Answer in Brief
Answer in Brief
Explain in detail the significance of marketing to society.
The significance of marketing to society are explained as follows:
- Increase in Standard of Living:
The prime objective of marketing is to provide goods and services to customers to satisfy their needs. Paul Mazur defined marketing as, "The delivery of standard of living to the society". Marketing helps to identify the needs of the customers and take an initiative to provide quality goods at cheaper prices.
- Provides Employment:
Modern marketing is a total system that covers almost all functions of an organization such as buying, selling, financing, transport, warehousing, risk-bearing, research, and development, etc. To run this system there is a need for people. Thus, marketing gives job opportunities to people.
- Decreases Distribution Costs:
Marketing activities help to provide cheap goods and services to society. Effective utilization of channels of distribution can help in reducing the cost prices of the products and services. The reduction of cost will help to increase the potential consumers for the products or services. It also assures the timely availability of the product.
- Consumer Awareness:
Marketing helps society by informing and educating consumers. The function of marketing
is to fulfill the needs of consumers. Marketing helps consumers to know about new products and services available in the market and its usefulness to the customer.
- Increase in National Income:
Every economy revolves around marketing, production, and finance to the industry. The scientifically organized marketing activities help in the economic development of the country. Effective marketing of products and services result in industrialization, more job and makes the economy stronger and stable. Marketing can bring about the rapid development of the country through the integration of agriculture and industry.
- Managing Consumer Expectations:
Marketing research helps organizations to understand the needs of the consumers. It helps in developing the products which fulfill customer's expectations. Customers' reviews collected through different sources can help the organizations to make necessary changes in the products.
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