Discuss the role and importance of marketing management in entreprenuer ship
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Role of Marketing:
Marketing innovations and technical changes now occur at an ever increasing rate in the field of FMCGs and electronics. Industrial products, however, in the industrial field are often a case of changing technology. The needs of consumers undergo a change.
New competition is coming from all directions—from global competitors eager to grow sales in new markets; from online competitors seeking cost-efficient ways to expand distribution; from private label and store-brands designed to low price alternatives, and brand extensions from strong megabrands leveraging their strengths to move into new categories. The global market pattern is made possible by the development of international transportation and communication system and liberalisation policies adopted by different countries at present.
Modem marketing has much deviated from the past and undergone radical changes in recent years. Marketing is a managerial function, primarily economic, consisting of activities like research into markets, demand forecasting, product planning, pricing, distribution and advertising, organised into a system of interdependencies and directed at yielding profits to the enterprises, providing satisfaction to the consumers and indirectly benefiting society at large.
Marketing has to play an important role. It is the most important multiplier and an effective engine of economic development. It mobilises latent economic energy and thus is the creator of small business. Marketing is the developer of the standard of product and services.
Wisconsin Standards for Marketing, Management and Entrepreneurship. 1. Table of Contents ... The Importance of MME in Wisconsin and our communities ...
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