Importance of the New or Morden concept of the marketing:
The importance of the New or Morden concept of marketing may be described as under:
1. Helpful in product development: New or Morden concept of marketing is very helpful in the discovery and development of new products because this concept is based on intensive research regarding needs, wants and behaviour of consumers. Based on such research, the business man always tries for new and developed products so that he may produce and increase the demand for his product. Thus, this concept results in the development of products.
2. More social satisfaction: the New or Morden concept of the marketing stresses upon the satisfaction of needs and wants of the consumers. It starts with the discovery of consumer needs and every activity of a business and in the industrial enterprises clusters around these needs. Under this concept, the goods of standard quality are provided to the consumers at reasonable prices, at the time and place most suitable to the consumers, through channels of distribution most convenient to the consumers and the best possible after sale services are provided. Thus, this concept provides for greater social satisfaction. In fact, it creates and delivers the standard of living to the society.
3. Importance towards national economy: modern concept of marketing is important not only from the consumer's and producer's point of view but also from the point of view of the country as a whole. This concept provides more employment, makers' maximum to the resources of the country. Restricts the wastage to the minimum and up gears, the industrial production. It provides more and new goods and services to the society and increases the standard of the living. Thus this concept of marketing is very helpful in the overall growth and in the development of the country.