What Is The Role Of Marketing In Our Economy?

Marketing is crucial for any economy to survive. People who work in marketing are responsible for promoting businesses, organizations, products, incentives, ideas, and plans. Marketing is a tool used both to determine what products, ideas, or plans that customers are interested in purchasing, and to create new ways of advertising the products, ideas, or plans to the market. Marketing also allows the company to create a more personal relationship with their customers or clients. Without marketing, companies would struggle with advertising their products to the market. They would not know what their targets are and they would not be able to create a successful advertisement.

One task of a marketer is to determine which market the company/organization is targeting. For example, a fast food restaurant would target children as being the market for their kid's meals. Next, the marketer would determine what the market's needs are. A market for this same fast food chain might determine that children need a fun and nutritious meal at their restaurant. The marketer must also develop a relationship with the market. This fast food restaurant could use television or product placement in a film to do this. This can also be seen as advertising.

The sale takes place during the advertisement. If a child sees a cartoon character on television advertising this kid's meal, they will immediately be sold on wanting the kid's meal badly. They might even harass their parents until they receive this kid's meal. Other parts of advertising might include doing surveys to see if the product is well-liked. For example, if the need of the market in this case is a nutritious meal, a kid's meal comprised of greasy fried food would not fare well in the market. Branding is another aspect of marketing. Many children associate golden arches with their favorite kids meal.

Because marketing can provide a country enough money.

Why is marketing a essential for a country.

The role of marketing in any economy is to make the salesman's job easier. Whether it's database mining to build a targeted customer profile, creating sales collateral that communicate the product or service, maintaining a large scale advertising campaign to build mind share, or training the sales and customer service team to improve the customer experience thus building trust in the brand and repeat business. All in all the role of marketing is to sales the tools to close the deal more quickly with less effort. Strategies and Tactics will vary from industry to industry and the stage of growth at which a company may be. Budgetary constraints are also a concern. But no matter what, good marketing helps sales close the deal.

Marketing is important to a country's economy since it helps with the growth of businesses.
People are encourage to buy as industries produce to suit the needs and wants of its customers.  With marketing countries or nations are able to trade with each other, thus gaining competitive advantage.