Explain importance of marketing to society and firm.
Question: Explain importance of marketing to society and firm.
Marketing is essential for both society and firms as it creates value for customers and generates revenue for businesses. For society, marketing spreads information and awareness about products and services, improves standards of living, creates employment opportunities, and provides educational and entertaining content. For firms, marketing drives revenue generation, customer retention, competitive advantage, product development, and expansion into new markets. Effective marketing strategies can lead to increased sales and profits for businesses, while also providing consumers with the information they need to make informed purchasing decisions. Ultimately, marketing plays a critical role in creating a mutually beneficial relationship between businesses and consumers, driving economic growth and enhancing quality of life for society.
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