marketing is essential to a free market economy __________
because historically all businisses have practiced it
because it allows copanies to compete against eachother
because it uses advertising and promotions to educate the consumer about products
because it is mandated by law in order to sell goods and services
I would say that the most accurate completion of the statement would be:
because it allows companies to compete against each other.
Marketing plays a vital role in a free market economy as it enables businesses to differentiate themselves and attract customers. By understanding consumer needs and preferences, companies can effectively communicate their products or services, engaging potential customers and increasing competition within the marketplace. While advertising and promotions are indeed part of marketing, not all businesses have historically practiced marketing, and it is not mandated by law to sell goods and services.
Marketing is essential to a free market economy because it allows companies to compete against each other, uses advertising and promotions to educate the consumer about products, and historically, businesses have practiced it. However, it is not mandatorily mandated by law in order to sell goods and services.
The correct answer is: "because it allows companies to compete against each other."
Explanation: Marketing is essential to a free market economy because it enables companies to compete with one another. In a free market economy, there is no central planning or control over businesses. Instead, businesses have the freedom to determine what products they want to sell, at what price, and how they want to promote those products. Marketing plays a crucial role in this competitive environment.
Through marketing, companies engage in various activities such as market research, product development, pricing strategies, advertising, and promotions. These activities help companies identify consumer needs, create products that meet those needs, and communicate the value of their products to potential customers. By doing so, companies are able to differentiate themselves from competitors and attract consumers to purchase their products instead.
While it is true that marketing often involves advertising and promotions to educate consumers about products, it is not the only reason why marketing is essential in a free market economy. Marketing is a dynamic discipline that encompasses a wide range of activities aimed at creating, delivering, and exchanging value in the marketplace, with the ultimate goal of satisfying customer needs and wants.