Question

explain the role of market in our lives

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Answer 1

Answer:

Role of marketing in our lives:

• It helps the individual consumers in raising their standard of living by making available the products and services that satisfy their needs and wants.

• It plays a significant role in the economic development of a nation.

• It emphasises that consumer satisfaction is the key to the survival and growth of an organisation.

• It helps in focusing the activities of an organisation on the needs and wants of the customer by designing products as they require.

• Marketing inspires people to undertake new activities and to set up interprises for producing goods that are needed by the customers and ensure smooth flow of goods through efficient distribution system.