The Role of Marketing in Economic Growth

Marketing plays a vital role in economic growth in the present global world. It ensures the

planned economic growth in the developing economy where the scarcity of goods, services,

ideas and excessive unemployment, thereby marketing efforts are needed for mobilization of

economic resources for additional 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 of output without which there is no possibility of mobilization of goods and

services which is the key point 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 of investible resources.

� It helps in discovery of entrepreneurial talent.

� Intermediate industrial goods and Semi-industrial products etc. essentially marketed for

industrial purpose 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 grow the 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. Social marketing can be defined as the design, implementation and control of

programmers calculated to influences 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

the demands of analyzing and utilizing the large scale information gathered from customers.

To predict the consequent business strategy by using technology, it is required to evaluate

the customer performance, discover the trends or patterns in customer behavior. For this

purpose the in modern world using 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 to provide equitable distribution at minimum social costs by setting ceiling and floor

prices of foods grains and industrial raw materials, setting maximum whole sale and retail

prices of scarce consumer products etc. which ensures the smooth flow of essential goods and

even influencing the decisions pertaining to distribution and advertising. Even though the

economic recession affects the market at a larger extent, it plays major role in economic

growth.

The end result will be the maximization of growth of the economy in order to provide higher

standard of living for all and the development of a economic levels of the people that

fosters entrepreneurialism.

Semoga artikel The Role of Marketing in Economic Growth bermanfaat bagi Anda. Jika kamu suka dengan artikel The Role of Marketing in Economic Growth ini, like dan bagikan ketemanmu.