What is the importance of marketing in a global economy?

Marketing plays
an important role in how businesses operate. According to the Four Ps of marketing
(Marketing Mix), the process is focused on four aspects of the
business, which are Product, Price, Promotion, and Place. Marketing ensures that the product
produced is needed in the market and can satisfy those needs. The process also ensures that the
price set for the product or service is both profitable to the business and affordable to the
target customers. Additionally, marketing ensures that the market is informed and made aware of
the product and the problem it solves. The process also ensures that the product is available
when and where the customer needs it.

Marketing is important in the global
marketplace place because it keeps a business aware of the challenges of logistics and the
opportunities presented by the global marketplace. For instance, the global marketplace provides
the opportunity of a large customer base, but it also presents challenges because of the diverse
needs...

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