- Increases national income: Nearly one third of the people are involved in marketing profession such as distribution, storing, advertisement, researches etc. It increases national income. Competent marketing process helps to increase national income by bringing effectiveness in production and distribution cost (making cost effective). So, marketing is very important.
- Provides employment: Various activities are conducted in marketing. Marketing provides employment to different men of different qualification, experience and skill as they are involved in marketing activities. Nearly one third of the people have got full or partial employment in marketing activities such as market research, development of new goods, branding, packaging, labeling, advertisement, sale promotion, storing, transportation, distribution etc. So, marketing is important.
- Bears social responsibility: Marketing bears social responsibility. It produces goods according to the environment to meet social interest. It takes necessary measures to control pollution, provides employment, helps in social and religious works and remains alert not to harm society. Bearing social responsibility takes cost, but marketing does not suppose it as an unnecessary expense, rather it supposes as responsibility. It is also audited time to time. As marketing comes into existence, remains and develops in society, bearing social responsibility is its important aspect.
- Creates utility: Marketing creates utility of goods and satisfies customers. Form utility, place utility, time utility, information utility and profession utility can be created from marketing. So, marketing is very important.
- Enhances standard of living: Direct benefit can be provided to the society by making marketing process efficient and cost effective. Products/goods can be taken to the place, at right time and reasonable price as desired by customer. The customer can get goods at desired place, at right time and for lower price. This boots up (enhances) their living standard.
- Provides necessary products: Marketing is the only way which delivers different products to different places to provide to customers at right time and right place as desired by them. For this, marketing provides necessary goods to the customers by completing all these processes and the customers can satisfy their needs easily. Suppose, what would happen if we could not purchase necessary goods in sale depots? Its answer is easy; we could not satisfy our needs. Marketing has solved this situation.
- Provides information: Marketing provides information to the consumers about products, price, place and promotion. The customers can get necessary information about marketing and its functions. As a result, effectiveness takes place in purchasing. Along with this, the consumers get knowledge about goods, price, distribution, advertisement, publicity etc. They also know about the product positioning centralization and become able to buy the best substitute goods.
- Scientific product price: Scientific marketing produces goods according to the demand of consumers and delivers to the desired place at right time. Ti does not make excessive flow of goods nor creates scarcity. It controls supply of goods and services. This brings stability in price of goods and services. Price stability further strengthens market system.
- Career development: Marketing is directly and indirectly related to the career development of people. There are many fields in marketing for career development. If you like to develop your career in account, finance or other fields, it should be known how marketing affects managerial decision. Or if you like to develop career in non business field such as health, government body, music, education etc, it is also necessary to know how marketing is used in these organizations. So, marketing plays an important role in career development.
- Monitoring environmental forces: Marketing regularly studies the environmental elements, analyzes and monitors them. Economic, political and legal, social and cultural and technological elements affect consumers’ demand. It is also compulsory to understand how the changes in such environmental elements affect the consumers’ demand. This is done only by marketing regularly and makes the market customer oriented.
Importance of Marketing
Marketing is the center or heart of different activities. It plays an important role in organizing, decision making and controlling. It has equal importance for society, organization and nation. They can be mentioned in the following points:-
Related keywords marketing