Muckem Investments, 11/03/2020
1. Marketing Widens the Market
Marketing draws out the hidden wants of consumers, creates new demand, locates the untapped areas and finds out the possibilities of selling new products. It thus enlarges the market and enables the producers to increase production and earn more profits.
2. Marketing Facilitates Exchanges in the Ownership and Possession of Goods and Services
It creates time, place and possession utilities for the goods and services. It is helpful to both producers and consumers. Producers come to know about the specific needs and preferences of the people and the customers get to know about products that manufacturers are offering.
3. Marketing Helps in Optimal Utilization of Resources
As the marketing efforts widen the area for business opportunities, producers can fully utilize their resources, which otherwise would have remained partly/under-utilized. This optimum use of resources reduces the total cost per unit.
4. Marketing Accelerates Other Activities
Because of marketing, so many other activities such as banking, transport, insurance, warehousing, etc. get a boost as they are needed more to help in the business world.
5. Marketing Increases National Income (GDP)
National income is the sum total of goods and services that a nation possesses. The net effect of all marketing efforts is a rise in production of existing industries, investment in new industrial units and provision of more services. A nation becomes richer with the increase in its national income and a rise in per capita income.
6. Marketing Raises the Standard of Living
With the provision of more items such as necessities, comforts and luxuries, whether cheap or expensive, marketing brings about increased productive activity which ensures that a community enjoys a higher standard of living. Even the poorer sections of society will find many more things within their reach because of lowering of costs of commodities and services. Paul Mazur says “marketing is the delivery of a standard of living to society”. Prof. Malcom Me Nair added further that “marketing is the creation and delivery of standard of living to society.”
7. Marketing Provides Gainful Employment Opportunities
Marketing creates a climate for more production and services. It also results in more social overhead as more roads, more warehousing facilities, more transport and communication, more banks, more training and technical institutions, more manpower is needed for the same and the avenues of employment increase. Moreover, marketing is a complex mechanism involving a number of functions and sub-functions which call for different specialized personnel for employment. It is estimated that 30 to 40 per cent of total population is engaged in direct or indirect marketing activities.
8. Marketing Stabilizes the Economic Conditions
Marketing not only sets the economy revolving but also provides steady and stable economic conditions where all are people happy. It bridges the gap between producer and consumers. It is a connecting belt between the two wheels of the economy of a nation, i.e., the production and consumption. Marketing by balancing production with consumption, provides stable prices, full employment and a strong economy.
9. Marketing Acts as a Basis for Making Decisions
An entrepreneur is confronted with many problems as to what, how, when, how much and for whom to produce? In the past, there were lesser problems on account of local markets and direct link between the producers and the consumers. But in modern times, marketing has become very complex and tedious. It has emerged as a new specialized activity along with production. As a result, producers are largely dependent upon marketing mechanism to decide which, how, when and how much to produce.
10. Marketing Provides Maximum Satisfaction of Human Wants
It serves as an effective link between business and society, it removes hindrances of knowledge, it educates people, cultivates their minds, lures them to buy the best and thus enables them to ultimately get maximum satisfaction.
Muckem Investments is a marketing and branding company based in Kwekwe, Zimbabwe. It also has an online shop which is subdivided into two, with one section catering for all other goods and another operating as an online bookshop.
www.muckem.com /: email@example.com /+263773388035 /+263782661943