Define marketing and discuss its role in the economy

They have to be enthusiastic, full of energy and should have a liking for interacting. Current Concepts in Marketing: The concept has been traced back to the Victorian philosopher Henry Sidgwick.

A businessman will often think that advertising is all there is to marketing. Externalities refer to the external economies and diseconomies in production and consumption. The people who are involved in actual delivery of the product to the consumer have to acquire interpersonal skill of a very high order.

It is why differentiation and customer value is at the heart of modern business planning and marketing has extended beyond adverts and brochures to include people and processes. Capability to Screen out Undesirable Customers: Thus monopoly is an obstacle to the attainment of Pareto optimality.

What Is the Role of Marketing in Society?

Levitt "Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is preoccupied with the need to convert the product into cash. It increases brand image. In our country, the customer information, product information and sales information are obsolete, erroneous or incomplete.

Market Dominance by Monopolies: Marketing is becoming more important as organisations around the world strive to develop products and services that appeal to their customers and aim to differentiate their offering in the increasingly-crowded global marketplace.

Importance of Marketing for the Economic Development of a Country

Market penetration means entering new segments of the market. The unnecessary departure of existing customers may cause substantial damage. For the individual producer or consumer, the objectives may be to maximise benefits from the resources available and to expand marketing operations in order to increase wealth.

The Role of Advertising and Advertising Regulation in the Free Market

Today, the marketing mix or marketing program is understood to refer to the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market". Industrial products, however, in the industrial field are often a case of changing technology.

This analysis plays an important role in many types of public policy decisions and studies. From a societal viewpoint, the objectives may be to encourage efficient allocation of resources, to create wealth and promote economic growth in order to improve the general welfare of society.

Negative demand is common to many products. Diversification implies development of altogether new products for selling them to new markets. The so-called production era is thought to have dominated marketing practice from the s to the s, but other theorists argue that evidence of the production orientation can still be found in some companies or industries.

So a salesman seldom makes a cut and dry proposal for exchange. They also provide an excellent reference and referral service. The keen rivalry of a competitive market penalizes the inefficient.

Marketing : Concept and Role of Marketing in a Business | Marketing Management

If an antiballistic missile system or a flood control levy is constructed, those behind the shield cannot be excluded from its protection even if they refuse to contribute to the cost.

Livestock owners may be only marginally market-oriented. They are the least expensive and most likely source of additional business. It can also include consumer schemes, direct marketing, contests and prizes.

The salesman not merely sells the product but in the course of the deal he also provides his customer with much knowledge about the product, its features and uses as also about competitive products available in the market.

The price need not be monetary; it can simply be what is exchanged for the product or services, e.

Marketing Terms and Definitions

And it does not, as marketing invariable does, view the entire business process as consisting of a tightly integrated effort to discover, createarouse and satisfy customer needs.A key element in the relative success of the free market system is its superior ability to generate and process the immense quantities of information that characterize the modern economy -- information, for example, about the tastes and incomes of consumers, about the outputs and costs of producers, and about their multitudinous interconnections.

Importance of Marketing for the Economic Development of a Country! Marketing has acquired an important place for the economic development of the whole country.

It has also become a necessity for attaining the object of social welfare. A society is a mixture of diverse people with diverse tastes and.

Marketing Mix

Marketing in the modem context goes beyond its immediate role as a process through which exchange of goods and services takes place and is viewed as an integral part of the total socio­economic system which provides the framework within which activities take place.

Marketing plays a role in informing and educating consumers as it identifies a consumer need and seeks to explain how its products or services meet that need. For customers with clearly defined needs, marketing provides a means of learning about new products and what they do.

The management process through which goods and services move from concept to the includes the coordination of four elements called the 4 P's of marketing: (1) identification, selection and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy.

A marketing orientation has been defined as a "philosophy of business management." or "a corpora A firm employing a product orientation is mainly concerned with the quality of its own product.

Define marketing and discuss its role in the economy
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