Thursday, 28 August 2014

Importance of Marketing to socioeconomic development

     Marketing creates employment, as a profession it can create jobs like advertising manager, public relations manager, media planning manager, sales strategy manager, brand managers etc.
     Marketing raises people’s standards of living, marketing can raise the standard of living of both the marketer and the consumers since they will have proper knowledge of the product they are consuming through marketing.
     Marketing pays for most of the entertainment and news that the mass media provides to the public. Through the huge marketing budget that most established companies have, marketing is able to pay for all its personnel and activities that goes around the marketing processes.  
     Marketing facilitates international trade , through marketing international companies are able to find markets for their products and services, many firms are now able to compete both locally and internationally through marketing of their products and services.
     Marketing leads to improvement of infrastructure .i e for banking industry where they have more teller points, more services like mobile banking, cash point to attract more clients to their services and products.
     Marketing improves social economic status of the citizens, marketing helps to raise the standards of living of the marketers as professionals and it also improves the lives of the consumers as they are now consume more competitive products and enjoy better quality services.
     Information generation is a strategic role of marketing. Through marketing, information about the product i.e. benefits, usage, expiry dates, is given which makes the consumer knowledgeable about the product. Marketing departments can also have their marketing intelligence/research units gather information on what is happening in the market. 
     Marketing makes possible the availability of the much needed foreign exchange. By engaging in both export and import trade a country is able to have a balanced foreign account thereby meeting its foreign exchange needs.
     Marketing provides incentives for innovativeness, inventions and efficiency.
     Marketing provides entrepreneurial talents/ opportunities especially for the small-scale market intermediaries. Marketing as a profession has created many entrepreneurs, e.g. in the media industry we have many advertising agencies owned by many Kenyan entrepreneurs like Aegeis and Saracen.  
     Marketing leads to accumulation of capital through enhanced savings, for instance in the financial sector i.e. the banks and insurance companies give very good incentives to attract many client to do savings with them, e.g.  Faulu bank, this has been achieved through marketing of these products and services.
     Marketing stimulates demand which in turn enhances production and increased utilization of resources. Through sales promotions, advertising, CSR, PR activities product and services consumption is highly enhanced. This helps in providing information about the product and in turn influencing the consumer purchasing decisions.

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