marketing is essential to a free market economy __________

Question

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

Answer 1

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.