Marketing

LECTURE 01

Introduction

Business is an activity undertaken with the objective of

earning profit.

Introduction
According to Peter Drucker, the first test of any business is

not the maximization of profit but the achievement of

sufficient profit to cover the risks of economic activity and
thus avoid loss.

Customers are the foundation of a business and their

purpose of existence.

In other words, customers are the mainstay of the business.

Introduction
As Peter Drucker puts it: There is only one valid definition

of business purpose: to create a customer.

It is the customer who determines what business is

The customer determines what a business is, what it

produces and whether it will prosper (Drucker).

What is Marketing ?
Marketing is the management process that identifies,

anticipates and satisfies customer requirements profitably.

The Chartered Institute of Marketing

What is Marketing ?
Marketing is the process of planning and executing the

conception, pricing, promotion, and distribution of ideas,

goods, and services to create exchanges that satisfy
individual and organizational goals.
The American Marketing Association (AMA)

What is Marketing ?
The right product, in the right place, at the right time, and

at the right price

Adcock et al

Marketing

Meeting

Needs
Profitably

A bridge
from the producer
to the consumer.

Marketing

Marketing
is

Managerial Activity

What Is Marketed?
Goods
Services
Event
Experiences
Persons
Places
Properties
Organization
Ideas

Marketing Mix

Marketing Mix includes 5 Ps of Marketing

Product
Promotion
Pricing
Place (or distribution system)
People

Right Product
Product Variety
Quality
Designs
Features
Brand Name
Packaging
Sizes
Models
Services
Warranties
Returns

Right Price
List Price
Discounts and conditions of discounts
Allowances
Payment Period

Right Place
Channel
Coverage / Reach
Location
Inventory
Transport
Assortments

Right Promotions
Advertising
Announcements
Public Relation
Direct Marketing