Marketing Management
1.2 Introduction
'Marketing is so basic that it cannot be considered as separate function.
It is the whole business seen from the point of view of its final result, that is, from the customer's point of view'.
- Peter Drucker.
Marketing is indeed an ancient art; it has been practiced in one form or the other, since the days of Adam and Eve. Today, it has become the most vital function in the world of business. Marketing is the business function that identifies unfulfilled needs and wants, define and measures their magnitude, determines which target market the organization can best serve, decides on appropriate products, services and programmes to serve these markets, and calls upon everyone in the organization to think and serve the customer. Marketing is the force that harnesses a nation's industrial capacity to meet the society's material wants. It uplifts the standard of living of people in society.
Marketing must not be seen narrowly as the task of finding clever ways to sell the company's products. Many people confuse marketing with some of its sub functions, such as advertising and selling. Authentic marketing is not the art of selling what you make but knowing what to make. It is the art of identifying and understanding customer needs and creating solutions that deliver satisfaction to the customers, profit to the producers, and benefits for the stakeholders. Market leadership is gained by creating customer satisfaction through product innovation, product quality, and customer service. If these are absent, no amount of advertising, sales promotion, or salesmanship can compensate.
William Davidow observed: 'While great devices are invented in the laboratory, great products are invented in the marketing department'.
Too many wonderful laboratory products are greeted with yawns or laughs. The job of marketers is to 'think customer' and to guide companies to develop offers that are meaningful and
'Marketing is so basic that it cannot be considered as separate function.
It is the whole business seen from the point of view of its final result, that is, from the customer's point of view'.
- Peter Drucker.
Marketing is indeed an ancient art; it has been practiced in one form or the other, since the days of Adam and Eve. Today, it has become the most vital function in the world of business. Marketing is the business function that identifies unfulfilled needs and wants, define and measures their magnitude, determines which target market the organization can best serve, decides on appropriate products, services and programmes to serve these markets, and calls upon everyone in the organization to think and serve the customer. Marketing is the force that harnesses a nation's industrial capacity to meet the society's material wants. It uplifts the standard of living of people in society.
Marketing must not be seen narrowly as the task of finding clever ways to sell the company's products. Many people confuse marketing with some of its sub functions, such as advertising and selling. Authentic marketing is not the art of selling what you make but knowing what to make. It is the art of identifying and understanding customer needs and creating solutions that deliver satisfaction to the customers, profit to the producers, and benefits for the stakeholders. Market leadership is gained by creating customer satisfaction through product innovation, product quality, and customer service. If these are absent, no amount of advertising, sales promotion, or salesmanship can compensate.
William Davidow observed: 'While great devices are invented in the laboratory, great products are invented in the marketing department'.
Too many wonderful laboratory products are greeted with yawns or laughs. The job of marketers is to 'think customer' and to guide companies to develop offers that are meaningful and