The Contributions of Marketing to Nigerian Economic Development By

Another important contribution of marketing to very underdeveloped economies is the growth of spread of money economy. Marketing requires a money system to be effective. Many underdeveloped economies have significant non-monetised economic segments which stunts growth at a very low level. In India, for example, as late as 1960, it was estimated that at least one third of India’s agricultural production and about one fourth of its GNP was non-monerised.

According to Anozie (2003: ), Marketing education and the guided performance of individual businessman make a notable difference in the economy. This will help them satisfy the needs of the consumers creditably and in the aggregate, make the macro-marketing system work to the benefit of the entire nation. As Mavel in Anozie (2003: ) puts it, “Any business is likely to be more successful when a strong marketing view point or philosophy permeates the thinking and guides the decision and actions of everyone in the business. Successful business leads to buoyant economy which is the ultimate for national development. In the modern economy, every meaningful organization needs trained marketers for its growth and profitability. For survival, continuity, and advancement, business has to be customer- directed and market- oriented.