Title: Explain the value of marketing and its effects on society.
Course: Marketing Management (12166) > Section: Providing an Overview of Marketing

Explanation should include the role of marketing in today’s global economy and its influences on daily life, such as

- providing jobs
- enhancing standard of living
- creating competition
- providing necessities
- offering conveniences
- encouraging product and/or service improvement
- promoting innovation
- increasing profitability for a company.

Process/Skill Questions:

- What is standard of living? How does marketing affect the standard of living?
- How can one evaluate or measure the effectiveness of marketing?
- How should a manager evaluate marketing decisions?
- What does it mean to say something has social impact?
- How can world events such as a pandemic affect marketing?
- What are examples of marketing’s positive and negative impacts on society?
- Why does new innovation need marketing?