Question

Write short notes on the following.

Role of Marketing in case of society

Answer 1

Marketing plays an important role in society's development. Marketing benefits society in the following ways.

i. Employment opportunities: Marketing involves a lot of activities such as transportation, warehousing, packaging, branding, etc. All these activities involve employing people. Such employment improves people’s income levels.

ii. Standard of living: Marketing makes a continuous attempt to create innovative or superior quality products at a low cost. Thus, marketing helps improve the standard of living.

iii. Satisfying consumer wants: Marketing helps identify the needs and wants of consumers and helps produce goods and services as per the consumer's specifications. Thus, marketing helps satisfy wants and desires.

iv. Creates utility: Utility refers to the power of a commodity to satisfy the wants of consumers. Marketing creates time, place and ownership utility. Marketing allows goods and services to be available as and when required. It enables the transfer of ownership from the seller to the buyer.