Question

1. Would you consider marketing a useful practice to solve economic problems? What about solving social problems and political problems?

Answer 1

Marketing should be considered to solve economic problems, because it involves engagement with the consumers, understands their requirements and create value for them bu offering suitable products & services. Hence, marketing uses limited and scarce resources efficiently to fulfil the needs and wants of the target audience. It solves the economic problem where the resources are utilized efficiently to maximize the welfare.

Marketing understands the social issues and gets involved in it using different channels, but it can only spread the message and help consumers aware of the social issues. But, unless the society works itself to resoles the social problem, marketing does not help beyond a particular limit. Regarding the political problems, marketing customises the message of marketing communication, but it does not engage directly with the political issues to avoid its repercussions in the coming future in terms of the policies and planning. Further, marketing takes a different shape in the face of a political scenario, and affect it indirectly. So, marketing can solve the economic problem with efficiency, but social problem in a limited extent.