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Explain the Role of Marketing Concept in A Developing Economy

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If we consider the economic development of the whole country, we will know the role of the marketing concept. We will know that it has acquired an important place in the economic development of the whole country. Due to the efficiency of the production methods, the output is increasing. As a result, we have to face the problem of surplus production. To sell the surplus products, we have to spend money on marketing. When the sales will continue to grow, the importance of marketing will also start to grow. Here, we will discuss the role of marketing concept in developing countries.

Marketing Will Decrease Distribution Cost:

To control the cost of distribution is an important role of marketing concept in developing countries. In developing countries, the companies have to face the problems of distribution costs. Due to the increase in the distribution prices, we will observe its direct impact on the total price of the product. When we will utilize the marketing concept, we can easily control the distribution prices. When we will get success in controlling the distribution prices, we will observe its direct impact on the total price of the product.

Increases Employment Opportunities:

Another role of marketing concept in developing countries is that it is increasing employment opportunities. Its reason is that it is creating lots of activities for the people. In these activities, there come advertisements, sales and branding etc. These activities are showing that we require people to work in different areas. The marketing concept is creating employment opportunities for the people. To run successful marketing activities, we require retailers, wholesalers and much more. These activities are offering lots of job opportunities for people in developing countries.

Increasing National Income:

If we are running successful marketing concepts, these concepts will increase the demand for products and services in the country. By keeping in mind this increased demand; the companies have to increase their productions. These things will increase the income of the companies. Another role of marketing concept is that we can advertise our products in other countries. When other countries will post the orders, this thing will increase the exports of our country. This thing will last a direct impact on the national income. Moreover, it will also provide enough benefits for the whole country.

Facilitates Choices:

No doubt, the companies should be very careful while introducing new products. Its reason is that they have to accomplish the needs of various clients. To accomplish the needs of various clients, they have to introduce different products for them. For this reason, they can introduce different verities of the products. They can also introduce different designs and colours of the products. Moreover, they can also introduce different sizes of the products. After producing these products, you will have to market these products. When you will market the products, you can provide different choices for the customers.

Customer Satisfaction:

According to an assignment writing firm, we can’t deny this role of marketing concept in a developing economy. In the developing economy, it is difficult for us to satisfy the customers about the quality of the local products. To overcome this problem, we can make use of the marketing concept. Nowadays, its main focus is on the customer-orientation. It means that it has to maximize the satisfaction of the customers. We should tell the customers that we have developed products based on their needs and tastes. For the satisfaction of the customers, we have to advertise the products on suitable channels. This thing also provides an idea about the suitable channels for marketing.

Provides help in Business Planning and Decision Making:

If you are going to launch a new business, business planning and decision making will play a vital role. Here, marketing will also play a vital role. If we look at the modern economies, we will know that they make plans for the businesses based on the sales forecast and production capacity. It means that the firm has to decide to produce the products that it can sell. Moreover, it has to decide the quantity of the products. They make all of these decisions by utilizing the marketing concept. If we are using marketing concepts in the developing economy, we can also achieve these benefits. If we get success in achieving these benefits, it will be the biggest role of marketing concept in a developing country.

A Way of Communication Between Firm and Society:

Nowadays, if we want to run a successful business, we should also understand the importance of communication between firms and society. Without communication between the firm and society, the firm doesn’t know the needs and requirements of the customers. If a firm fails to fulfil the needs and requirements of the customers, customers will not like its products and services. When we will utilize the marketing techniques, we can easily understand the behaviour of the customers. After establishing effective communication between the firm and society, we can easily sell products thousands of kilometres away from the firm.

Necessary for Developing Country:

We can’t deny the role of marketing concept in developing countries. The developing countries are facing the problems of production of goods and services. If these countries manage to increase the productions, it is not enough for them. Here, we will have to introduce an efficient distribution model. For the introduction of this efficient distribution model, we should understand the need and importance of marketing. After understanding the need and importance of marketing, the developing countries can also increase their exports. These exports will increase their national income.

Conclusion:

In the present global world, we can’t deny the role of marketing concept in the economic growth of a country. In developing countries, this concept mobilizes economic resources. Moreover, it is also creating additional production ideas for the people. By utilizing these additional production ideas, we can overcome unemployment issues in society. It is also the best way to enlarge the size of the market. As a result, it can easily stimulate aggregate demand. If we will market the basic products in the country, it will improve its supply. Moreover, it is also adding additional revenue to the national income of a country.

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