What Is the Role of Marketing in Society?
According to KnowThis.com, the role of marketing is to develop satisfying relationships that benefit both the customer and the organization. Marketing is also responsible for the majority of tasks that bring in revenue and profits to an organization.
Marketing plays a role in informing and educating consumers as it identifies a consumer need and seeks to explain how its products or services meet that need. For customers with clearly defined needs, marketing provides a means of learning about new products and what they do. It plays a role in managing consumer expectations relying on the consistency that comes from brand loyalty and the fact that consumers rely on trusted brands. Marketing is also used to make consumers aware of major changes such as mergers and transfers in ownership that affect product offerings or seek to improve quality.
In addition, marketing plays an economic role as it promotes goods and services and targets prospective buyers. Higher sales for a business which result from successful marketing strategies translate into expansion, job creation and higher tax revenues for governments and, eventually, into overall economic growth. Marketing also plays a role in helping marketers to understand consumer behavior and produce advertising that is likely to influence it.