Question

Justify the following statement.

Marketing is important to society.

Answer 1

Importance of Marketing to the Society:

1. Increase in Standard of Living: The prime objective of marketing is to provide goods and services to customers to satisfy their needs. Paul Mazur defined marketing as, "The delivery of standard of living to the society". Marketing helps to identify the needs of the customers and take an initiative to provide quality goods at cheaper prices. This will help to increase and maintain the standard of living of the customers. In modern times, large-scale production of goods and services reduced their prices due to which even the poorer sections of society can attain a reasonable level of living.
2. Provides Employment: Modern marketing is a total system that covers almost all functions of an organization such as buying, selling, financing, transport, warehousing, risk bearing, research, development, etc. To run this system there is a need for people. Thus, marketing gives job opportunities to people. In the modern era of automation, lesser employments are available in the production function and the role of marketing has widened. It gives more opportunities for employment in marketing. Converse, Huegy, and Mitchell have rightly pointed out that "In order to have continuous production, there must be continuous marketing, only then employment can be sustained and high level of business activity can be continued".
3. Decreases Distribution Costs: Marketing activities help to provide cheap goods and services to society. Effective utilization of channels of distribution can help in reducing the cost prices of the products and services. Reduction of the cost will help to increase the potential consumers for the products or services. It also assures the timely availability of the product.
4. Consumer Awareness: Marketing helps society by informing and educating consumers. The function of marketing is to fulfill the needs of the consumers. Marketing helps consumers to know about new products and services available in the market and their usefulness to the customer. Marketing provides satisfaction to society by supplying relevant information, goods, and services to the people of society according to their demands and taste. Marketing can also include more practical information to assist in making a purchase, such as addresses, phone numbers, product release dates, store hours, and Web addresses.
5. Increase in National Income: Every economy revolves around marketing, production, and finance to the industry. The scientifically organized marketing activities help in the economic development of the country. Effective marketing of products and services result in industrialization, more job, and makes the economy stronger and more stable. Marketing can bring about the rapid development of the country by integrating agriculture and industry.
6. Managing Consumer Expectations: Marketing research helps organizations to understand the needs of the consumers. It helps in developing products that fulfill customers' expectations. Customers' reviews collected through different sources can help organizations to make necessary changes to the products. Businesses use marketing to make consumers aware of major changes, such as mergers and transfers in ownership that affect product offerings or seek to improve quality. Government regulations prevent marketers from making false or misleading claims.