Question

Briefly explain the importance of marketing.

Answer 1

Marketing is important for the following reasons:

1. Large-scale production: Marketing makes selling possible and thereby facilitates large-scale production. This will reduce the cost of production and help to expand the business.
2. Income generation: Marketing helps businesses generate income to meet expenses and earn more profits. A company's survival and growth depend upon marketing's effectiveness and efficiency.
3. Higher standard of living: Marketing modernised people's living standards through the supply of quality products at reasonable prices. It is very helpful in improving people's standard of living by offering a wide variety of goods and services with freedom of choice.
4. Customer satisfaction: Marketing helps to identify and satisfy consumers' needs and wants. Modern marketing begins and ends with the customers.
5. Economic development: strengthens the economy by balancing production with consumption. It also boosts banking, insurance, transportation, etc., to keep the economy moving ahead.