Marketing is central to economic development. Marketing can be defined as a means by which an economy can be integrated. In general, this integration is between buyers and sellers, as well as different regions and sectors of the economy. Many authors, including the well-known African economist Joseph F. Aiyeku, hold that integration is the chief aim of marketing, especially in less-developed states.
Building Capital
Marketing spurs demand. This is an important function. In spurring demand, it creates wants that the manufacturing interests of the country can then satisfy. In this way, marketing can create capital through the use of consumption currency for future projects. This, in a way, is a means of development and modernization. The simple act of linking producers and consumers through information can permit consumers to realize what is available, creating demand where none existed. Markets can be created and with it, new channels of consumption and cash flow.
Fair Prices for Agriculture
Most undeveloped societies are primarily agricultural. Agricultural societies are often dominated by the local, including local power structures and oligarchies. Marketing can then link these agricultural units to the broader society, including the global society. Local oligarchies can be broken when marketing links consumers in other part of the country or region, meaning that local farmers can have a broader market and even higher prices for their produce.
Developing Standards
Merchants, producers and bankers are all directly involved in marketing throughout a target economy. They want to promote a product that will produce profits and a large, permanent share of the market. This cannot be done unless the products being promoted are of high quality and reasonable price. Shoddy goods generally do not promote market loyalty. Therefore, serious marketing in the developing world must promote standards of quality, price, reliability and service. Marketing in this context is building a web of relationships for the long term, not a quick sale that does not build loyalty.
Society and Economy
The integration of the social and the economic is a main part of marketing, says African economist Joseph F. Aiyeku. This means that products and services being promoted become a part of the social and cultural life of the people. The role of merchants and entrepreneurs is central here, since this strata is largely responsible for developing a real local and national market. This integration strengthens the role of entrepreneurs who create capital and opportunity, while providing needed services and products for society.
