The importance of Marketing in Global Economic Environment

Hello again, as you may know corporations and companies are being promoted by marketing. Marketing is not just advertising, it teaches consumers to choose wisely and economy. So, let me write about it in formal way

Marketing has acquired an important place for the further development of the economy of the certain country. Companies and corporations are more dependent on promotion of their products. Marketing is not strictly about advertising. It is broadly known as the activity and process for creating, communicating, delivering, and exchanging things that have value for consumers, clients, partners, and society and large. As the result, marketing is considered as the important activity in a business enterprise while before it was considered to be the last activity. Today, marketing in great extent helps to facilitate between sellers and buyers for the mutual benefits.

 Firstly, marketing delivers value. Value is always at the center of everything marketing does. These values are being created by suppliers and customers as the result of their collaboration. It defines certain product’s monetary cost. Mostly, value is the result of received benefits and spent effort for these offerings.

Secondly, marketing benefits society. Marketing educates people so they can find products they want to make better choice about. It benefits society in general by improving people’s lives. Endless competition between companies leads to development of products, to their diversity and modification and makes marketplace even more competitive. The world that we have now is the result of competition and rivalry of preceding companies.

Thirdly, marketing offers people careers opportunity. Companies and enterprises expand in sizes due to their popularity and success. Of course, this success is acquired by marketing techniques and managing of a firm’s resources and activities in the right way. The companies and corporations such as Coca-cola, Samsung, McDonalds, Apple and etc. are spreading all over the world. That is why, people can find the workplaces for their future careers.

21^st century is the time of open relationships between countries all around the world. Due to the companies and their chains around the world people have to communicate and create partnership. Sociologists call it process of globalization. There are no boundaries between states any more. Definitely, here we do not considers the countries which hold closed policy like North Korea and other states from Africa. Marketing provides us communication with foreign countries, trades and exchanges.                        

Let us compare the current economic situation and 40 years before. There is enormous difference, in 70^th relationship between states were cold ( Example of cold relations between USA and USSR). However, years after years, expansion of companies and their marketing strategy, needs to trade have made it stop. We have organizations and unities towards the open exchanging of commodities and services which also provides friendly relationships between countries and their population.

But, there is also drawbacks of marketing. Today’s economic environment is also tough. Consumer spending is low and at the same time consumers have become very knowledgeable and selective about the product they buy. Decision making is happening mainly based on word of mouth, though advertising is also playing a crucial role in decision making. Marketing should educate customers so that they can find the products they want to make better choices about those products, and extract the most value from them. However, nowadays companies are trying to distract their potential buyers from their product’s minuses. It is all just in order to get more profit and stay afloat.

In conclusion, Marketing discovers needs and wants of society, produces the goods and services according to these needs creates demand for these goods and services. They go ahead and promote the goods making people aware about them and creating a demand for the goods, encouraging customers to use them. Thus, it improves the standard of living of the society and promotes further development of Global Economic environment.