Importance of Marketing for theEconomic Development of a CountryMarketing has acquired an important place for the economic development of thewhole country. It has also become a necessity for attaining the object of socialwelfare.As a result of it, marketing is considered to be the most important activity in abusiness enterprise while at the early stage of development it was considered to bethe last activity. For convenience, the importance of marketing may be explained asunder:I) Delivery of standard of living to the society:A society is a mixture of diverse people with diverse tastes and preferences. Modernmarketing always aims for customer satisfaction. So, main liability of marketing is toproduce goods and services for the society according to their needs and tastes atreasonable price.Marketing discovers needs and wants of society, produces the goods and servicesaccording to these needs creates demand for these goods and services. They go aheadand promote the goods making people aware about them and creating a demand forthe goods, encouraging customers to use them. Thus, it improves the standard ofliving of the society.8ii) Decrease in distribution cost:Second important liability of marketing is control the cost of distribution. Througheffective marketing the companies can reduce their distribution costs to a greatextent. Decrease in cost of distribution directly affects the prices of products becausethe cost of distribution is an important part of the total price of the product.iii) Increasing employment opportunities:Marketing comprises of advertising, sales, distribution, branding and many moreactivities. So the development of marketing automatically gives rise to a need forpeople to work in several areas of marketing. Thus the employment opportunities areborn. Also successful operation marketing activities requires the services of differententerprises and organization such as wholesalers, retailers, transportation, andstorage, finance, insurance and advertising. These services provide employment to anumber of people.iv) Protection against business slump:Business slump cause unemployment, slackness in the success of business and greatloss to economy. Marketing helps in protecting society against all these problems.v) Increase in national income:Successful operation of marketing activities creates, maintains and increases thedemand for goods and services in society. To meet this increased demand thecompanies need to increase the level of production in turn raising their income. Thisincrease, in turn, increases the national income. Further effective marketing leads toexports adding to the national income. This is beneficial to the whole society.