1) Helpful in raising and maintaining the standard living of the community
Marketing is the creation and delivery of a standard life for society by providing consumers with an uninterrupted supply of goods and services at a reasonable price. Society comprises of three classes of people i.e. rich, middle, and poor. Everything that is used by these different categories of people is provided by marketing.
2) Creates Employment
Marketing is a complex mechanism that involves many people in one form or another.The main marketing functions are buying, sales, financing, transportation, storage, risk consumption, etc.In such a function, different activities are carried out by a large number of individuals and bodies.Thus, marketing employs a lot of people
3) Helpful in Development of an Economy
Marketing is the key to sets the economy revolving. The more scientifically organized the marketing organization makes the economy strong and stable, the lighter the burden on the marketing function, the weaker the economy.
4) Helps in Transfer, Exchange, and Movement of goods
Marketing makes goods and services available to customers through various intermediaries like wholesalers and retailers etc. The advantages of marketing bring benefits to both manufacturers and consumers.
5) Source of Income and Revenue
Marketing generates revenue by providing many opportunities in the process of buying and selling the goods, by creating time, place, and possession utilities
6) Source of new ideas
The marketing concept is a dynamic concept.It has completely changed over time.These changes have charming effects on production and distribution.With people’s rapidly changing tastes and preferences, marketing needs to showcase unique products.
The following are the most significant approaches of marketing and are:
1) Commodity Approach
In this approach, the focus of the study is on specific commodities. With this approach, the study focuses on the flow of a given product and its journey from the original manufacturer to the final customer and it includes conditions of supply, nature, the extent of demand, the distribution channels used, etc.
2) Institutional Approach
Under this approach, the interest of marketers centers around the marketing agencies i.e.transport agencies and services, namely., Wholesalers, retailers, banks, transport companies, insurance companies, etc., who participate in discharging their marketing responsibilities during the movement of distribution of goods.
3) Functional Approach
Under this approach, the marketer concentrates his attention on the specialized functions or activities like buying, selling, storage, risk-bearing, transport, finance, etc. These functions are also studied in relation to given commodities and marketing institutions in terms of their operational methods and systems.
4) Managerial Approach
This approach is also known as Decision- making approach. The focus of this approach is on the decision-making process. The study encompasses discussion on planning, organizing, controlling, directing, etc. This approach is considered the most useful way of studying marketing activities.
5) Societal Approach
This approach focuses on the social contributions and costs created by various marketing activities and institutions. In this approach, the focus of the study will be on the interactions between the various environmental factors and their impact on the well-being of society.
6) System Approach
The approach recognizes the inter-relations and inter-connections among the components of a marketing system in which products, services, money, equipment, and information flow from marketers to consumers. The focus of this approach will be on the analysis of marketing flows and communication.