Question

Why marketing is important to society and individual firms? Explain.

Answer 1

• To the Society:

1.  Marketing is a connecting link between the consumers and the producers
2.  Helps in increasing the living standard of people.
3.  Helps in increasing the nation’s income.
4.  Helps to increase employment opportunities.
5.  II creates a modern cultivator.
6.  Reduction in the cost of marketing is a direct benefit to society.
7.  It includes all activities in the creation of Form, place, time, and possession utilities.

• To the individual firms:

1. It generates revenue [profit] to the firm.
2. It helps the development of business and creates employment opportunities for people.
3. It provides information to the top management for taking an overall decision on production
4. Marketing and innovation are two basic functions of all business, the world is dynamic.