INTRODUCTION TO MARKETING

INTRODUCTION

In this course, we are principally concerned with management and exchange and the process between a firm and its customers. A firm offers a product or a service to the potential customer who has a need for it. The marketing process matches the firm’s offer and the customer’s need in such a way that both benefit one in terms of profit and the other in terms of need satisfaction.

Different people with different objectives would opt to learn marketing. However, marketing, as you will soon see, is important whether you are in the marketing function or any other function of a business. Besides, marketing is a very exciting field. It requires creativity for success. Thus, you have embarked on the study of an exciting subject which can also increase your creativity.


This course has been designed primarily to develop your awareness of the marketing orientation. It is assumed that such knowledge about marketing decisions and process will not only improve your personal competence but will also help in attaining your organisation’s

objectives. The first unit introduces the definitions of marketing and goes on to describe the various marketing decisions.

 OBJECTIVES

At the end of this unit, you should be able to:

1. define the term marketing 
2. outline the concepts of needs, wants and demands 
3. discuss the importance of marketing 
4. list the functions of marketing in economic development.

MAIN CONTENT

Definitions of Marketing

The  term ‘Marketing’ has been defined in many ways by different  authorities. It is useful to pause for a while and consult some of these definitions:

(a) Marketing consists of the performance of business activities that  direct the flow of goods and services from producer to consumer  or user (American Marketing Association).

(b) Marketing is the management function that organises and directs  all business activities involved in assessing and converting  consumer purchasing power into effective demand for a specific  product or service, and in moving it to the final consumer or user  so as to achieve the profit target or other objectives set by the  company (British Institute of Marketing).

(c) Marketing is a social process by which individuals and groups  obtain what they need and want through creating and exchanging  products and value with others (Kotler, 1984).

(d) Marketing is a total system of business activities designed to  plan, price, promote and distribute want-satisfying goods and  services to present and potential customers (Stanton, 1964).

(e)  Marketing is the business function that identifies customers’ needs and wants, determines which target markets the organisation can serve best, and designs appropriate products, services, and programmes to serve these markets (Kotler and Armstrong, 1996).

(f) Marketing is the business process by which products are matched  with markets and through which transfer of ownership is effected  (Cundiff and Still, 1964).


These definitions are better explained through the examination of the  following terms: needs, wants, demands, products, exchange, and some  others.