10.1 Meaning and importance of marketing

Marketing is a process in business which helps to generate, communicate and transfer value about a product or service to customers, partners and the potential market. Marketing involves processes like market research, advertising, marketing communication, branding etc which showcases the customers the value proposition offered by companies. Marketing helps create brand awareness among the potential market and drives the business.
Importance of marketing

1. Helps in business planning and decision making
2. Product development:
3. Effective consumer engagement
4. Builds relationships among customers
5. Marketing creates revenue options