Question

What advantages do markets offer when viewed as selection devices for the evolution of an economy? (Beinhocker Chapter 13)

Answer 1

Answer : Markets has provided various advantage while selecting for the evolution of an economy in a different and unique manner such as :

• While communicating message it is an actual content of information that goes from producer to the sellers in systematic manner It may be in form of advertising, sale promotion as well as sale person pitch etc.
• While mass communication occurs when there is a proper advertising available to them as well as sale promotion and public awareness occurs in an economy as in order to grab maximum share.
• Mass communication inform , remind and maintain good as well as healthy relationship with the producer and consumers.
• Helps in achieving right goal is delivered to Target audience in the most effective and cost efficient manner.
• It has been allocated market communication strategy.
• New customer has been created in order to proper communication technique.
• Maintain healthy and systematic relationship exist between them.
• Sale promotion is cheapest selection of communication as they often occurred over a short period of time.
• Advertising is costly and time consuming technique in order to grab maximum share.
• Helps in delivering the right message to the right consumer in systematic and logical manner.