As the world continues to shift away from a focus on monetary gain, businesses are reexamining the philosophies behind their marketing strategies. They’re beginning to move away from the idea that marketing can only focus on consumers and profit, to a concept called ‘societal marketing.’ Societal marketing focuses on delivering products and services that not only meet the needs and wants of the consumers but also the well-being of society as a whole.

It Facilitates Trade

As marketers create demand for goods and services, they push companies to expand. This expansion leads to more jobs, which helps boost the economy. As the economy grows, it can then attract more investment and foreign currency. Eventually, this can lead to higher national incomes and overall economic development.

In addition to expanding consumer knowledge and demand, marketing can help set industry standards. As people come to expect a certain level of quality, companies will need to improve in order to please demanding customers. This forces them to innovate, which again contributes to the economy by providing more options for consumers to purchase.

In today’s global world, technology has allowed marketing to reach a much larger audience than ever before. This allows companies to promote their products and services all over the world, giving consumers more choices no matter where they live. This has helped to enhance the standard of living for most people around the world and is another way that marketing benefits society.