(a) Distinguish between marketing and a market
(b) In which four ways are marketing important to a developing country?
Explanation
(a) Marketing can be defined as the business activities involved in assessing demand and moving goods and services to the final consumers to satisfy human wants. A marketing system adds time and place utility to products, whereas a market is a place or point where the transfer of title or ownership of goods and services can be affected. The actual presence of goods may not be necessary because the most important feature of a market is the change of title or ownership of goods for money or price consideration.
(b) Importance of Marketing to a developing country are:
(i) It creates job opportunities for different classes of workers ranging from marketing firms to marketing-related firms.
(ii) Marketing contributes a lot to increasing production which helps to boost the economy by creating demand for goods and services.
(iii) By maximizing consumption through good quality products and excellent ex-change process, there is an increase in the standard of living of the people.
(iv) Marketing ensures that goods and services are effectively and evenly distributed to many parts of the country.
(v) Marketing ensures that the consumers are satisfied in terms of pricing, quality and availability of the needed products.
(vi) It ensures the fullest utilization of resources available in the developing nation.
(vii) Marketing serves as a key to the growth of the economy of a developing nation by making goods and services available at the right time and in the right place.