Role of marketing in the economy

Much of educational thrust in developing nations is restricted geographically to urban areas. Trained marketing professionals should be placed abroad to seek export opportunities as well as to conduct necessary research on the nature of the competition that the country is likely to face abroad.

The wholesaler delivers the product to the retailer. To Raffaele "economic development is a social process in which interaction between rising human capacities and their employment and the environment and institutions favourable to them takes place.

An example is the case where increased trade in some commodity e. Higher sales for a business which result from successful marketing strategies translate into expansion, job creation and higher tax revenues for governments and, eventually, into overall economic growth.

As markets and economies develop, surpluses occur more frequently in profitable activities, creating new wealth, while products are moved greater distances than before. This is what I will explain in the next line.

In the presence of a market, however, an individual can specialise in one activity and sell the surplus in order to purchase other needed goods. Many developing nations in their quest for industrial growth have imported sophisticated intensive technology from the West.

This refers to a situation where the presence of many agents allows each one to operate at a lower cost. In the presence of a market, however, an individual can specialise in one activity and sell the surplus in order to purchase other needed goods.

Production possibilities of beef and mutton for Countries A and B. Business slump cause unemployment, slackness in the success of business and great loss to economy. Proper incentives should exist for a subsistence farmer to produce more. The agro-ecological basis for production results in regional comparative advantage, whereby all of an area with that common agro-ecological base shares the ability to produce the good relatively more cheaply than another area.

The objectives of marketing vary. In fact, people whose disciplines are far different fro marketing are now on the field working as marketers and are doing great. Some nations have encouraged the building of factories in the rural sector.

In drawing out tourism promotion programme realism, accuracy of information, cultural habits of people, life styles of the local population, and risks of unguided travel should be emphasised.

I Hope This Helps. Institutional access to the national marketing system could be accomplished as an independent task or as part of a major social developmental action.

Marketing helps in protecting society against all these problems. They may also be highly dispersed. A comparative advantage exists when an individual or region can produce a good, relative to the price of other goods, more cheaply than another individual or region.

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From a societal viewpoint, the objectives may be to encourage efficient allocation of resources, to create wealth and promote economic growth in order to improve the general welfare of society. This means, without appropriate product marketing in Nigeria, there would be scarcity of a product in the North, while we have the excess in the South and vice versa.

Specialisation in activities of comparative advantage Without market facilities, areas must maintain diversified activities to produce their own food, shelter, tools and other needed goods.

In this respect developing nations may take lesson from both Japan and the United States where small businesses constitute a large part of their industry. As a result of it, marketing is considered to be the most important activity in a business enterprise while at the early stage of development it was considered to be the last activity.

Job productivity can be increased by developing realistic training requirements for different educational categories. Decrease in cost of distribution directly affects the prices of products because the cost of distribution is an important part of the total price of the product.

Often, because producers are also consumers, little of what is produced is marketed.

What are the roles of marketing in an economy?

Modern marketing always aims for customer satisfaction. The term producer includes farmers or pastoralists and the manufacturers of production inputs when they produce the commodity being marketed. One of the variables to measure economic development of a country is its ability to provide employment opportunities to its employable citizens.

Marketing comprises of advertising, sales, distribution, branding and many more activities.

What Are The Role Of Marketing In Nigeria Economy?

It is true that marketing in a developmental sense produces profit, but the profit is in the kind of human resource development and ultimately national development.

Organisations dealing with entrepreneurial training should have marketing professionals on their staff to train the potential entrepreneur. M - Currently Job SeekingAdvance Education centre - 2 years ago Marketing and trade play vital roles in the economic growth and overall development of a nation.

The agro-ecological basis for production results in regional comparative advantage, whereby all of an area with that common agro-ecological base shares the ability to produce the good relatively more cheaply than another area. Business in Nigeria does not only rely on their usual conventional marketing system but also create an online presence for themselves in order to enable proper online marketing for their product.

This increase, in turn, increases the national income.The Role of Marketing in Organizations – By Timothy Mahea. the role of marketing in organizations is too important to be ignored. Today’s global economy has. Marketing has experience significant changes of recent and it is still undergoing gradual improvement to reflect the dynamic nature of every economy.

The activities of marketing has gain a wider acceptance compared to some years back. Organizations now create more marketing departments, positions and platforms in order to promote their brands. Importance of Marketing for the Economic Development of a Country! Marketing has acquired an important place for the economic development of the whole country.

What Is the Role of Marketing in Society?

It has also become a necessity for attaining the object of social welfare. A society is a mixture of diverse people with diverse tastes and.

The role of marketing and trade in development Marketing and trade play vital roles in the economic growth and overall development of a nation. The major roles of marketing and trade in the national economy can be thought of in terms of.

Importance of Marketing for the Economic Development of a Country

The role of marketing in economic development Marketing and trade play vital roles in the economic growth and overall development of a nation.

The major roles of marketing and trade in the national economy can be thought of in terms of. Nov 30,  · Best Answer: Marketing plays a vital role in economic growth in the present global world.

It ensures the planned economic growth in the developing economy where the scarcity of goods, services, ideas and excessive unemployment, thereby marketing efforts are needed for mobilization of economic resources for Status: Resolved.

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Role of marketing in the economy
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