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In order to adapt to the changed situation, he needs to innovate new strategies, technology, and processes.
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A successful marketer is one, who can over time adapt to the changed situation. In today’s world because of technology and other development Customers’ needs and wants go on changing situations go on changing over time. Marketing helps to maintain a suitable marketing information system within the firm, this collects, sorts, analyses and maintains the most valuable and reliable information necessary for suitable planning, organizing, supervising directing and controlling the marketing activities for the betterment of the firm. Information for Planning and Decision Making: Performance of all these activities generates adequate revenue to the company, which is the main source of its survival. Since marketing assures customer satisfaction through the fulfilment of their needs and wants, it has become the social and economic basis for the existence of all organizations.Īmong various activities, marketing is the only one that generates adequate revenue directly to the company because marketing consists of economic activities, which include production of goods, merchandising function, physical distribution of goods, and many other supportive merchandising function, physical distribution of goods, and many other supportive functions. When customers are satisfied from the firm’s goods and services then only success of any business is determined.
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Marketing supports all organizations for their existence and success in the following ways. Some people make the mistake of confusing marketing with selling. Marketing is one of the single most important reasons for any organisation’s success. Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.