Marketing plays a vital role in economic growth in the present global world. It ensures the planned economic growth in the developing economy where the scarcity of goods, services, ideas and excessive unemployment, thereby marketing efforts are needed for mobilization of economic resources for additional production of ideas, goods and services resulting in greater employment.
• Marketing stimulates the aggregate demand thereby enlarges the size of market.
• Marketing in basic industries, agriculture, mining and plantation industries helps in distribution of output without which there is no possibility of mobilization of goods and services which is the key point for economic growth. These industries are the back bone of economic growth.
• It also accelerates the process of monetizing the economy which in turn facilitates the transfer of investible resources.
• It helps in discovery of entrepreneurial talent.
• Intermediate industrial goods and Semi-industrial products etc. essentially marketed for industrial purpose in order to develop the industrial sector with a view to economic growth.
• In Export trade and services like tourism and baking marketing plays eminent role in order to grow the economy.
Now days economic and social changes are necessary for bring about the development of a nation. Social changes are brought about in a planned manner through social marketing technology. Social marketing can be defined as the design, implementation and control of programmers calculated to influences the acceptability of social ideas and involving consideration of product planning, pricing, communication, distribution and marketing research.
With the rapid growing marketing business, technology is playing a more important role in the demands of analyzing and utilizing the large scale information gathered from customers. To predict the consequent business strategy by using technology, it is required to evaluate the customer performance, discover the trends or patterns in customer behavior. For this purpose the in modern world using the technology at a maximum level by e-commerce, internet marketing and services etc.
Even though in several developing countries, Government involves in marketing efforts in order to provide equitable distribution at minimum social costs by setting ceiling and floor prices of foods grains and industrial raw materials, setting maximum whole sale and retail prices of scarce consumer products etc. which ensures the smooth flow of essential goods and even influencing the decisions pertaining to distribution and advertising. Even though the economic recession affects the market at a larger extent, it plays major role in economic growth.
The end result will be the maximization of growth of the economy in order to provide higher standard of living for all and the development of a economic levels of the people that fosters entrepreneurialism.