Importance of Marketing

Importance of Marketing

a) To the Society

i. Marketing is a connecting link between the consumer and the producer.

ii. Marketing helps in increasing the living standard of people.

iii. Marketing helps to increase the nation’s income.

iv. Marketing process increases employment opportunities.

v. Marketing creates modern cultivators.

vi. Marketing removes the imbalances of supply by transferring the surplus to deficit areas, through better transport facilities.

vii. Marketing helps to maintain economic stability and rapid development in underdeveloped or developing countries.

viii. Marketing includes all activities in the creation of utilities-form, place, time and possession.

ix. A reduction in the cost of marketing is a direct benefit to society.

x. Marketing adds value of goods by changing their ownership and by changing their time and place of consumption.

b) To the Individual Firms

i. Marketing generates revenue to firms.

ii. Marketing section of a firm is the source of information to the top management for taking overall decisions on production.

iii. Marketing and innovation are the two basic functions of all businesses. The world is dynamic.

iv. Marketing facilities the development of business and creates employment opportunities for people.