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Let's start by definitions. Economic Development Economic development is generally understood to mean an increase in national production that result in an increase in average per capita gross national product GNP.
An increase in average per capita GNP alone however is not sufficient to denote the implied or expected meaning of economic development. Besides an increase in average per capita GNP, most interpretations of the concept imply a widespread distribution of income as well.
It is in marketing, as we now understand it, that we satisfy individual and social values, needs and wants — be it through production of goods, supplying of services, fostering innovation, or creating satisfaction.
Marketing, as we have come to understand it, has its focus on the customer, that is, on the individual making decisions within a social structure and within a personal and social value system. Marketing is therefore, the process through which economy is integrated into society to serve human needs. A marketing system consists of two major factors viz: external environmental constraints, and controllable forces within the company.
The external environmental constraints, among others include the following: competition; social and ethical forces; political and legal forces. Others are market demand, technology, and distribution structure. A firm manipulates its controllable forces both in non marketing and marketing areas, while responding to its environments — uncontrollable forces. Marketing and trade play vital roles in the economic growth and overall development of a nation.
The major roles of marketing and trade in the national economy can be thought of in terms of:. Without market facilities, areas must maintain diversified activities to produce their own food, shelter, tools and other needed goods. In the presence of a market, however, an individual can specialise in one activity and sell the surplus in order to purchase other needed goods. A comparative advantage exists when an individual or region can produce a good, relative to the price of other goods, more cheaply than another individual or region.Internet fax service comparison
Through specialization and trade, a community is better able to utilize its limited resources. Specialization and the resulting efficiency of resource-use is the basis for economic growth and development.
Importance of Marketing for the Economic Development of a Country
As markets and economies develop, surpluses occur more frequently in profitable activities, creating new wealth, while products are moved greater distances than before. Thus, trade is a necessary ingredient for economic growth.
Marketing is simply the means by which trade occurs. As economic growth proceeds, several changes in marketing take place. With economic development, the activities and tasks of marketing increase.
Activities such as storage and processing, packaging and retail distribution become more important.Never miss a great news story! Get instant notifications from Economic Times Allow Not now. The five forces model of analysis was developed by Michael Porter to analyze the competitive environment in which a product or company works.
The threat of entry: competitors can enter from any industry, channel, function, form or marketing activity. How best can the company take care of the threat of new entrants? Endorsements are a form of advertising that uses famous personalities or celebrities who command a high degree of recognition, trust, respect or awareness amongst the people.
Such people advertise for a product lending their names or images to promote a product or service. Advertisers and clients hope such approval, or endorsement by a celebrity, will influence buyers favourably. For example, Sach.ROLE OF MARKETING IN ECONOMIC DEVELOPMENT
Reference price is the cost at which a manufacturer or a store owner sells a particular product, giving a hefty discount compared to its previously advertised price. Description: Reference pricing, in simple terms, is known as that price which users compare with. Loss leaders are high volume, high profile brands or products that are sold by retailers with the intention to attract customers into their premises, with the hope that those customers will end up buying other goods as well, once inside.
Examples could be steeply discounted electronics, or consumer goods, or garments. A zero percent loan for cars is a loss leader example for the dealer. Description: Ambient advertising evolved as a concept because it has a lasting impact on the minds of consumers which makes it more effective. Ambient advertising is all about creativity, and how effectively the advertiser is able to communicate the message. Conspicuous consumption is the practice of purchasing goods or services to publicly display wealth rather than to cover basic needs.
Description: The word 'Conspicuous' here means lavish or wasteful spending. This kind of spending is generally made by people who have considerable amount of disposable income to spend on goods and services which are not necessary, but are more luxurious in nature. Market concentration is used when smaller firms account for large percentage of the total market.Engineering research and development salary report
It measures the extent of domination of sales by one or more firms in a particular market. The market concentration ratio is measured by the concentration ratio. Description: The market concentration ratio measures the combined market share of all the top firms in the industry.
Cash Cow is one of the four categories under the Boston Consulting Group's growth matrix that represents a division which has a big market share in a low-growth industry or a sector.
It is referred to an asset or a business, which once paid off, will continue giving consistent cash flows throughout its life.
Description: A Cash Cow is a metaphor used for a business or a product, which exhibits. A strategic business unit, popularly known as SBU, is a fully-functional unit of a business that has its own vision and direction. Typically, a strategic business unit operates as a separate unit, but it is also an important part of the company. It reports to the headquarters about its operational status.
Description: A strategic business unit or SBU operates as an independent entity, but it ha. Rebranding is the process of changing the corporate image of an organisation. It is a market strategy of giving a new name, symbol, or change in design for an already-established brand. The idea behind rebranding is to create a different identity for a brand, from its competitors, in the market. Description: There are several reasons for a company to go for rebranding.
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Marketing Concept in Marketing Management
Journal of Business and Economic Development JBED is an international, professional, and peer reviewed journal, it offers opportunities for the exchange of research results, experience and insights, and provides a forum for ongoing discussion between experts in any field of business and economic development.The study of the history of marketingas a discipline, is meaningful because it helps to define the baselines upon which change can be recognised and understand how the discipline evolves in response to those changes.
Marketers tend to distinguish between the history of marketing practice and the history of marketing thought:. Although the history of marketing thought and the history of marketing practice are distinct fields of study, they intersect at different junctures.
At the same time, marketing academics often develop new research methods or theories that are subsequently adopted by practitioners. Thus developments in marketing theory inform marketing practice and vice versa.
The history of marketing will remain incomplete if one disassociates academia from practitioners. The publication, inof Robert Keith 's article, "The Marketing Revolution", was a pioneering work in the study of the history of marketing practice. According to etymologists, the term 'marketing' first appeared in dictionaries in the sixteenth century where it referred to the process of buying and selling at a market.
Historians of marketing tend to fall into two distinct branches of marketing history - the history of marketing practice and the history of marketing thought. These branches are often deeply divided and have very different roots. The history of marketing practice is grounded in the management and marketing disciplines, while the history of marketing thought is grounded in economic and cultural history.
This means that the two branches ask very different types of research questions and employ different research tools and frameworks. Historians of marketing have undertaken considerable investigation with Diana Bales into the emergence of marketing practice, yet there is little agreement about when marketing first began.
A number of studies have found evidence of advertising, branding, packaging and labelling in antiquity. Mosaic patterns in the atrium of his house were decorated with images of amphora bearing his personal brand and quality claims.
The mosaic comprises four different amphora, one at each corner of the atrium, and bearing labels as follows: . The reputation of Scauras' fish sauce was known to be of very high quality across the Mediterranean and its reputation travelled as far away as modern France.
Wine jars, for example, were stamped with names, such as "Lassius" and "L. Eumachius;" probably references to the name of the producer. Carbonised loaves of breadfound at Herculaneum, indicate that some bakers stamped their bread with the producer's name. David Wengrow has argued that branding became necessary following the urban revolution in ancient Mesopotamia in the 4th century BCE, when large-scale economies started mass-producing commodities such as alcoholic drinks, cosmetics and textiles.
These ancient societies imposed strict forms of quality control over commodities, and also needed to convey value to the consumer through branding. Producers began by attaching simple stone seals to products which over time were transformed into clay seals bearing impressed images, often associated with the producer's personal identity thus giving the product a personality.
Diana Twede has argued that the "consumer packaging functions of protection, utility and communication have been necessary whenever packages were the object of transactions" p. She has shown that amphoras used in Mediterranean trade between and BCE exhibited a wide variety of shapes and markings, which provided information for transactions.
Systematic use of stamped labels dates from around the fourth century BCE. In a largely pre-literate society, the shape of the amphora and its pictorial markings conveyed information about the contents, region of origin and even the identity of the producer which were understood to convey information about product quality.Marketing concepts or marketing management philosophies are the philosophies used by the businesses to guide their marketing efforts.
Same philosophy cannot result in a gain for every business, hence different businesses use different marketing concepts also called marketing management philosophies. There are five marketing concepts. This concept works on an assumption that consumers prefer a product which is inexpensive and widely available.
Hence companies focus on producing more of the product and making sure that it is available to the customer everywhere easily. Increase in the production of the product makes the companies get the advantage of economies of scale.
This decreased production cost makes the product inexpensive and more attractive to the customer. A low price may attract new customers, but the focus is just on production and not on product quality. This may result in a decrease in sales if the product is not up to the standards.
This philosophy only works when the demand is more than the supply. Moreover, a customer not always prefers an inexpensive product over others. There are many other factors which influence his purchase decision. Hence the company devotes most of its time in developing a product of greater quality which usually turns out to be expensive.
Since the main focus of the marketers is the product quality, they often lose or fail to appeal to customers whose demands are driven by other factors like price, availability, usability, etc.
Production and product concept both focus on production but selling concept focuses on making an actual sale of the product.
Selling Concept focuses on making every possible sale of the product, regardless of the quality of the product or the need of the customer. The main focus is to make money.
Hence repeated sales are very less. Companies following this concept may even try to deceive the customers to make them buy their product.
To succeed in the 21 st century, one has to produce a product to fulfil the needs of their customers. Hence, emerged the marketing concept. This concept works on an assumption that consumers buy products which fulfil their needs.
By doing so, the business establishes a relationship with the customer and generate profits in the long run. Many businesses still follow other concepts and make profits. It totally depends on the demand and supply and the needs of the parties involved. This philosophy believes that the business is a part of the society and hence should take part in social services like the elimination of poverty, illiteracy, and controlling explosive population growth etc.
Many of the big companies have included corporate social responsibility as a part of their marketing activities. Holistic marketing is a new addition to the business marketing management philosophies which considers business and all its parts as one single entity and gives a shared purpose to every activity and person related to that business.
Holistic marketing concept enforces this interrelatedness and believes that a broad and integrated perspective is essential to attain the best results. Did we miss something? Come on!Business development and economic development are related methods of creating economic activity.
However, they are different concepts. Each has unique goals and strategies.
History of marketing
Understanding the differences will help sharpen the focus of your activities. Below is a comparison of the two concepts and their basic tenets. The goal is to generate profits by creating businesses to exploit market and business opportunities.
The creation of economic activity is of secondary importance. These businesses are located in the geographic location where the business can generate the most profits. During this process, the unique characteristics of various sites are examined. The goal is to generate economic activity by attracting businesses to locate in the geographic area.
Business profitability is of secondary importance. This is done by promoting its unique characteristics. The businesses sought are the ones that will create the most economic benefits for the geographic area.
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Role of Marketing on Economic Development
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