Posted on: Monday, September 18, 2017
The role or significance may be properly discussed under the following heads : –
(i) Significance for Business Persons :
- It helps in accomplishing their objectives.
- It helps in acquiring the knowledge and letter skills.
- Business persons may go for expansion and diversification of business.
- Get knowledge and feed back information from the middleman & customers
- They may by more emphasis on customer satisfaction.
- Create and maintain better relation with wholesalers, dealers, retailers, and other merchantile intermediaries.
- Easily innovate and develop new product.
- More responsible to the society.
- Optimum utilization of resources in the most effective and efficient way.
- Enjoy a very high societal status.
(ii) Significance for Customers:
- Helps them to get right the product.
- It ensures satisfaction of the needs of consumers
- It ensures better facilities, better deal and after –sale services.
- Customers also get benefits under loyal customer schemes.
- Customer gets better products and services at lower costs.
- Customer also gets the joy of larger choice.
(iii) Significance for the Society:
- Members of society get better products and services at reasonable rates.
- Employment Opportunities.
- Better standard of living and quality of life.
- Security and welfare of their old age and raising days.
- Eradicate poverty, disease, ignorance, social evils through social welfare programmes.
(iv) Significance for the Economy :
- Planned development in the economy.
- Efficient and effective utilization of national resources.
- Ensures regular process of production and distribution of goods and services.
- Increasing national productivity.
- Balanced Regional Development.
- Increase and provide employment opportunities.
- Foreign exchange reserves by way of exports of goods and services.