Relationship between marketing and economic development

Importance of Marketing for the Economic Development of a Country

relationship between marketing and economic development

Marketing is also the most effective engine of economic development, particu its ability Chapter of the American Marketing Association on. June 6, mentation of the "marketing concept" might play in economic develop- Growth Implications," Proceedings of the American Marketing Association (Fall,. ). Importance of Marketing for the Economic Development of a Country! Marketing has acquired an important place for the economic development of the whole.

The concurrence of marketing objectives with national policy objectives identified in module 2 will be discussed later in this module.

Importance of Marketing for the Economic Development of a Country

Producers usually carry out some or all of the marketing steps. Often, because producers are also consumers, little of what is produced is marketed. Livestock owners may be only marginally market-oriented. Because of traditional attitudes towards wealth in cattle, owners may choose to hold cattle rather than market them.

Understanding Marketing & Economic Development at Southern Miss

Producers are likely to be some distance away from consumers. They may also be highly dispersed.

relationship between marketing and economic development

Both conditions affect the nature of the marketing and distribution process. Agricultural, and particularly livestock products, are generally seasonal in supply and are more susceptible to natural shocks.

In Africa, the marketing of agricultural products typically suffers from limited institutional support. Marketing and trade play vital roles in the economic growth and overall development of a nation.

Marketing and its role in economic development

The major roles of marketing and trade in the national economy can be thought of in terms of: Specialisation in activities of comparative advantage Without market facilities, areas must maintain diversified activities to produce their own food, shelter, tools and other needed goods.

In the presence of a market, however, an individual can specialise in one activity and sell the surplus in order to purchase other needed goods. The individual is likely to specialise on the basis of a comparative advantage in that activity for which he or she has some special resource or ability. A comparative advantage exists when an individual or region can produce a good, relative to the price of other goods, more cheaply than another individual or region.

A society is a mixture of diverse people with diverse tastes and preferences.

relationship between marketing and economic development

Modern marketing always aims for customer satisfaction. So, main liability of marketing is to produce goods and services for the society according to their needs and tastes at reasonable price. Marketing discovers needs and wants of society, produces the goods and services according to these needs creates demand for these goods and services.

They go ahead and promote the goods making people aware about them and creating a demand for the goods, encouraging customers to use them.

RELATIONSHIP BETWEEN MARKETING AND ECONOMICS by Zerin Lora on Prezi

Thus, it improves the standard of living of the society. Second important liability of marketing is control the cost of distribution. Through effective marketing the companies can reduce their distribution costs to a great extent. Decrease in cost of distribution directly affects the prices of products because the cost of distribution is an important part of the total price of the product. Marketing comprises of advertising, sales, distribution, branding and many more activities. So the development of marketing automatically gives rise to a need for people to work in several areas of marketing.

Thus the employment opportunities are born.

relationship between marketing and economic development

Also successful operation marketing activities requires the services of different enterprises and organisation such as wholesalers, retailers, transportation, storage, finance, insurance and advertising.