Chapter 11, Problem 21AA

To determine

To state: The significance of marketing to producers and consumers.

Answer to Problem 21AA

Marketing is important as it makes the consumers aware about the products and services essential for their living.

Explanation of Solution

Marketing is important as a product itself cannot go home to home and let the company earns profit, it is marketing which allows a company to spread information about their product. And help their products to attract consumer. Research market survey helps in anticipating the market change before the manufacturer start the process. Promotion is a tool in marketing which aware consumers of the new products and services existing in the market. It informs the consumers of the features and qualities of a product and service .Channels of distribution refers to the route through which the products are supplied from manufactures to ultimate consumers.

Economics Concept Introduction

Introduction: Marketing is an activity and procedure for creating, communicating information about products that have value for customers and society.