Importance of Marketing
Whether a firm is a profit making organization or a nonprofit making organization, marketing has to play a very important role in the firm’s business, society and country. While raising the standard of living by designing products suitable to needs and wants of the customers, marketing also helps in development of the national economy. Producing goods and services for the society according to the needs and create demand for them and thus improving the standard of living of the people is one of the most important role played by marketing. For a firm, marketing helps in reducing the cost of business by reducing market distribution cost. Marketing also helps in increase in the employment opportunities. The successful marketing channel involves services of wholesalers, retailers, transporters; storage functionaries finance professionals, insurance services and so on. By creating, maintaining and increasing the demand marketing indirectly adds to the national income. Marketing also helps to build a cushion against slack business and recession.