The Pros and Cons of Marketing
Marketing is something all businesses today swear by creating interest among potential customers for a product or service is important in today’s fast-paced world. There are several marketing mediums available. However, what is important to know is that there are both advantages and disadvantages of marketing. This article will explain in brief the pros and cons of marketing.
- The most obvious advantage of marketing is that a general interest is created about the product or service that is being offered by its promotion. This may mean promoting for the general public or a specific market. Brand recognition over time is another important advantage attributed to marketing. Because of this, people will start associating the name of the concerned business and its logo with the actual business. This means the enhancement of brand value over time. However, this is more of a long-term effect of marketing.
- No business will make money without spending any. So when a business starts investing in marketing, it is spending money. This will automatically lead to boost in sales, now or eventually.
- As mentioned before, there are plenty of different marketing mediums for one to choose from. However, choosing the right medium to promote one’s business is important. Selecting the right newspaper, magazine or the Internet for promoting a business is essential as that will mean that one gets to target a specific section of people. Every business has a unique section of people it wants to appeal to. Marketing lets a business create a plan to appeal to that section of people.
- The very first disadvantage that can be attributed to marketing is that it requires money. It is not difficult to waste money with the wrong marketing plan. Not doing proper research before starting a marketing campaign involving advertising, using the wrong medium and thus trying to target the wrong section of people, can be a very expensive mistake. Keeping costs low and doing good research beforehand is thus extremely essential.
- Marketing requires time spent on it. That can be a disadvantage for people with small businesses who cannot afford setting up a marketing staff and end up doing everything themselves. Spending time on advertising and marketing may lead to lesser time being devoted to the actual business. This can be potentially harmful.
- A lot of research has been done on marketing and how it affects people. Such studies have come up with information that a person will have to see or hear a message anywhere between three and thirty times for it to actually sink in. So, marketing efforts have to be consistent and ongoing for it to create an effect in the minds of people. This again requires increased energy, time and money.
- For most products and services, competition is so high that not spending money on a full page spread or a television advert may mean that your competition is winning the eyeballs. This may be difficult for small business to afford.
As you can see, marketing has both pros and cons. However, a business won’t be able to thrive without marketing in today’s competitive market in spite of the disadvantages.