Marketing is important not only for the firm producing the product but also to the society which uses the product. Marketing is a place where buying and selling can take place. People used to purchase and sale of goods at a stated time and place. Today marketing plays a vital role in many sectors like bank, telecommunication, insurance, automobile etc. marketing is really benefited to the firm and the society. Marketing can be defined in a simple way “meeting needs profitability”.
The marketing world has undergone tremendous changes because of the economic, technological, social, and political factors. In this mechanical world, the marketing management has to meet the challenges of managing the change, and achieving progress and prosperity through marketing innovations. Marketing is the economic process by which goods and services are exchanged between the producers and the customers and their values determined in terms of money prices.
Marketing helps to achieve, maintain and improve the standards of living of the people all over the world. When production is in a large scale, it will certainly reduce the cost of production and can increase the profit. The customers are benefited by getting a variety of products at a lower price. Marketing connects the producers and consumers easily. The producers produce goods for purpose of selling to the society. So they are supposed to have close contact with consumers.
A good marketing can increase the national income. When the marketing area is extended to a greater level, the volume of production automatically increases. Thus the cost of production is reduced and goods are sold at cheapest prices for the welfare of the people. Lower prices to consumers mean more purchasing power, which results in increasing the national income.
Marketing is the beating heart of many employees today. They are supposed to market any of the products like anything. Hence, large numbers of persons are highly involved in marketing sectors. Further large number of wholesalers and retailers are also employed by means of marketing. This ends in more employment opportunities.
Marketing is the main source of all economic activities. It aids to maintain economic stability and rapid development. Marketing also helps the business firm in many ways. It helps the producers to increase the volume of sales. It gives the channel of communication between the firm and the society. Mainly, marketing creates revenue to the firm without this revenues no production process is available. However, it fascinates the growth and development of the firm and also aids to earn more profit.
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