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Role of marketing & advertising in business and society

1. Marketing and advertising form the core of all business activities. They determine what products the customers want and need and how to deliver, price, and promote those products.

In your opinion, what will happen if marketing and advertising are outlawed and made illegal? How will this impact the society we live in? In your responses, discuss the societal role of marketing and the value it provides to society.

2. How does the global economy of the twenty-first century differ from that of the early twentieth century? What are the major factors driving these changes? Discuss at least three changes and their drivers

Solution Preview

Please see the attached. Please note that my input is only intended to provide you ideas for writing your own answers to these questions.

Q. 1

You can answer this question by expanding the following points.

1. The economic, commercial and technological development that we have seen since industrial revolution was not possible without the use of marketing and advertising activities. Mass production and distribution of goods and services was impossible without marketing and that would have challenged the financial viability of many industrial projects.

2. Introduction of new technologies and products is not possible without marketing and advertising. If newly developed products are not produced on a large scale their cost cannot reduced for commercialization. Marketing initiatives enable companies to produce and market new products on a large scale, which in turn makes these products affordable for larger group of customers. We have seen many examples of such products, cell phones, laptops and internet service are few ...

Solution Summary

Marketing and advertising play a critical role in the growth and development of business, economy and society in general. In the absence of these important business activities we could not imagine the technological and economic development that we have seen over the past five decades. In this solution you will find out how marketing and advertising contribute in business and economic developments and what are the major drivers of change in the current environment.

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