Marketings Role in Indian Economy - 2571 Words

â€Å"Marketing‘s role is to ensure the continuance in growth of economies and the individual’s standard of living† ( M.J.Baker, 1985). According to the statement given by M.J.Baker, Marketing plays a vital role in the economic growth of the country periodically and sustain individuals standard of living. Marketing Definition â€Å"Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others† (Philip Kotler). Basically human need is state of deprivation or neediness where the people require food, shelter, clothing, belonging, esteem to live up their life. These needs are not created by the society or either the marketers, it is†¦show more content†¦Those companies in the market who provide value for money are the real winners in the Indian market. Growing competitiveness of the companies mainly depend on the export orientation and internationalization. Indian market is open to overseas investment and it is the market which provides high prospects for the growth in all areas of business. Foreign direct investment (FDI) has contributed lot to the growth of the Indian economy, these investments are open to all the firms, It can be made through Technical collaborations, Financial collaborations, joint ventures, private placements and preferential allotments. Marketing comprehends all business activities involved in the flow of good and services from the points of initial production to final consumer. This concept may refer to industrial, the agricultural or to the extractive sector. Being a system of linkage between producers and consumers, the market process related to rates of saving and rates of output growth are the two fundamental variables in economic development. Inefficient services lead to high marketing margins and high consumer bills. Prices being high, consumption will tend to be high relative to savings and the quantity demanded decreased, slowing down economic growth. Under an inefficient marketing system the prices received by the producers tend to be lowerShow MoreRelatedStrategic Planning in Marketing1445 Words   |  6 Pagesaligns its goals with the organizational goals and by developing partnering relationship, works closely with others inside and outside the firm to form a competitive superior value delivery network to serve customers. Marketings Role in Strategic Planning Marketing plays a key role in the companys strategic planning in several ways. Marketing provides a guiding philosophy company strategy should revolve around serving the needs of important consumer groups. ï  ¶ marketing provides inputs to strategicRead MoreMarketings Role in Global Economy14053 Words   |  57 Pageschapter 1 Marketing’s Role in the Global Economy When You Finish This Chapter, You Should 1. Know what marketing is and why you should learn about it. 2. Understand the difference between micro-marketing and macro-marketing. 3. Know why and how macromarketing systems develop. 4. Understand why marketing is crucial to economic development and our global economy. 5. Know why marketing special— ists—including middlemen and — facilitators—develop. 6. Know the marketing functions and who performs themRead MoreThe Macro Environment2338 Words   |  10 PagesThe macro environment Introduction Marketings role is to match the capabilities and resources within the organisation with market opportunities external to the organisation. Understanding customer needs is central to achieving this aim, but marketers must also be aware of factors that can cause customer needs to evolve. A change in customer needs will impact upon the organisations ability to serve its customers. This means that marketers have to be knowledgeable about what is happening in theRead MorePrescription Opioids Overdose. Did You Know That 91 Americans2237 Words   |  9 PagesThe number of opioids overdose nearly equaled the number of deaths involved in a car accident and, surpassed gunshot homicides (www.CDC.gov). Death ages range from 45-years of age to 64-year-olds, and is highest among non-Hispanic whites, American Indian and non-Hispanic blacks. Kentucky was dealing with at least 50 overdose cases per day. At the National level, there are several states that had the highest unintentional deaths due to opioids and are predominantly rural states, such as West VirginiaRead MoreImpact of Emerging Markets on Marketing15122 Words   |  61 Pagespurchasing power parity index, China is already equivalent in market power to the United States, and India is the third largest market, according to International Monetary Fund 2008 data. Just as the last century was all about marketing in the advanced economies, this century is likely to be all about marketing in the emerging markets (Engardio 2007; Sheth 2008; Sheth and Sisodia 2006). Therefore, the fundamental question to consider is this: Will the emerging markets be driven by marketing as we know itRead MoreMarketing Literature Review3985 Words   |  16 Pagesaccording to Cole (1996), a manager cannot just do planning and ignore the other aspects. Although these four functions do not tell the whole story about what constitutes management, they are a convenient way of describing most of the key aspects of the roles of management. Planning Plans and decisions are essential requirements to organizational tasks and management. Business success depends significantly upon the successful planning and decision making. Hence, planning is usually listed as the firstRead MoreScale of Hospitality Industry4371 Words   |  18 Pagestransactions, and relationships a) Exchange Exchange is the act of obtaining a desired object from someone by offering something in return. b) Transactions A transaction is marketings unit of measurement. A transaction consists of a trade of values between two parties. c) Relationship marketing Relationship marketing focuses on building a relationship with a companys profitable customers. Most companies are finding that theyRead MoreA Case Study Approach for Understanding Supply Chain Orientation in Indian Pharmaceutical Firms6805 Words   |  28 Pagesfor Understanding Supply Chain Orientation in Indian Pharmaceutical Firms TOPIC AREA: OPERATIONS AND SUPPLY CHAIN MANAGEMENT Authors: Dr. J Shanmugan, Dr. Sajal Kabiraj Email: jshanmugan@skylineuniversity.com, skabiraj@skylineuniversity.com Address: Faculty Block 2, Skyline University College, P.O Box 1797, University City of Sharjah, Sharjah, UAE Tel: 06 5441155 Ext 234, 219 A Case Study Approach for Understanding Supply Chain Orientation in Indian Pharmaceutical Firms ABSTRACT SupplyRead MoreFamily Tree19118 Words   |  77 Pagesdevelopments: the political climate in the late 1960s that put pressure on various disciplines to attend to social issues, and the emergence of nonprofit organizations that found marketing to be a useful tool (Elliott 1991). Social marketing was marketing’s response to the need to be â€Å"socially relevant† and â€Å"socially responsible.† It was a reaction of marketing as both discipline and industry to be sensitive to social issues and to strive towards the social good. But it was also a way for marketingRead MoreMarketing Management130471 Words   |  522 Pagesmarketing research report Online marketing E-commerce Trends in marketing Page No. Marketing management – an introduction Unit structure: 1. Introduction 2. Learning Objectives 3. Marketing Management 3.1. Evolution of marketing management 3.2. The Role of Marketing 3.3. Marketing concepts 3.4. The Marketing Mix (The 4 P s Of Marketing) 3.5. Corporate Social Responsibility (CSR) and Ethics in Marketing 4. Have you understood type questions 5. Summary 6. Exercises 7. References 1. INTRODUCTION: The