THE IMPORTANCE OF MARKETING IN A SOCIETY

It is generally accepted that the standard of living of people of any society is determined by the level and quality of marketing activities carried out by various parties within a society, individuals and households are fulfilling their need and want through the marketing function taking place within the society.

 Unless such a marketing function, it would not have been able to match the heterogeneous supply of the production sector with the heterogeneous demand of the households of any economy. There are a number of discrepancies and gaps between this heterogeneous supply and demand which is illustrated the following diagram

Unless these discrepancies and gaps are eliminated. We cannot expect a continuous and smooth flow of products moving from the production sector to household sector. If so ,the level and quality of products consumed by the household sector is shrinking and thus reducing their level of standard of living. However, any society or economy has a macro marketing system comprising manufactures, suppliers and various intermediaries who perform various marketing activities such as manufacturing, pricing, distributing, promoting, selling etc. which are called universal marketing functions. By performing these functions, macro marketing system can eliminate such discrepancies and gaps between producers and consumers and continue a flow of need satisfying goods and services.