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Value of Marketing /Business to society

Hard to believe, but I didn’t anything into the core concept of marketing before I went for the marketing major for an master’s degree. The original imagination for marketing was something similar to “communication” which seems add no value but cost for the business value chain. During the first course of marketing, I was even told about a survey result that a large percent (around 80%) of  interviewees who work on marketing related jobs think marketing does not create value for society.

However, deep into marketing, I find myself see more value points in marketing. In broad notion, STP(Segmentation, Targeting and positioning) provides companies a hint to find out the more specific market with its core competitive value proposition. That would help avoid competitors waste social resources in price war. Also, product innovation generate incentive for new business into unfulfilled areas of human life, which add diversity to life. Even for advertising and communication, it would lead to a low cost for a company when large amount of consumers get to know the product they want and thus the reduced cost could benefit society by reduce product price from the company.

In addition, here is Helen Aker states about there are other values that marketing create value to the society in competition, redistribution, information and development.

 

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