Marketing in Different Stages of Economic Development

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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
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had a close eye on the Indian economy. * The Indian currency:- Rupee was inconvertible and tariffs and imports licensing prevented foreign goods receiving the market. * Political interference:- * Under utilization of resources:- * Problem of audit and inspection;- * Problem of protection of consumer’s interest:- * Huge amount of licensing involved:-
To overcome with these problems Indian govt. adopted the concept of LPG which is introduce by finance minister of that time Mr. Manmohan Singh, our former prime minister in 1991.
The economic liberalization in India refers to ongoing economic reform in India that starts on 24th June 1991. So, Liberalization refers to loosen or remove controls so that economic development gets encouragement. It includes abolition or loosing of most economic policies, rules, regulations, administrative controls and procedures which implied economic development.
RECENT TRENDS IN LIBERALISATION:- * Liberalization in industry and services. * Liberalization in infrastructure. * Liberalization with regard to external sector. * Reform in banking and finance. * Capital market reform. * Taxation reform.
IMPACT OF LIBERALISATION:- * Increase in foreign direct investment (FDI). * Decline in external debt. * Increase foreign exchange reserve. * Increase in GDP. * Increase in production. * Price stability. *
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