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Question
How does marketing help in improvement of standard of living of people?
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Solution
- Providing a Wide Variety of Products and Services: Marketing ensures that a diverse range of products and services are available in the market to meet the various needs and preferences of consumers. This variety allows people to choose products that align with their lifestyles and requirements, enhancing their overall quality of life.
- Supplying New and Better Quality Products: Marketing drives innovation and competition, leading to the introduction of new and improved products that offer better quality, functionality, and convenience. This constant evolution of products contributes to an enhanced standard of living by offering access to products that make daily tasks easier and more enjoyable.
- Creating More Employment Opportunities: Marketing activities, such as advertising, sales, distribution, and customer service, generate employment opportunities across various sectors. This leads to job creation and economic growth, positively impacting people’s livelihoods and contributing to an improved standard of living.
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