Marketing refers to the action or business of promoting and selling products or services, including market research and advertising whereas Sales refers to the act of selling a product or service in return for money or compensation. Both are considered to be an important aspect of a business. The success of any business organization lies in successful marketing.
The overall marketing concept covers advertising, public relation, promotion, and sales. Your business may offer the best product or services in the industry, but in the absence of marketing, none of your potential consumers will come to know about it whereas Sales is that department that generates revenue.in any business organization.
No matter how good your manufacturing operation is, how cutting edge your technology is, how tight financial goals, it is very important that sales mechanism should be in place otherwise everything will be useless for a company. Some of the importance of marketing and sales are discussed below.
Importance of marketing
1. Getting recognition
For a business to succeed in this competitive market, the product or the services offered by the company must be known to potential buyers. Until and unless your business is known to the community and have communication with your customers readily available, the company needs to use marketing strategies in order to create awareness of product or services. Without the implementation of marketing strategies, your potential consumer may not be aware of your business offering and your business may lose the opportunity to progress and succeed. Using the marketing strategies in order to promote the product, services and company provide your business with a chance of being discovered by prospective consumers.
2. Maintains reputation or goodwill
The success of any business depends on its reputation or goodwill. In order to maintain its reputation, marketing plays a very important role by building a brand’s name in the market. It takes years after year to build its reputation or goodwill in the market. And in order to retain the same reputation marketing strategies should be used or implemented. Many multinational companies spend thousands of dollars on such a marketing plan and try to educate the people about the latest trend, helps to boost both profit and sales and try to develop the company’s reputation.
3. Increase in sales
The main motive or purpose of marketing is to help the company to generate more sales. In order to create awareness among the people, the company needs to advertise and promote their product and services, so that people get to know about the presence of the product. As awareness becomes reality, it is where the new customer will start spreading and start telling their families and friends about the new product they discovered. As the word spread, your sales will increase steadily. That the reason the business owner invests in marketing plans and strategies in order to create awareness and inform the consumer about the product. In the absence of marketing, these sales may not have ever happened and without sales, a company can never succeed.
4. Gain and retain customer
Once a brand gains its ground and establishes its customer, marketing enables to retain its customer. This is very essential so that the brand does not lose its ground to the products that newly come to the market or introduced in the market.
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Importance of sales
1. Growth
The sales function is the key mechanism or an important aspect for companies to grow through referrals. In fact, a number of sales organizations indicate collateral material or thank you letters that referrals are essential to their business. Leveraging the fact those new or established customers see value in the solution; a sales representative can ask if the customer knows about the other people with similar needs or interests. Referrals are an efficient prospecting tool because they create a personal connection in the call to new prospects.
2. Sales conversion
The main role or purpose of sales is to improve the efficiency of converting prospects into the customers. The salesperson can directly communicate with the prospects, ask them questions to help, address any possible buyer concerns and ultimately recommend products or services. Without these important steps, the company had to depend or rely on passive marketing messages to carry weight when buyers look at the purchase decision. For instance, advertising cannot give answers to the follow-up question which customers have in mind after watching the real advertisement. Messages. The salesperson gets the chance to clarify their doubts.
3. Customer retention
The personal interactive nature of selling makes it an important or key ingredient in the company to build long term relationships with customers. The salesperson can go for follow-up after the consumer makes the purchase to make ensure that the consumer has a good experience. In the absence of contact, the dissatisfied consumer does not complain, they shift to other providers. This ongoing interaction also allows for opportunities to make additional sales that address the future or ongoing needs of customers.
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The distinction between marketing and sales
Marketing and sales both try to aim at increasing the revenue of a company. They are so closely intertwined that sometimes people fail to realize the difference between the two. Indeed in a small organization, people try to perform both sales and marketing tasks. Marketing is different from sales as the organization grows and roles and responsibilities become more specialized
1. Marketing emphasis on consumer needs whereas selling emphasis on the product.
2. In a marketing company first, try to determine the needs and wants of the consumer and then try to decide how to deliver a product to satisfy their wants whereas in selling the company think of manufacturing the product first.
3. In marketing, management is profit-oriented whereas, in sales, management is sales volume-oriented.
4. Marketing stresses the needs and wants of buyers whereas selling stresses the needs of sellers.
5. Marketing tries to view the business as a consumer producing a satisfying process whereas selling views the business as a good producing process.
6. In marketing consumer determine the price and price determine the cost whereas in selling cost determines the price
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Business Development in Thailand/Asia
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