Know and understand the importance of marketing 2023
Importance of Marketing: The importance that you may not know about marketing is listed below:
Marketing leads to an increase in national income.
The net effect of all marketing efforts is the increase in production of existing industries, investment in new industrial units and provision of more services.
Marketing increases living standards.
With the provision of more items of necessities, comfort and luxury, being cheaper and expensive and with more services and facilities at its disposal, the community enjoys a higher standard of living.
Marketing provides gainful employment opportunities.
Marketing creates a climate for more products and services. It is estimated that 30 to 40 percent of the total population is engaged in direct or indirect marketing activities.
Marketing stabilizes economic conditions.
Marketing not only revolves the economy but also provides stable and stable economic conditions. It bridges the gap between manufacturer and consumers. Marketing, by balancing production with consumption, provides stable prices, full employment and a strong economy.
Marketing Act as a basis for decision making.
In modern times, marketing has become very complex and tedious. It has emerged as a new specialized activity along with production. As a result, manufacturers are largely dependent on marketing mechanisms to decide how, when and how much to produce.
Marketing widens the market.
Marketing ejects the hidden desires of consumers, creates new demand, discovers untouched areas and the possibilities of selling new products.
Marketing exchanges the ownership and possession of goods and services.
It creates the utility of time, space, and possession for goods and services. This is helpful for both producers and consumers.
Marketing helps in optimum utilization of resources.
As marketing efforts widen the area of the market, producers can use their resources, otherwise the remainder is partially used to the maximum.
Marketing accelerates other activities.
Marketing promotes many other activities like banking, transport, insurance, warehousing etc. as they are more to help in the marketing process.
Marketing provides maximum human satisfaction.
It acts as an effective link between business and society, removes barriers to knowledge, educates people, cultivates their minds, tempts them to buy the best and thus ultimately Enables to achieve maximum satisfaction.