book series includes 28 books to share insight from the multidimensional digital lens and perceive the multi-faceted impact the digital era upon us is making to the businesses and society. This content richness is not because of its own sake but to convey the share and vision the intelligence. Maybe the weekly insight of digital leadership Here, IT Management, and Talent Management. Innovation Strategy as a highly effective Constraint Going digital is about breaking down the past and leading toward the near future with a quantum leap. With rapid changes, the overpowering growth of information, emerging technologies, and powerful markets, keeping competitive means owning a highly innovative business.

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It is not only for revenue maximization. It has wider social significance. Precedes and comes after production: Production and marketing are closely related activities. Goods are produced for marketing. Here, marketing comes after production. In addition, marketing suggests what the consumer wants and production is modified accordingly. Here, the production follows marketing. Wide in the range: The idea of marketing is wide/extensive.

It is not concerned merely with the offering of goods but with other useful regions of business such as production, personnel, and finance. Satisfies Human Wants: Marketing plays an important role in the satisfaction of human wants by maintaining a regular supply of goods to consumers. It offers better life and welfare to people by satisfying their desires and by giving useful goods and services that will make their life happy and enjoyable. Provides income and goodwill to marketing businesses: Marketing is important to marketing firms as they earn profit by performing marketing activities. Marketing allows a firm to expand business activities for market reputation and goodwill. The firm can achieve its objectives through successful conduct of marketing activities.

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Even new product can be launched for consumer satisfaction and sales promotion. Facilitates specialization and department of labor: Marketing function, if performed successfully, leads to specialization, division of labor and effective performance of creation function climaxing in financial stability. Widens markets: Marketing facilitates widening of marketplaces through large-scale motion of goods throughout the country.

Even advertising and sales advertising techniques are of help for widening marketplaces. They provide convenience to revenue and consumers to investors. Improves the standard of living of the society: Continuous production increases the skill of the workers. Furthermore, the marketing process provides new types of quality goods to customers. It helps production according to the needs of consumers and supplies such creation to consumers.

This raises the typical of living of people. It’s the marketing, which includes transformed “Yesterday’s luxuries into today’s necessaries”. Facilitates financial development: Marketing brings industrial/economic growth. It facilitates full utilization of available natural resources. Marketing creates new demand for goods and stimulates creation activities. This leads to the creation of massive employment opportunities.

Thus, marketing is the kingpin that pieces revolving of the whole economy. Creates new norms of socioeconomic behavior: Marketing evolves new ways of life in the culture. It creates the society powerful and intensifying. National financial policy is successfully implemented through marketing. It not only expands the real market but attempts to determine a sound base for exports. Provides channels of communication to marketing firms: The marketing firms receive continuous feedback about the demand for products and services through marketing. The three elements of marketing, namely, focus, equalization, and dispersion with their sub-procedures such as buying, assembling, transport, storage space, standardization, grading, insurance, etc., help quick communication between traders and consumers. Marketing is beneficial to producers and consumers.

They get goods as per their needs and manufacturers get more income and consumer support. Facilitates price control: Marketing helps price control by the manufacturers. It brings the proper balance between demand and supply, which ensures price stability. Facilitates stability to marketing company: Marketing is one major income generating way to obtain a firm. It increases the turnover and profit of a business unit. A firm’s survival, growth, and stability are influenced by its ability to advertise the merchandise efficiently. Marketing is thus one challenging function of management.