Economic Development And Marketing (History)
The meaning of economic development. Here is brief history of the subject; immediately after the attainment and debates regarding the problems of National Development were the order of the day. Great hopes were raised on Nigeria’s being developed within a short period of time. Regrettably today, things have not happened as predicted. When one considers the current level of political, economic, social and other aspects of economic development. Is is found below the expectations of the sixties. Focusing generally on the African countries, observed that development has completely eluded these countries and that underdevelopment threatens to become a permanent conditions rather than a transitory stage.
It is generally believe in the country Nigeria, when Nigerians were clamouring for an independent state, that development would automatically follow as the colonial powers here not just on humanitarian mission but for their own selfish interest. Long after the independent of most of the African countries, the long arm of our British colonial masters (Britain) still continued to grip us as our developmental plans were only a reflection of theirs. Up till date, however, our national goal has remained the same – how date, however, our national goal has remained the same – how improved the well being of the citizens of this country.
As has already been pointed out buy top scholars, an analysis of Nigerian plan will show that not only the goal remains constant (that is , how to improve the well being of the citizens of the country), the strategic for attaining them hardly differ. Each of the National plans has been concerned with the expression and improvement of the education system, development of high level manpower, expansion of industries, increase I the gross national products, and the provision of infrastructures and social services. A forecast is usually made about the level of development that might be achieved at the end of each plan, this is usually five years.
At this stage, it would be necessary to explain what economic development is. Development per se refers to that process through which a society moves a given developing socio economic condition to another more desirable socio economic condition as a consequence of education and its application in the appropriate attitudes and skills. Economic development can also be looked at as an educational process whereby people learn to understand and alter constructively their relations to their natural and social environment. We must learn as well as warn, however, that development is not simply a faster growth rate in terms of production, but that one common economic instrument of development can therefore be considered from the point of view of the level of investment, export and demand in the society.
It can also be seen from the requirement that a high standard of living must be sustained and that good life must come as a result of (amongst other things) material goods made possible by internal engineering and scientific capabilities of the society and willingness on its part to supplement and improve continuously on these capabilities from both internal and external sources.
Economic development can be measured in terms of eh attained level of the exploitation of economic resources (particularly natural resources), capital accumulation, scale of production, specialization and division of labour and technological progress. These factors affect eh suppliers of the factors of production and/or their manner of utilization in the society. The economic development process occurs through increase in production and productivity. Improvements in productivity and production, of course are not sought for their own sake but for their proven contribution to societal well being, particularly economic. It is true that a person’s problem arises trying to arrive at a universally accepted and workable definition of that state referred as developed.
This notwithstanding, economic development generally points to the quality of life and standard of living of the people. It can be defined in terms of the gross national products (GNP). Measured in this way, a country is said to be developed if it produces sufficient goods and to bloat its gross national products (GNP) figures. Further suggests that if the gross national product (GNP) is expanding, in real terms, then there is more to go round so that the welfare of the individuals would also be increasing.
Role Of Marketing In Economic Development
A business organization must sell products to survive and grow. Marketing activities directly or indirectly help to sell the organizations products. In advanced economies, the contribution of marketing in the economic growth is very easily appreciated, unlike the Nigerian situation with its developing economy. This is informed by the fact that in the developed economies, the supply of goods are always in abundance and there is therefore competition for the limited consumers. It is also believed that marketing does not contribute to economic development as most products are at the self sufficiency level.
Nigeria has however, gone beyond that level. Accepted that many influences in the market are not economic, the economic status of a society’s populace is the ingredient that turns desires into effective demand. Without money income and money to spend, the socio psychological aspects of an economy would lie dormant. Marketing from all understanding, comes about and evolves in response to the social structure. Nigerians have risen above the level of self sufficiency. Marketing has continues to advance. As a nation (or society) develops the need for an abundance of social organization is felt. The populace comes to need medical and dental care, a legal framework within which to live and act, productive skills and capacities to create the items demanded, a monetary structure and of course, a system to distribute goods and services which in turn satisfy the demand of the people. Such a system, whether extremely simple or large and complex is referred to as a marketing system.
In other advanced societies, the role of marketing to their economic development is better appreciated because of their abundant products. The role should even better appreciated in our environment where most products are in short supply. Marketing well applied, would help raise the quality of life customers in a particular and the society in general. As the fundamental objectives of all marketing activities are basically the creation of goods and services and the making of such available when, where, and in the form that making of such or in the form that they are needed the main concern here is to improve the customers well being and standard of living.
On a more specific note, production is the necessary door to the economic growth of most underdevelopment economies. Continue production is as a result of the marketing of wider ranges and progressively increasing quantities of goods and services. This helps to raise the standard of living of the people which is an index of development. Marketing also bridges the gap between the poor and the rich by making affordable goods available to them through mass distribution techniques.
In developing economies, the markets are narrow. But with the application of marketing principles, the market expands. This paves the way for the economic concept known as the economies of scale, this is then used in effective and comprehensive marketing. Marketers are also expanded from local to regional to national and international levels. All these would both on the short and long run enhance the economic development of Nigeria. In periods of scarcity marketing helps in different ways. How then does marketing do this?