Principle & Practices of Marketing Management

Group Members Parth Mamtora - IB1210321 Rohit Bulwani - IB1210323 Rahul Vyas - IB1210324 Sanket Bhaskarwar - IB1210325 Prashant Ajey - IB1210326 Apurv Singh - IB1210327

Does your group agree with Drucker or disagree? Why/Why not?

Agree Reason: We agree with the whole statement. Marketing and innovation are a great part of a business. However, they are both costs just like the other functions who supplement marketing and innovation in the creation of results and creating customer/customers.

According to Drucker what is the purpose of any business? Why he defines the purpose like that?
According to Peter Drucker, the purpose of any business is to Create a customer through marketing and innovation. Marketing and innovation are the only profit making functions which attract customers for the business. While Finance, H.R. and other functions are all costs that supplement this action of attracting customers.

 An external customer of an organization is a customer who is not directly connected to that organization. An internal customer is a customer who is directly connected to an organization, and is usually (but not necessarily) internal to the organization. Internal customers are usually stakeholders, employees, or shareholders, but the definition also encompasses creditors and external regulators. Great customer service for the external customer depends on excellent internal customer service.

What will you understand by internal and external customer concept? Why is this concept relevant to today's business?

What Functions produce results? What functions do not produce results? What results Is Drucker referring to?
Only marketing and innovation produce results directly. There is no function that does not produce results indirectly. They supplement the marketing and innovation function. The result that Drucker is referring to is, the creation of customers through innovation and marketing.

How many functions exist in a business?

There are six functions :1. Planning 2. Organizing 3. Coordinating 4. Implementing 5. Controlling 6 Learning

How many Departments are there, name them? What are the functions of each department and state the activities.
Departments that exist in business are :1. 2. 3. 4. 5. Marketing Finance Human resource Dept. Production Office function

Which is most important and which is least important function in the business?
All the functions are equally important and mutually beneficial for each other. So it is difficult to select any one function. In some industries, different functions play pivotal roles.

What lesson do you learn form Peter Druckers two paragraphs?

The two paragraphs written by Peter Drucker teach us that: The purpose of a business is to create customers through marketing and innovation, which are the main functions of a business. All departments contribute to the marketing function.

Thank You