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What Are The Role Of Marketing In Nigeria Economy?

Role-Marketing-Nigeria-Economy

Marketing has experience significant changes of recent and it is still undergoing gradual improvement to reflect the dynamic nature of every economy. The activities of marketing has gain a wider acceptance compared to some years back. Organizations now create more marketing departments, positions and platforms in order to promote their brands.

This shows that, marketing provides a lot of benefits for Nigerian companies, individuals, government and for the economy at large

As a participant in this recent business world, we cannot overlook the roles marketing plays in the World economy and that of Nigeria. Marketing plays important roles on both global and national level. This impact has significantly been noticed by everyone and that’s why the rush for marketing in every aspect is so huge in recent.

Business in Nigeria does not only rely on their usual conventional marketing system but also create an online presence for themselves in order to enable proper online marketing for their product. Despite the fact that there is no job in the country today, the little ones that are available are marketing position. This is real in all our sectors; name it banking, oil and gas, telecommunication and the likes.

Then someone will want to know why the so much rushes for marketing? This is a sign that marketing plays so many major roles in today’s Nigeria economy.

Then What Are The Role Of Marketing In Nigeria Economy?

You may be forced to ask me this question if were to be in a physical lecture class. With this article, am going to enumerate in details the roles marketing plays to keep Nigerian economy up to this level.

1. Marketing Aid Nigeria Economic Development: In every economy, marketing activities are essential for economic development. The major aim of marketing is to bring the knowledge of products to their prospective customers in order to increase sales and make profit for the companies.

As we all know, profits are not only important to businesses but are also essential for the health   and survival of economy as a whole. You may want to know how.

Let say for instance, you refused to market your products, means you may sell without profit, that means more raw materials may not be bought by you, more employees may not be hired, and you will have less capital to put into next production. As a result of this, economic development has been hindered.  

2. Marketing Contributes To Nigerians Standards Of Living:  For someone to completely understand this, he/she must understand the relationship between marketing and standard of living of a country.

The standard of living of any economy is defined by the amount of goods and services available for consumption in a particular country. A country’s economy could be condemned if goods  and services do not follow the right channel to reach the citizens.

In Nigeria marketing ensured that products are provided in the right forms, quantities at the place where they are needed by the consumers at an appropriate time. This means, without appropriate product marketing in Nigeria, there would be scarcity of a product in the North, while we have the excess in the South and vice versa.

3. Marketing Enhance Business Growth In Nigeria: The main objectives of every business in Nigeria are survival, profits and growth. As we all know, for any economy to grow, the business in such economy must grow; their failure simply means the economy’s failure.

Marketing activities are vital to business organization’s success. They help sell the  organization’s products and generate financial resources for the profit and growth of the business. This helps and encourages businesses to expand their capacities and create more employment opportunities for the citizens.

Without business expansion and growth, the economy would be distorted, leading to shortage of employments opportunities and shortage in government revenue. This is what I will explain in the next line.

4. Marketing Increases Nigerian Government Revenue: Apart from oil, taxation is one of the significant sources of fund to the government. Now where does government get taxes? On a yearly basis, government realize huge some of money from company income tax which are generated from companies.

Mind you, the payment of this tax by companies in Nigeria is not fixed; they are based on the profit of the business. Meaning if business refused to market their products and they did not  make any profit, that means government will earn nothing inform of a company income tax at the end of a financial year.

In this vain, marketing plays a very significant role in determining the revenue of the  government of Nigeria. What every sensitive government should do is to encourage each business to promote their business in order to earn high.   

5. Marketing Offer Outstanding Career Opportunities To Many Nigerians: One of the variables to measure economic development of a country is its ability to provide employment opportunities to its employable citizens.

In Nigeria today, marketing has turned a lucrative career. We can now see young graduates of Marketing from both Universities and Polytechnics.  In fact, people whose disciplines are far different fro marketing are now on the field working as marketers and are doing great.

This simply means marketing is now a job that was not there in the past. Many people, either off or online now involved in marketing activities such as personal selling, advertising,  marketing research, product development and management.

In addition, marketing career opportunities also exist in Nigerian non-business organizations where marketing skills and knowledge have been employed to promote political, charitable, civil, culture and religious activities.

In conclusion, marketing play a significant role in Nigeria economy and it impact is glaring in all our economic activities in recent time. Each time you go online, you see people  marketing one thing or the order. So also on the street of Kaduna and every other city in Nigeria, you meet marketers introducing new or existing products to you for your patronage.

These activities in so many ways have affected the lives of Nigerians positively. Marketing creates awareness of products to consumers, to enable them to make an informed decision concerning what to by at the cheaper rate with the best satisfaction. Marketing activities in Nigeria helps an individual to make an improved perfect economic decision.

I Hope This Helps

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