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- Do you know what role does marketing plays in our society and how marketing benefits society?
- Marketing is important for businesses, but it is equally important for consumers, too.
- It encourages competition resulting in a better quality of products.
- It educates consumers.
- It balances the demand and supply of products.
- It also supports research and development.
If you know the role of marketing for businesses but have no idea how advertising is good for society, we are here to explain what role does marketing play in our society and why marketing is important in our society.
Marketing is the art and science of communicating, interacting, and influencing potential clients and consumers to affect their opinion in purchasing one’s product or hire advertised services. Traditional marketing is considered one of the best strategies to promote products and make huge profits. Marketing helps millions of small businesses expand their turf and grow beyond imagination. This article helps us understand how marketing affects society holistically.
What role does marketinImportance of Marketing
What role does marketing play in our society
The role of marketing reflects on the economy of a nation. Marketing identifies the right consumers for the product and efficiently promotes particular goods and services that result in business growth and wealth generation.
Besides, marketing also helps businesses understand consumer behavior toward their product. With good publicity, an average product can become a phenomenal success overnight. Marketing is necessary for sales. Marketers use various techniques like event organization, Hi-ea, Free coupons, vouchers courtesy calls for securing potential customers for their products and services.
Is Advertising Good for Society?
Now let’s check what role does marketing play in our society.
You must be aware of what role business plays in society. Here we are going to answer how marketing benefits society.
Marketing campaigns directly or indirectly affect our society. People rely upon brands to showcase their products and services, whether clothes, food, vehicles, cosmetics, mobiles, education, travel, in a manner that would influence hoi polloi to purchase such commodities. Marketing shapes our lifestyles. Marketing agencies heavily influence people deciding what to wear, eat, or travel on the upcoming holiday. Following are some of the prospects on how the economic benefits of marketing.
People learn about the products and services available through internet marketing and sales. Marketing identifies people’s needs and presents solutions to their problems by educating them about different products or services that cater to their needs. Hence, in this way, marketing helps people make informed decisions about their purchases.
Marketing also manages people’s expectations by presenting facts and figures about their favorite products. Customers generally choose to stick to trusted brands for the long term, and this is how brand loyalty assists in generating consistent profits for the businesses.
Marketing, as an exceptional mass communication tool, serves the purpose of consumer satisfaction and gratification. Marketing personnel simply provide the information about certain products or services in an articulated manner so that the consumer feels that the product or service is trustworthy.
Therefore, marketing plays an important role in improving the quality of life for the commoner by communicating valuable information about quality products and services, keeping the business’s integrity intact. Customers feel content when they receive useful information about their cherished products at their disposal free of charge.
Assisting Demand & Supply
Apart from the usual economic benefits of marketing, good marketing strategies increase profits for businesses and help with several industrial indicators like demand and supply correlations. The companies can analyze and forecast the demand for their products and accordingly manage their supply chain to cope with uncertainties. Promotional campaigns also help keep a check on inflation and discourage hoarding practices.
The industries are not enough to eradicate unemployment from society. The sales and Marketing industry also offers employment opportunities to many young and enthusiastic professionals. The market cap of the marketing industry is increasing with each passing day. People have made fortunes by working for a few years in this industry. It helps people transform their lives with massive wealth and early retirements.
Marketing is an essential tool for long-term businesses sustainability and existence. Industries can not grow without having a harmony of the commercial sector. In simple words, if the product produced in a certain part of the country is not advertised throughout the country and on international avenues, its popularity may fade away rapidly. The product will disappear from the market in no time.
People tend to follow role models. For example, Hollywood celebrities, sports figures, political or spiritual leaders; when people watch these people drive the car of a certain company or use shampoo of a particular brand, they unknowingly want to follow the same. The tv commercials we see, the billboards we try to ignore while driving, or the YouTube Ad we hate influence our subconscious mind. Marketing agencies using such techniques to promote their branded products.
Marketing influences people’s decisions. As we are living in a utilitarian society advertising and marketing affect our needs and requirements as well. People often change their priorities about buying a product when they see its multiple uses and affordable price. Moreover, as the world is continuously changing, the new technologies, vehicles, daily used products, electronic gadgets, cellphones, televisions are also changing rapidly. Marketing helps us get used to new things, technologies, and services in a very subtle manner. In this way, marketing helps promote adaptability in society.
Economic Benefits of Marketing
We can not ignore the value of marketing, as its impacts on foreign exchange earnings are also tremendous for a country. We see the multinational companies operating in several countries supplying and distributing imported or exported products, creating job opportunities in the local society, and generating wealth for the country on the international avenue. Whether traditional or digital, good marketing campaigns pave the way to enhance the country’s gross domestic product (GDP).
Promoting Research and Development
Marketing has helped remove the stigma of conservative practices from society. Marketing not only helps customers reach quality products at a reasonable rate, but it also helps companies understand consumer behaviors. The companies can mold their products as per the traditional and customary values of certain communities. For example, MacDonald’s and KFC adhering to Halal meat in Muslim countries.
Improving Quality of life
Marketing also affects the quality of life in a society indirectly. As the promotional activities for quality products and trustworthy services introduce masses to better, more durable products, their lives are transformed. For instance, better opportunities for your child’s education at minimal expense, saving plans, travel and healthcare, cosmetics, automobiles, pharmaceuticals, housing facilities, food, clothing, fashion, and so on; all chapters of human life are associated with advertisements marketing. The marketing culture also helps create competition among companies, and as a result, quality products are available at low prices.
Types of marketing
The traditional sales and marketing industry has remained a significant contributor to a nation’s economy and welfare for centuries. Traditional marketing practices involve advertisements and commercials on print and electronic media; that includes radio, television, newspapers, magazines, flyers; and billboards, hoarding, etc.
The development in telecommunication infrastructure has made marketing possible through digital marketing, social media marketing, and email. Earlier marketing was limited to TVs and billboards and quite expensive, but now with the internet at our disposal, marketing has become cost-effective and affordable.
However, after technological developments and the internet’s overwhelming success, marketing has also evolved. Now, internet marketing is also contributing towards economic prosperity. Marketing using the internet has become a necessity for businesses now.
The Good and Bad Marketing
Marketing is a mass communication tool that helps organizations interact with the public. The impression people conceive about offered goods and services depends upon how pleasing their interaction has remained with the marketers. An example of Bad Marketing is elaborated below.
A few decades ago, cigarettes were promoted through TV commercials. In such advertisements, cigarettes were presented associated with daring and chivalrous personalities, adrenaline rush, and achieving impossible tasks. However, the disclaimer about heart and lung diseases is also shown, but when people become addicted to nicotine, it is impossible to get rid of cigarettes for them. Even though the government has now imposed a ban on such advertisements, the sales are still skyrocketing, generating profits for big companies at the risk of people’s lives.
So if we think about it, has advertisement played a negative role in this case? I am sure marketing personnel did their job well as their only purpose was to increase sales and achieve it. But at what cost? At the risk of people dying young. This is the dilemma we face today. Similarly, the drinks advertised are a grave health risk, but tv commercials and marketing campaigns are allowed for such products.
Marketing is not necessarily evil. We have witnessed positive marketing campaigns like the government’s healthcare campaigns for vaccination, free agricultural consultation helpline, and others. People’s lives generally transform for the better due to marketing, and consequently, their quality of life improves. Furthermore, we cannot disregard the economic prospects linked with marketing.
In addition to the points mentioned above, corporate social responsibility is associated with promoting products and services. Research indicates that marketing agencies do not honor their social responsibility, especially in third-world countries.
Role of Business in Society
Businesses create employment opportunities. These business activities help build economies by generating wealth and circulating money. Businesses provide a venture for interaction with other industries. For example, the construction industry is linked with almost 52 industries, including steel fabricating, cement producing, plumbing accessories, masonry, electrical equipment, carpentry, and other industries.
It is important on the government’s part to take necessary steps for encouraging business activities and nourishing existing businesses. The freedom to do business is a vital element for a country’s success. People in business can be encouraged to invest in a new business venture by giving taxes subsidies in power consumption tariffs etc.
- What is the main role of marketing?
Ans: Marketing is a vital business function. People rely upon brands to showcase their products and services, whether clothes, food, vehicles, cosmetics, mobiles, education, travel, in a manner that would influence hoi polloi to purchase such commodities.
- What is the importance of marketing in our daily lives and how it impacts our quality of life?
Ans: The world we live in is constantly changing. Even the daily needs and requirements of people are also transitioning. Hence to cope up with changing demands evolving marketing strategies are employed. As the promotional activities for quality products and trustworthy services introduce masses to better, more durable products, their lives are transformed. The marketing culture also helps create competition among companies, and as a result, quality products are available at low prices.
- Why is marketing essential for businesses?
Ans: To increase client and consumer outreach, expand the business, increase sales and enhance profits, it is imperative for any business today to either keep an in-house marketing team or outsource to a marketing agency.
- What are the types of Marketing?
Ans: There are two types of marketing. The first is “Traditional” marketing practices involve advertisements and commercials on print and electronic media; that includes radio, television, newspapers, magazines, flyers; and billboards, hoarding, etc. the second is “internet marketing,” which is also contributing towards economic prosperity. Marketing using the internet has become a necessity for businesses now.
- What is the role of marketing in the economic growth of society?
Ans: Advertisements and promotional activities increase customer’s choices. Marketing helps competition prevail in society and enables consumers to make informed decisions. Furthermore, Marketing promotes the economic activity of a society. It mitigates unemployment and promotes a free market.
In a nutshell, we can say that marketing affects all the businesses operating in society. Marketing, advertisement, and promotional activities influence people individually and collectively. Marketing is a viable lucrative business opportunity. The marketing industry can be a game-changer if nurtured and incubated in a healthy atmosphere. Marketing is essential for the survival of businesses today. Marketing impacts the financial capacities of societies.
Marketing promotes creativity as well. The versatility and creative abilities of marketers are always appreciated. Marketing can generate an exceptional amount of wealth too. The prospects to pursue marketing as a professional career choice are also very bright.
Here is a quick question for you:
Which of the following do you think are impacts of marketing on our society?
- Improvement of quality of life
- Economic growth of a society
- Improvement in business growth in an area
- Eradicating unemployment
- Altering our living patterns badly
If you are looking for a digital marketing agency that has been playing a positive role in society, TA Zonix can be your perfect partner.