Without marketing, it is not possible to sell products. It is highly necessary nowadays. It has secured a great position in the field of economy in our country.
How Does Marketing Help In The Field Of Economy?
Marketing is recognized to be the most significant activity in a business enterprise. Without marketing, it would not be possible for anybody to achieve success in any field. For your convenience, we are going to explain the role and function of marketing. We will also discuss how it has helped in the field of the economy.
- Reduction in the distribution cost: The most important liability of marketing is controlling the cost of distribution. Through proper plans and strategies, the companies can take effective measures in reducing the cost of distribution. If the distribution cost gets reduced then it will affect the prices of the product. So, we must say that the cost of production is very important.
- Delivery in the standard of living in the society: The foremost thing in marketing which we can’t ignore is the standard of living in the society. There is a mixture of citizens in our society with different demands and tastes. However, modern marketing always tries to satisfy the needs of the customers. So, the primary thing about society is to produce those products which will help to satisfy the needs of the customers. Marketing finds out the requirements and shortages of the community. After that, it generates welfare and assistance according to these necessities and creates demand for these goods and services.
- Increasing opportunity for the employees: Marketing gives opportunity to various people to work. As we all know, marketing comprises sales, distribution, branding, etc. So, to do these things, we all need manpower. So, several people get jobs in this way. Employment opportunities are growing day by day. Moreover, victorious operation king of marketing activities compels the services of various enterprises and organizations such as wholesalers, retailers, transportation, storage, finance, insurance as well as advertising.
- Helps in getting rid of a business slump: You must be acquainted with the term ‘business slump’. Well, it is a situation that causes employees to lose their jobs, slacking in the success of the business. Naturally, it is a great loss to the employees. The technique of marketing assists in safeguarding society against all these difficulties.
- Increase in national income: This step is also important. The prosperous undertaking of marketing activities establishes, maintains, and improves the demand for goods and services in society. To meet this improved demand the corporation’s necessity to improve the level of production, in turn, putting up their earnings. This thing, in turn, improves the national income. Further productive marketing overseas exports expanding to the national income.
- Progress in business: Nowadays everybody likes to be an entrepreneur. So, marketing plays a great role here. Without marketing and thorough research, it would not be possible for all of us to succeed. You have to do marketing to reach the customer.
We think that you have gained great marketing knowledge. Without marketing the business looks just like a car without fuel. So, try to gain knowledge of marketing and start your business. We are confident that you will profit.