What is the role of marketing in a commercial organisation?Explain with reference to Indian Economy
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Role of Marketing in Economic Growth
Marketing plays a vital role in economic growth in the present global world. It ensures the plannedeconomic growth in the developing economy where the scarcity of goods, services, ideas and excessiveunemployment, thereby marketing efforts are needed for mobilization of economic resources foradditional production of ideas, goods and services resulting in greater employment.• Marketing stimulates the aggregate demand thereby enlarges the size of market.• Marketing in basic industries, agriculture, mining and plantation industries helps in distribution ofoutput without which there is no possibility of mobilization of goods and services which is the keypoint for economic growth. These industries are the back bone of economic growth.• It also accelerates the process of monetizing the economy which in turn facilitates the transfer ofinvestible resources.• It helps in discovery of entrepreneurial talent.• Intermediate industrial goods and Semi-industrial products etc. essentially marketed for industrialpurpose in order to develop the industrial sector with a view to economic growth.• In Export trade and services like tourism and baking marketing plays eminent role in order to growthe economy.Now days economic and social changes are necessary for bring about the development of a nation.Social changes are brought about in a planned manner through social marketing technology. Socialmarketing can be defined as the design, implementation and control of programmers calculated toinfluences the acceptability of social ideas and involving consideration of product planning, pricing,communication, distribution and marketing research.With the rapid growing marketing business, technology is playing a more important role in thedemands of analyzing and utilizing the large scale information gathered from customers. To predict theconsequent business strategy by using technology, it is required to evaluate the customerperformance,discover the trends or patterns in customer behavior. For this purpose the in modern worldusing the technology at a maximum level by e-commerce, Internet marketing and services etc.Even though in several developing countries, Government involves in marketing efforts in order toprovide equitable distribution at minimum social costs by setting ceiling and floor prices of foodsgrains and industrial raw materials, setting maximum whole sale and retail prices of scarce consumerproducts etc. which ensures the smooth flow of essential goods and even influencing the decisionspertaining to distribution and advertising. Even though the economic recession affects the market at alarger extent, it plays major role in economic growth
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