The importance’s that you might not know about marketing are listed below:
1. Marketing Widens the Market:
Marketing draws out the hidden wants of consumers, creates new demand, locates the untapped areas and finds out the possibilities of selling new products.
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2. Marketing Facilitates Exchanges in the Ownership and Possession of Goods and Services:
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It creates time, place and possession utilities for the goods and services. It is helpful to both producers and consumers.
3. Marketing Helps in Optimal Utilisation of Resources:
As the marketing efforts widen the area of market, the producers can utilise their resources, otherwise remaining partly utilised, to the maximum.
4. Marketing Accelerates Other Activities:
Because of marketing so many other activities such as banking, transport, insurance, warehousing, etc. get a boost as they are more to help in the marketing process.
5. Marketing Increases the National Income:
The net effect of all marketing efforts is a rise in production of existing industries, investment in new industrial units and provision of more services.
6. Marketing Raises the Standard of Living:
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With the provision of more items of necessities, comforts and luxuries, cheaper as well as costly and with more services and amenities at its disposal, the community enjoys a higher standard of living
7. Marketing Provides Gainful Employment Opportunities:
Marketing creates a climate for more production and services It is estimated that 30 to 40 per cent of total population is engaged in direct or indirect marketing activities.
8. Marketing Stabilises the Economic Conditions:
Marketing not only sets the economy revolving but also provides steady and stable economic conditions. It bridges the gap between producer and consumers. Marketing, by balancing production with consumption, provides stable prices, full employment and a strong economy.
9. Marketing Acts as a Basis for Making Decisions:
In modern times, marketing has become very complex and tedious. It has emerged as a new specialised activity along with production. As a result, producers are largely dependent upon marketing mechanism to decide which, how, when and how much to produce.
10. Marketing Provides Maximum Satisfaction of Human Wants:
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It serves as an effective link between the business and the society, removes hindrances of knowledge, educates people, cultivates their minds, lures them to buy the best and thus enables ultimately to get maximum satisfaction.