The Contribution of Marketing

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HOW DOES MARKETING CONTRIBUTE TO ECONOMIC EXPANSION? HOW CAN OUR MARKETING SYSTEM BE IMPROVED TO HELP US ACHIEVE STILL HIGHER LEVEL OF ECONOMIC ACTIVITY IN THE FUTURE Marketing is an economic process by which goods and services are exchanged between the producers and consumers and their values is determined in terms of money prices. In other words, marketing is the process by which companies create customer interest in products or services. It generates the strategy that underlies sales techniques, business communication, and business development. It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves. The American Marketing Association…show more content…
Eg: Hunger food. The American psychologist Abraham Maslow (1954) narrowed them down to five keys needs, arranged as a series of steps, or a hierarchy of needs, from the most fundamental to the most difficult to obtain as shown in the diagram above. According to Abraham Maslow, once we have satisfied one level of needs, we progress to the next. He said ‘man is a wanting animal. As one desire is satisfied, another pops up to take its place’. As it does, we tend to lose interest in the fulfiled need and concentrate our energies on the next level of need. Once our survival needs are met, we tend to take them for granted as we seek to fulfill other needs higher up the ladder. Maslow’s classification of needs has been widely used as a basis for understanding more about human motivation. It contributes to marketing theory by illustrating that relatively few basic needs motivate our acquisition of seemingly countless products and services. We buy products as a means to the end of fulfilling these needs, not as an end in themselves. Although Maslow’s hierarchy represents only a psychological interpretation of our needs, it demonstrates that we can only understand what customers want by looking at what lies behind a purchase decision. Wants: The needs become wants they are directed to specific objects that might satisfy the needs. A want is a choice of how that need is to be fulfilled. Demands:
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