Marketing in Different Stages of Economic Development

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MARKETING IN DIFFERENT STAGES OF
ECONOMIC DEVELOPMENT

MARKETING:- Marketing is about identifying & meeting human and social needs or we can say in short that marketing is meeting needs profitably. It is the activity, set of institutions & process for creating, communication, delivering & exchanging offerings that have value for customers, clients, partners and society at large. Marketing satisfy individual and social values, needs and wants- through production of goods and services with innovation and creating sense of satisfaction. This basically focus on the customers. It helps in integration of economy into society to serve human needs. ECONOMIC DEVELOPMENT:- Economic development is generally understood to mean an increase in National Production that results in an increase in Average per Capita Gross National Product (GNP). An increase in average per capita GNP also however is not sufficient to denote the implied or expected meaning of economic development. Besides an increase in average per capita GNP, most interpretation of the concept imply a wide spread distribution of income as well. Economic development as commonly define today, acc. To KENEN (2000) also tends to means “rapid growth improvement achieved in decades rather than in centuries”. The strategies of economic development among others include Industrialization which incidentally, is the fundamental objective o most developing countries. Economic goals include following things:- * Satisfaction of such non material needs as better education for all. * Better & more effective government.

* The elimination of social inequalities.
* Improvement in moral and ethical responsibilities of both the public and private sectorof economy. ROLE OF MARKETING IN ECONOMIC DEVELOPMENT:-
In order to achieve the objectives of the economic development, one should be concerned with basic institution of industrial society in general & with the management in particular. Definitely one cannot successfully accomplish such activities without direct concern with marketing. Marketing is the central part of the economic development. Marketing can be integrated with buyers, sellers & different regions and society of the economy. It ensures the planned economic growth in the developing economy where the scarcity of goods, services, ideas & excessive unemployment, there by 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 helps in building capital.

* Marketing in basic industries like agriculture, mining, plantation industries helps in distribution of output without there is no possibility of mobilization of goods and services which is the key point for economic growth. These industries are the backbone of the economy. * It also accelerates the process of monetizing the economy which inturn facilitates the transfer of investible resources. * It helps in discovery of entrepreneurial talent.

* Helps in developing economic growth of industrial sector. * In export trade and services like tourism and banking etc. marketing plays an eminent role in order to grow the economy. CONCEPT OF LPG (LIBERALISATION, PRIVATISATION, AND GLOBELISATION):- After independence, there are various problems faced by Indian economy which gave birth to economic reform which include the concept of LPG i.e. Liberalization, Privatization, globalization. This help in the development of the Indian economy.

PROBLEM FACED BY INDIAN ECONOMY AFTER INDEPENDENCE OR PRE ECONOMIC REFORM ERA:- * Inefficient management:- At that time public sector enterprises are managed by public servants & they are not professionally qualified and are not expert so it creat inefficiency. * Lack of efficiency:- Public sector was not very efficient and...
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