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- Importance of Marketing
- Role of Marketing in the Modern Economy
- Contribution of Marketing to Human Society
Capital is very helpful for production and marketing is the lifeblood of production.
Consumption is the ultimate goal of product production. Production is meaningless if the product cannot reach the consumer.
Marketing invigorates the production process by delivering the product to the consumer and combining production with consumption.
As a result, the speed of economic development is
increased.
So, marketing is called the driving force of economic
development.
Below, we are describing some important aspects of marketing...
1.
Mass Production:
The country's economic development is largely
dependent on the volume of the production. The bigger the market, the
wider the production process.
Once the consumption of the product is ensured through marketing, the production process is encouraged and expanded.
Therefore, it can be said that an improved and healthy marketing system opens the way for management and mass production.
2.
Balance Development of Agriculture and Industry:
Agriculture and
industry are dependable to each other.
Marketing provides agricultural products as industrial raw materials and industries supply industrial products to agriculture and thus they play an important role in the balanced development of agriculture and industry.
3. The Solution to
the Unemployment Problem:
Marketing an important role in creating a
suitable and effective employment opportunity for unemployed people in
the country.
A large number of employing people at different level makes their living by engaging in the marketing process of the company.
As the marketing systems, improves as much as the employment opportunity increased.
Therefore, it can be said that marketing plays an important role in solving the problem of unemployment
4. Social Welfare:
Marketing is very important in society for all classes of people.
Marketing contributes a significant role to modern society through population explosion prevention, immunization of children, various social welfare strategies related to health, transportation, and distribution system.
As a result, social welfare is achieved and the pace of economic development increases. As social welfare is achieved, we can say, the speed of economic development will increase.
5.
Improving the Quality of Life:
Marketing plays an important role in
improving the living standards of the people of a country.
U.S.A. researcher Pol. M. Major has shown that efficient marketing helps to improve the quality of life of people.
Marketing in various ways makes the economy prosperous and dynamic and contributes significantly to the national product. Marketing enhances national income and quality of life through transportation, warehousing, and other services activities.
6.
Equal Provision for Regional Development:
You know, all products are
not produced in all regions of a country due to geographical location or
natural causes. One type of product is produced in one region.
Marketing can ensure inter-regional distribution of resources by shifting products from the surplus area to the deficit area. It makes possible equal regional development by an allocation of inter-regional resources.
7. Development of Foreign Trading:
The importance of
marketing in the development of foreign trading is incomparable.
The sale of goods from different countries not only earned foreign exchange but also increased foreign trade. This makes the country's economy strong.
8. Equality of Demand and Supply:
The immense importance of
marketing is also available in providing supply and demand.
Marketing provides equality between demand and supply by providing products according to the needs of the consumer.
Having a balance between supply and demand helps businessmen to overcome the recession. And non-recessionary business activities accelerate economic activity and development.
9. New-market of Products:
Marketing helps to create new
markets for products. Because of the new market of the product, the
benefits of mass production can be enjoyed.
It is possible to expand the trade and commerce of the country which accelerates the economic development of the country.
10. Continuing the Trend of the Speed of Production:
Marketing on the one hand provides for the industry by
procuring raw materials from various sources and on the other hand
maintains the pace of production by supplying the manufactured goods to
the market as per the demand.
This role of marketing is not less important for society.
11. Utility Creation:
Marketing creates the
utility of product space, time, and proprietary benefits. It accelerates
the flow of consumption by ensuring the supply of goods across the
country at any time on demand.
12. Reduction of Production Risk:
There are both profits and risks behind the product production of the
product manufacturer. Producers take the risk of producing a product
with the expectation that this product will be sold.
The marketing system increases the risk-bearing capacity of the producer.
13. Hold
the Existence of the Business:
The marketing system takes the necessary
steps to sustain the existence of the business.
Without a marketing system, it would not be possible to reach the products to consumers easily.
As a result, production is disrupted and the existence of the business is endangered. So, the role of marketing in maintaining the existence of business is undeniable.
14. Economic Development:
The
importance of marketing in the economic development of a country is
immeasurable. There is evidence of history that the marketing system
gives a new life to economic development.
One of the important conditions for economic development is mass production. And this mass production is not possible without efficient marketing. For this reason, there is no way to measure the importance of marketing in economic development.
From the above discussion it can be said that the importance and necessity of marketing are much greater in the overall economic development of a country.
There is no doubt that agriculture, trade, and industry play an important role in regional development and in solving the problem of unemployment and thus proper marketing system plays this important role. It's Magnificent! Worthy!
