Major Importance of Marketing

Marketing Helps in Transfer, Exchange, and Movement of Goods

Marketing is very helpful in transfer, exchange, and movement of goods. Goods and services are made available to customers through various intermediaries’ viz., wholesalers and retailers, etc. Marketing is helpful to both producers and consumers.

Marketing Creates Employment

Marketing is a complex mechanism involving many people in one form or the other. The major marketing functions are buying, selling, financing, transport, warehousing, risk bearing, and standardization, etc. In each such function different activities are performed by a large number of individuals and bodies.
Thus, marketing gives employment to many people. It is estimated that about 40% of the total population is directly or indirectly dependent upon marketing. In the modern era of large scale production and industrialization, the role of marketing has widened.

Marketing as a Source of Income and Revenue

The performance of the marketing function is all important because it is the only way through which the concern could generate revenue or income and bring in profits. Buskirk has pointed out that, “Any activity connected with obtaining income is a marketing action. It is all too easy for the accountant, engineer, etc., to operate under the broad assumption that the Company will realize many dollars in total sales volume.
However, someone must actually go into the market place and obtain dollars from society in order to sustain the activities of the company, because without these funds the organization will perish.”

Marketing Acts as a Source of New Ideas

The concept of marketing is a dynamic concept. It has changed altogether with the passage of time. Such changes have far-reaching effects on production and distribution. With the rapid change in tastes and preference of people, marketing has to come up with the same.
Marketing as an instrument of measurement gives scope for understanding this new demand pattern and thereby produce and make available the goods accordingly.

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