Please explain what the role of marketing is in society today.
Marketing plays vital roles in the economic growth and overall development of a society. The major roles of marketing in the national economy can be thought of in terms of:
· specialization in activities of comparative advantage
· enhanced resource-use efficiency and trade
· advances in marketing with economic growth.
* Specialization in activities of comparative advantage
Without market facilities, areas must maintain diversified activities to produce their own food, shelter, tools and other needed goods. In the presence of a market, however, an individual can specialize in one activity and sell the surplus in order to purchase other needed goods. The individual is likely to specialize on the basis of a comparative advantage in that activity for which he or she has some special resource or ability. A comparative advantage exists when an individual or region can produce a good, relative to the price of ...
The role of marketing in society today is explained.