Theory question 108
MarketingCommerce 2 (essay)
(a) What is marketing?
(b) Explain five importance of marketing in an economy.
Show the model answer
Model answer
(a) Marketing is all activities involved in finding out consumers' needs and moving goods and services from producers to consumers to satisfy those needs at a profit.
(b) Any five, explained: links producers and consumers; creates employment; raises standard of living; encourages production and growth; provides information through market research; increases sales and profit; promotes competition and better quality; earns foreign exchange through export marketing.
Explanation
Explain how each point helps the whole economy.