Importance of marketing
Importance of marketing to the society
1. Delivery of standard of living to the society: main liability of the marketing is to produce goods and the services for the services according to the needs and testes at reasonable price. Marketing discovers needs and the wants to be society, producers the goods and the services according to these needs, create demand for these goods and services, encourages customers to use them and thus, improves the standard of the living of the society.
2. Decreases in distribution cost: marketing aims at reducing the cost of the distribution as far as possible so that the commodities might be within the reach of the maximum number of customers. It increases the level of the consumption in the society. Reduction in the cost of the distribution directly affects the price of the commodity and it will also be reduced. As a result, customers who were unable to purchase t due to might high prices can now purchase the product. Even if we assume that the price of the product is not decreased by a manufacturer even on the decrease in cost of distribution, it will increase the profit of the enterprise, which will be divided among its share holders, and employers who are also consumers. Even if it is assumed that this increased profit is not distributed among these persons, it will be invested in research and development which benefit the whole society.
3. Increase in employment opportunities: employment opportunities are directly affected by the development of the marketing. According to the estimate about 40% of the labour force in developed countries like U.S.A, Japan, Canada, Germany, France, etc. is engaged in different activities of marketing such as marketing research, transport, communication, storage, warehousing, publicity, wholesale, and in retail trade. It is expected that in the under developed countries like India, there is great scope of increasing employment opportunities by developing marketing activities.
4. Protection against business slump: business slump causes unemployment, slackness in the success of the business and great loss to the economy. Marketing helps in the protecting society against all these problems. Marketing includes the discovery of the new market in protecting society against all these problems. Marketing includes the discovery of the new market for the goods, modifications, and alternations in the quality of the product, and in the development of alternative uses of a product. If reduces the cost of the distribution and maintains the level of the sales volume. All this protects the business enterprises against the problem of business slump.
5. Increase in the national income: successful operation of the marketing activities creates maintains and increase in the demand for the goods and service in the society. It results in the increased level of the production and it increases the scope and the area of the marketing. These increases, in turn, increase the national income, which is beneficial to the society as a whole.