Marketing's Role in Indian Economy

Marketing: the process of planning and executing of a product, its pricing, its promotion, and its distribution. In addition marketing attempts to manage customer relationships in ways that benefit the organization and its stakeholders. Marketing creates UTILITY (want-satisfying power of a good or service) through the exchange process. Time Utility – Availability of goods and services when people want them. Place Utility – Availability of goods and services at convenient locations. Ownership Utility – Ability to transfer title to goods and services from marketer to buyer. Form Utility – Conversion of raw materials and components into finished goods and services.

In the article in 2009, Layton (2009) focuses more on the interaction between the marketing systems with the economic growth and quality of life. The writer argues that the changes of marketing systems can effectively or ineffectively affect the development of economy or the well-being of society. In addition, the author maintains that the marketing systems founds in multilayered, multiagent and developed economies. Moreover, the division of labor and specialization, institutions and social matrix are factors which strongly impact economic outcomes.

‘Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.’ - Kotler

Marketing – is the process in which the producers of goods and services focus on satisfying the needs of the consumers. Also marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.

Marketing is an important tool for any business. It is how a company makes their product known to the public. Without marketing, the consumers will either not know that the product even exists or will not know all the applications of the product; who makes it, what it is and what it is made from, when came on the market, where it can be purchased, how it can help the consumer and why the consumer should even purchase the product in the first place. According to Tom Ash, Marketing is the process whereby demands for products, services and ideas are anticipated, managed and satisfied (2011).

How is marketing defined? What is its importance in a company’s success? This paper will discuss and explain different definitions of marketing along with a definition of author himself. In addition, this paper will elucidate the importance of marketing by giving three examples where marketing was adapted with few mistakes resulting in disaster.

Marketing plays the most important role for the success of a business. In this chapter, the business’ marketing objectives are laid out together with the plans or actions that will be needed to achieve these objectives. Furthermore, this chapter includes the profile of the respondents which aided the researchers to create this part of the feasibility study.

Every company depends on an efficient marketing program to fulfill customers' needs. Marketing is a process of finding out what the customer wants and meeting those requirements. Within the company, the marketing group has to consider customer values and customer satisfaction before considering offering a product. Marketing is part of our everyday world, and can be perceived everywhere and every time. At any time, everyone has been exposed to different kinds of marketing or advertising depending upon personal necessities such as T.V commercials, radio, internet, etc.

As Jobber(2012) was claiming, the marketing concept is "Achieving corporate goals by meeting and exceeding customer needs, better than the competition". Marketing is the process of telling a true story in an unforgettable manner. As a consequence, it became an essential tool in the competitive business environment. The main objective is to maximize the company 's profit by showing up with stunning adverts. Bearing in mind the development of technology, "It is well known that markets grow by the reduction of unit prices: this is how the computer became a household necessity", this could not be possible without a good marketing strategy (Kapferer 2012, p.205).

Marketing improves people’s living standard, according to a statistic state that the GDP of Australian has a growth rate from 2010 (2.25%) to 2014 (2.73%), and it is forecasting to increase in 2016 ("Australia - Gross domestic product (GDP) growth rate 2020 | Statistic", 2016). A growing trend of marketing creates more work opportunities for people. Based on that, more people operating marketing activities successfully for a business, and the total output of the business tend to increase significantly while the worker’s salaries increase. It rises the national income in a long- term ("Importance of Marketing for the Economic Development of a Country", 2013)

“Marketing is not a function; it is a way of doing business . . . marketing has to be all pervasive, part of everyone's job description, from the receptionist to the board of directors.”

In general terms, marketing is all related to the places of buying and selling of goods and services to satisfy customers’ needs. Nowadays marketing is the most important issues for success of every business marketing is the activity, set of institution, and process for creating, communicating, delivering, and

Marketing is an act of promoting and selling products or a service, this also includes marketing research and advertising. The marketing concept is the philosophy used by companies to analyse the needs of their customers so they can be better than the competition. As well as this they must also take into consideration the companies capabilities and the environment it is working in, as they can face the pressures of environmental changes. By using the marketing concept companies identify incoming changes and prepare itself to exploit them. The marketing concept is about matching a company’s capabilities with what the consumer wants. After World War 2 customers had more money and could afford to be more selective when

Definition of Marketing – Marketing can be defined as the process of converting wants into needs. In other words it can be defined as the process of selling products or services to the customers by an organisation.

Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others.