This article throws light upon the ten key benefits of modern marketing concept. Some of the key benefits are: 1. Generation of Employment Opportunities 2. Increase in Social Welfare 3. Emphasis on a Scientific Bent of Mind 4. Better Quality of Production 5. Raison D’etre of Business Enterprises 6. Encourages Healthy Competition and Others.
Though all economic activities generate employment, yet marketing does it, perhaps, maximally.
Marketing philosophy based on a maximisation of consumer satisfaction, leads to an increase in social welfare. Accordingly, marketing means, a delivery of the standard of living to masses, in the society.
Marketing promotes a scientific bent of mind; because it is centrally based on the concept of marketing research. Moreover, marketing encourages innovation and creativity on the part of people engaged in marketing management.
New inventions, innovations, improved technology etc. are some of the likely outcomes of an implementation of the modern marketing concept. These all lead to the economic development of society.
Marketing leads to an improvement in the quality of production; because competitors trying to out beat one another in the process of marketing would naturally undertake better quality of production. Moreover, international marketing would always exhort manufacturers to come out with super-class production, to capture foreign markets.
Marketing justifies raison d’etre (i.e. reason for existence) of business enterprises; as without marketing the business performance is incomplete. Marketing gives a finishing touch to business performance.
Marketing encourages a healthy competition among manufacturers. This not only ensures more profitably to them by excelling one another; but also leads to a better utilisation of scarce resources of the economy-as each competitor would undertake production of those goods and services which result in maximum consumer satisfaction.
Marketing, through caring for consumers’ needs and preferences, upgrades their status in society. The old dictum, “Consumer is the king”, is really given a true meanings, under the modern marketing concept.
Marketing harmonizes or integrates the objectives of a business enterprise with those of the society, by maximising both enterprise profitability and consumer satisfaction.
A study of marketing helps the young persons in society in choosing an appropriate career in marketing.
Marketing acts as a regulating force in society. It allocates resources in the light of consumers’ demands. It affects distribution and size of income, in the economy.