Explain importance of Marketing to the society.

Answer: Marketing raises the standard of living, creates employment, matches supply with demand, stabilises prices and promotes economic development.

1. Higher standard of living: Marketing makes a wide variety of goods available at reasonable prices, so people can enjoy better quality of life.
2. Employment opportunities: Marketing activities like advertising, selling, transport, warehousing, retailing and packaging create jobs for many people.
3. Balance between demand and supply: Through market research and distribution, goods are supplied where and when they are demanded.
4. Price stability: By storage and proper distribution, marketing reduces shortages and gluts and keeps prices stable.
5. Consumer awareness: Advertising and promotion inform consumers about new products, their uses and prices.
6. Economic development: Marketing increases demand, which encourages production, investment, national income and growth of the economy.