Marketing is Essential for the Growth of a Country's Economy. Discuss.

Marketing, in my opinion,
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. In fact it can be
argued that the acceptance and implementation, by a government, of a customer-oriented
marketing philosophy should be, and is essential as, the first step in the economic development of
a developing country (DC). However, most DC's begin their economic development by trying to
develop a manufacturing sector, paying little or no attention to markets and forces, and the
development of a customer oriented; marketing viewpoint requires almost a sea change in culture
and accepted wisdom.

• 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 banking marketing plays eminent role in order to
grow the economy. Investment is desperately needed by any DC for its economic and social
development, and here, too, the marketing approach can make a major contribution. The DC can
earn income in the international markets, in order to be able to provide the money for domestic
investment. This can be done by the DC government or businessman studying foreign markets first.
Then, identifying the few areas whose needs the DC can satisfy better than can their international
competitors; develop an appropriate product concept to guide their manufacturing or other
production center; and then attract sales with a carefully designed marketing mix.

• A marketing imperative will lead to a free market, free enterprise, democratic society as the DC
responds to the pressure of a competitive arena, which seeks the highest quality product at the
lowest price. Individuals will create much of the needed institutional infrastructure, as they
recognize the opportunities for profit that arise. The end result will be a higher standard of living for
all and the development of a humanistic culture that fosters entrepreneurialism, and the decline, if
not the demise, of non-representative government.

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.