This article mainly deals with how productivity of the buyer and seller determines the Economic development in a less developed country. Transaction of marketing mainly includes reaching the wants and resources of a buyer and which is offered by the seller. In the process of marketing transaction the buyer and the seller helps in letting the outputs under the course of exchange. "Output: Input = Productivity." The article consists of relationship between productivity and the line of communication between the buyer and seller and level of economic development in a society. In relating the buyer productivity and seller productivity to economic development gives the implications of non theoretical for sellers and mangers in different societies. Productivity - the ratio of output to input- comprises the most important part in the process of development. High productivity leads to an effective resource which helps to less the cost of output and will let a society to aim an attention at some effort on wants other than physical existence. In general if the ratio of output and input are higher in economic activities it leads in advancing the economy. The relation between the productivity and development demonstrates the buyer productivity and seller productivity at different stages of economic development.
This article analysed the factors effects the output and input of the buyers and sellers like functional, social organizational, situational, and emotional, curiosity utilities and resources like financial, mental, and physical. Functional utility determines the only product's accomplishment. Social organizational utility results in labelling a product with a discriminating set of demographic or types of organization bearing metaphors. Situational utility deduce a conclusion of particular condition or situation. Products are used up on an advertisement basis often supplies high situational utility. Emotional utility results in connecting emotions and sensation like love, fear, anger, respect. Curiosity utility gives an account of innovation, curiosity, tentative wants among individuals.
Resources also play a vital role affecting the output and input of buyers and sellers. Financial resources include buyer's credit rating, income, and wealth. In many undertakings, the main financial resource utilised comprises of the rate of buyer pays in return for a product's devouring. Mental resources involves in using buyer's mind. Educating and allocating data in dealing on marketing. Emotional connection, risk taking, and other manner of conducting symbolize the mental resources that the buyer spends in the under taking of marketing. Physical resources comprise the totally hard work taken by buyer to the best of trade.
This article also explains the buyer and seller productivity of economic development in less developed countries and developed countries in detail. Less developed countries represents in comparison with less level of per capita investments in which demonstrates measurement of favourable outcome in exciting from a less to more level of economic development such as Malaysia, Bolivia, Jamaica, India. The less developed countries types forbid "Under developed countries," namely Nepal, Bangladesh, Zaire, Ethiopia which exhibits less or no advancement. This expulsion consequence from the deficiency of inclusive practical research contributes the development entity of even theoretical schemes on the respective buyer productivity and seller productivity stages in these countries are completely beyond the bounds of possibility.
Developed Countries contains those in comparison of latest levels of economic development, with relatively more per capita income and regular standard of living such as Taiwan, France and Singapore. Consumer's markets are noticeable, partly on an account of economic fortune in the middle of buyers and business firms, an ahead in position of foundation and the exercise of new marketing methods. Additionally governments organize business less rigidly as examine in contrast to routine in less developed countries signifies in comparison of free competition of low entry obstructions into firms and lesser rate mastery.
In connection between output and economic development recommended here at this time exhilarating potential for public tactic makers and business owners. Essential point in questions the responsibility to magnitude which governments should evolve into issues of buyer productivity and proper posture of business owners concerning the buyer productivity. Main altercation of public procedure and commerce in economically high graded countries has aim attention on the role of organizations and governments in becoming larger output of sellers for giving the buyers a state of comfort. Ergo governments could provide a vital role in according by inspecting and editing existent managing namely forcing on output capability and ownership needs for multi nationals.
This article's verdicts are contained into the regulation of sellers, buyer's productivity at various stages of economic development, seller productivity at various stages of economic development, the role of marketers, direct and indirect government effort and countries at various levels of development are in a broader context and more expressly its study rests in buyers and sellers productivity of economic development.
