question_answer

"Marketing plays an important role not only in the growth of a firm but also in the development of an economy." Discuss.

Answer:

The process of marketing plays an important role in a firm and in the economy, as explained below: Role in a Firm Marketing emphasises customer satisfaction as the key to survival and growth of an organisation. It helps to focus the activities of the organisation on fulfilling the needs and wants of consumers, by designing the product according to them. This helps to develop brand loyalty and bring prosperity for the firm. Role in the Economy Marketing acts as a catalyst in economic development of a country and helps in raising living standard of the people. Marketing inspires people to undertake various activities and to set-up enterprises for producing goods that are demanded in the market and ensure smooth flow of goods through efficient distribution system. It helps to establish linkages between the business, accelerating economic activity, leading to higher incomes, more consumption, increased savings and investment.