Marketing's Role in Indian Economy

Topics: Marketing, Economy, Economics Pages: 11 (2557 words) Published: September 7, 2009
“Marketing‘s role is to ensure the continuance in growth of economies and the individual’s standard of living” ( M.J.Baker, 1985).

According to the statement given by M.J.Baker, Marketing plays a vital role in the economic growth of the country periodically and sustain individuals standard of living.

Marketing Definition “Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others” (Philip Kotler). Basically human need is state of deprivation or neediness where the people require food, shelter, clothing, belonging, esteem to live up their life. These needs are not created by the society or either the marketers, it is the existing nature of human biology and human condition. Even though the human needs of the people are few, their wants are many, this is because they are continuously shaped or reshaped by the social forces and their environment which include institutions, families, and business corporations. “Wants of the specific product” is the demand of the people and their willingness to buy them. Companies should not only measure how many people want to buy their product but also the people who are willing and able to buy it. This willingness should be created by the company. Here comes the Marketing principle how well the company sell their product and satisfy the needs of the customer (Narayana Rao K.V.S.S)

Market- “Consists of potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want”(Philip Kotler).

Marketer- “A Marketer is some one seeking one or more customers who might engage in an exchange of values”. Marketers are the one who influence demands on the product by making the product attractive, appropriate, affordable, and easily available to target consumers. People living in different societies or Environment prefer different types of food items, different types of apparel and even different types of jewellery. A product is said to be anything that can be offered to satisfy a need or want (Narayana Rao K.V.S.S).

Buyers have different preferences for attributes of a generic product. A marketer may have to focus on a particular group of potential buyers for product with specific attribute (Narayana Rao K.V.S.S). Marketing is all about satisfying the needs and wants of the consumers in order to make profitability to the company. Individuals standard of living mainly rely on the concept of marketing, Marketing improves the standard of living by means of bringing new products to the market periodically. Marketing strategy creates an impact on the peoples mind about the new product and making them adaptable to the product easily through their marketing plan.

Today the companies are operating in a marketplace where survival of the fittest is the law. In order to win, the companies are coming out with various new products and evolving strategies. Once the standard of living is improved the economic growth of the country also improves. Of all the tools available to keep our economy growing, Marketing is the most important, potentially the most powerful and currently the least effective tool, because two third of the economy is based directly on the consumer spending.

Marketing sector in India has made remarkable change in the development progress of the countries economy. Over the years India has undergone different change in their technological development, International Competition among countries, Great growth of global trade, Strategic alliances and International relationship. The early economic sectors of the country were mainly skill based and capital intensive while the new economic sectors are more information intensive based, this is because of the introduction of...

Bibliography: [2] Philip Kotler (1999), “Marketing Management (Millennium Edition)”.
[3] Kalman Appalbaum (2003, p 75-119)., “The Marketing Era ”, Global Marketing Practice.
[4] Elliott Ettenberg (2002, p 27-49)., “The Next Economy 2002”, The Marketing Impotence.
[5] Clarence J. Miller (1967), “Marketing and Economic development”.
[6] James E. Littlefield, Magdolna Csath (1988), “Marketing and economic development: Issues and Opinions”.
[7] Gordon Whitford Smith (1985), “International Debt and Developing Countries”.
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