Explain the importance of marketing to the society.

Answer: Marketing raises the standard of living, generates employment, gives consumers satisfaction and choice, spreads information and helps economic development.

1. Higher standard of living: Marketing makes a wide variety of goods available to people at reasonable prices, improving the standard of living.
2. Employment generation: Marketing activities like selling, advertising, transport, warehousing, insurance and retailing create employment for many people.
3. Consumer satisfaction: Marketing identifies consumer needs and makes products to satisfy them, with after-sales service.
4. Wider choice: Consumers can choose from many brands, qualities and prices.
5. Information and awareness: Through advertising and promotion people learn about new products and their uses.
6. Price stability: Proper storage and distribution balance supply and demand, and help keep prices stable.
7. Economic development: Marketing increases demand, which encourages production, investment and growth of the nation.