Significance of marketing

Any economy, developed or under-developed or developing, whether pure or cock-tailed, is a market oriented economy. Industry, today, involves the production of all the essential goods for a profitable sale rather than for self or borne consumption by the producer and his immediate households. Since, ‘profit maximization’ is the watchword of any prudent producer and discerning distributor, this marketing system, constitutes the bed-rock foundation for the production. That is, production and marketing are the two pillars of an efficient economy, where as, production and consumption are the two wheels of an economy which are linked by the powerful belt of marketing. By its very nature, a market  oriented economy is a dynamic economy, characterized by the steady growth and expansion of markets. In such an economic system, it is the function of marketing system to transform the benefits of productive efficiency in terms of higher levels of living via distribution. If the levels of living are low in any country then that can be directly attributed to the least developed marketing system. The need for the market grows out of the division of labour, mass and specialized production calls for the existence of mass markets in which the entire output can be put in or pushed out at a reasonable margin of profit. To reach the far-flung markets of the world, marketing services are inevitable.

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