Marketing has even greater importance and

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cannot design until the basic market determinations have been made”. Marketing has even greater importance and significance for the society as a whole than for any of the individual beneficiaries of the marketing process, and can be expressed as follows: 1. Importance of Marketing to the Society 1. Marketing helps to achieve, maintain and raise the standard of living of the society: Despite the difference in the level of living, every member of the society requires certain commodities and services to enjoy to make his living decent and gracious. Therefore for everything and anything, everybody has to depend completely on this gigantic system i.e. marketing. Thus the shirts and pants you wear, the hair oil and toothpastes that you apply, the face powder and snow that you use in make- up, the medicines you consume, the cycle you ride on, the cars and scooters that you drive, the food you eat, the drinks, scold or hot you drink-all are made available by marketing. Marketing is the means through which production and purchasing power are converted into consumption. Hence Paul Mazur states that marketing is the delivery of standard of living. Prof. Malcolm Nair improved Mazur’s statement and has said tha t “Marketing is the creation and delivery of standard of living to the society” Marketing process brings new variety of useful and quality goods to consumers. This raises the standard of living. Better marketing gives room for mass production. Under mass production, cost of production will be low and hence price of the article will be low. Since price is low people can buy more goods for their money. This will result in a higher standard of living. 2. Marketing increases employment opportunities: Marketing process increases employment opportunities. Just as every industry provides employment opportunities to thousands of skilled and unskilled labour in various capacities, marketing also provides employment to millions of people. Marketing is a complex mechanism involving number of functions and sub-functions which call for different specialized persons for employment. The major marketing functions are buying and selling, transport, warehousing, financing, risk bearing, market information and standardization. In each such function, different activities are to be performed by a large number of individuals or institutions. It is said that roughly 30 to 40% of the population depend directly or indirectly on marketing. 3. Marketing helps to increase national incom e: The nation’s income is composed of goods and services which money can buy. Efficient system of marketing reduces the cost to the minimum, this in turn lowers the prices and the consumer’s purchasing power increases. This will increase the national income. 4. Marketing helps to maintain economic stability and development: Economic stability is the sign of any efficient and dynamic economy. Economic stability is maintained only when there is a balance of supply and demand. If production is more than demand, the excess goods cannot be sold at acceptable prices. Then the stocks of goods would be piled up and there would be glut in the market, resulting Annamalai University
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