The importance of marketing in a modern economy cannot be over emphasized. Without massive marketing efforts, our whole economy and social system as we know them today would collapse. The means of creating and sustaining wealth for the nation as well as four individual firms specialisation of labour, mass production, automation, and the economies of large scale production are all dependent upon the existence of a large and efficient marketing system. This is why the most nations in the world today are given more emphasis to the advancement of marketing in their economy development efforts. The following are the most prominent among the many roles performed by marketing for the benefits of the society it serves:
1. Improving consumers awareness and standard of living.
2. Improving product quality.
3. Adding to the value of products.
4. Accelerating economic growth.
5. Generating revenue and creating wealth.
6. Providing job opportunities.
7. Promoting leisure and non formal education.
8. Aiding economic resuscitation and business turnaround.
9. Lowering of price.
10. promoting technological development.
1. Improving consumers awareness and standard of living:
it is very often found that a large number of consumers actual and potential of a product know very little about it its existence brand, producers, option, location of settlers, users, and benefits, among others. People who are enjoying some products which they boast to know much about can actually trace much of their knowledge to the encounter of marketer dominated stimuli such as advertising and personal selling. Knowledge about products generally help consumers in making good purchase decisions. by presenting to consumers different brands or option of products which can meet their needs and help them to easily obtain these product, marketers help consumers to increase their awareness and standard of living.
2. Improving Product Quality:
the advertising of products which began in the early part of this century. Manufacturers whose name became associated with special brand had improve on the quality of their products so as not to be disadvantaged in the competitive market. Today, as consumers test once as well as technology change, manufacturers struggle to adjust or improve the quality of their products in response. This they do by ways of reformulating, redesigning and repackaging their products, among other options. By this means the quality of products as well as the satisfaction of consumers needs are improved.
3. Adding to The Value of Products
Marketing effort in terms of product improvement, branding, standardization, transportation and promotion help to enhance the value of products consumers are usually willing to pay more for a product or buy more of each when they are convinced of the value added to it by marketers. A good example of this coke. aggressive marketing efforts have been used to increase and sustain the value of coke among customers in the country over the years. Despite increasing competition from other brands, the product has continued to enjoy an increase in patronage.
4. Accelerating Economy Growth
Marketing encourages consumption by motivating people to purchase the product created to meet their identified needs. An increase in consumption is needed for an increase in production to take place. When marketing efforts are employed for stimulating and increasing demand, the necessitated increase in production would require the employment of additional labour and other productive inputs. Dude, economic growth ensures as a result of the effort of marketing.
5. Generating Revenue and Creating wealth
Marketing is one of the major factors responsible for increase in the wealth of individuals and nations. Individuals who are quickly to sport unfilled needs around them or elsewhere and these through the provision of sales of goods and services that will satisfy people usually become wealthy with time. The same thing is applicable to government or parastatals in business. Marketing is actually the only means of generating revenue in organisations. Other activities generate cost only. Thanks, marketing is popularly referred to as the life blood of organisations. Through the revenue that marketing generates for individuals and organisations, economy wealth surplus is created. It is common knowledge that americans are among the richest people in the world today through private enterprises. it is no coincidence that the average american is a salesman irrespective of his area of endeavour.
6. Providing job opportunities
The development of marketing and the performance of its activity has created jobs for millions of people all over the world today. Many make their living through empowerment in such marketing infrastructures and activities seaport, airport, roads, ships, trucks, clearing and forwarding, telecommunication network, advertising, personal selling, public relations, marketing research, retailing and wholesaling, among others. The number of jobs created by marketing is increasing as the modern marketing concepts gains more acceptance in the society.
7. Promoting Leisure and Non- Formal Education
many people spend their realisation on leisure time watching or listening to drama, sport and other programs on the television or over the radio. A great many in the society also use the same means as well as the reading of newspapers and magazine to receive non formal education as well as religious and social political awareness. Many of our electronic media houses cannot operate successfully for long without the revenue they make from advertising and sponsored programs by organisations trying to create awareness for themselves and their product. The same thing is applicable to the print media that have to sell at low cover prices. They have to cover their cost to sustain themselves through subsidized form of advertising revenue. By advertising and sponsoring programs in these media, marketing indirectly promotes leisure and non formal education in the society.
8. Aiding Economic Resuscitation and Business Turnaround
marketing is a means of achieving economy resuscitation and business turn around when there is an economic down town or Recession. by adopting the modern marketing concept consumer satisfaction, re-adjusting or find turning organisational offerings to meet consumers' changing needs or counter competition, developing new products, and exploiting new markets, national economy resuscitation business or turnaround can be achieved. All that are needed when there is an economy downturn or recession are proper diagnosis to know the cause on the selection of an appropriate marketing posture strategy to match the situation.
9. marketing activities, such as advertising, sales promotion, personal selling, and publicity, help to create mass market for products. High volume of production to meet the demands of mass market results in lower cost per unit for the product concerned. This enables organisations to reduce the price of their products. The price of such products are computers, news magazines, electronic watches, radius, ball pens, and cars would have been unaffordable to most of the people who enjoy them today have marketing not encouraged large scale production, which has helped to reduce their unit cost considerably. The same thing is applicable to distribution in which the economies of bulk transportation help to reduce the unit cost of transportation goods. This reduction can result in lower cost of production or distribution which may be passed on to consumers in the form of lower prices. Hence middleman help to reduce the cost of distribution and consequently the price of goods. Imagine what it would have mean if consumer had to go directly to farmers to obtain his bushel of rice, watermelon, oranges and potatoes.
10. Promoting Innovation and Technology Development
Firms innovate or develop new or better products in their effort to satisfy the changing needs of consumers compete effectively, survive, or grow. Innovation and technological breakthroughs response to commercial pressure. Such as products are ballpoint pens instant photo cameras, low fuel consumption cars, and hair treatment creams and chemicals had their development direct by the urge to satisfy the needs of consumers. Parker developed better pens in order to meet the needs of his students. Henry ford also developed the first automobile assembly line in his efforts to cut down production costs, so as to be able to sell cars to most people at a price which is most affordable to them.
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