Answer:
Marketing satisfies the needs of society and is important to it in the following ways:
- Employment generation: Marketing activities such as selling, advertising, transport, warehousing, retailing and market research provide employment to a large number of people.
- Higher standard of living: Marketing makes a wide variety of quality goods and services available to people at reasonable prices, which raises their standard of living.
- Economic growth: By creating demand, marketing encourages large-scale production, investment and new industries, which increases national income and economic development.
- Creation of utilities: Marketing creates place, time, possession and form utilities by making goods available where and when needed.
- Balance between demand and supply: Market research helps producers to produce what society needs, which avoids shortage or surplus and keeps prices stable.
