The Role of Marketing in Business
Here, suffice it to say that the role of marketing cannot be over emphasized. Let us look at the following.
The first role is that it stimulates potential aggregate demand, and thus, enlarges the size of the market. You may ask how it helps in the economic growth of a country.
The answer is that- through stimulation of demand, people are motivated to work harder and earn additional money (income) to buy the various ideas, goods and services being marketed.
An additional advantage which accrues in the above context is that it accelerates the process of monetizing the economy, which in turn facilitates the transfer of investible resources.
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Another important role of marketing is that it helps in the discovery of entrepreneurial talent. Peter Drucker, a celebrated writer in Management, makes this point very clear when he observes that marketing is a multiplier of managers and entrepreneurs.
It helps in sustaining and improving the existing levels of employment. You may wish to ask, how this can be made possible. The answer is that when a country advances economically, it takes more and more people to distribute goods; and while it takes, proportionately, a lesser number to make them.
That is, from the employment point of view, production becomes relative significant than marketing and the related services of transportation, finance, communication, insurance, etc. which spring around it becomes important.
In summary, although marketing cannot operate in isolation of other sectors of the economy; it plays an important role in economic development, since goods by themselves cannot get to the target users except through marketing institutions.
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