Introduction to marketing - SS2 Commerce Past Questions and Answers - page 1

The process of promoting and selling products or services.

It helps businesses understand customer needs and preferences.

It effectively communicates the features and benefits of products or services.

By driving sales and revenue for businesses.

Competition and innovation.

Marketing is important in an economy as it helps businesses understand customer needs and preferences, creates awareness and demand for products or services, facilitates exchange, fosters competition and innovation, and contributes to economic growth and employment.

Marketing fosters competition among businesses by encouraging differentiation and attracting customers. This competition drives businesses to innovate, improve product quality, and offer better value to consumers. It leads to the development of new and improved products or services, benefiting the overall economy.