To work out the benefits of marketing, a company should start with what it is they want to achieve. Is it that customers know your product by name, entering in a new market, increasing sales, educating customers about a product or service, or making your product the next seafood luxury brand like Caviar?
Like other business investments, industry should measure the return on various marketing initiatives relative to your goals and costs.
Companies market for a variety of reasons. As a result the benefits and results will vary also.
The term marketing is commonly associated with endeavours such as branding, selling, and advertising, but it also encompasses activities and processes related to research and development (consumer and products), product development, packaging, distribution, even how the point of sale looks.
There are many industries like ours that already incorporate a marketing function. A number of examples of these are provided below. These examples are designed to assist in visualising how a marketing function might operate and consider the benefits that can be realised for the industry as a whole and sectors within it.