Principles of Marketing 1

Introduction to
Marketing
 What is Marketing?
• Many people have defined marketing
as advertising or selling.
• Is this true or false?
 “The management process
responsible for identifying,
anticipating and satisfying customer
requirements profitably.”
Chartered Institute of Marketing
“A process of planning and executing the
concept on pricing, promotion and
distribution of ideas, goods and services
to create exchange that satisfies
individuals and organizational goods”,
American Marketing Society
“Marketing is a process by which
companies create value for customers
and build strong customer relationships
to capture value from customers in
return
Pearson Edu (2012)
•Kotler (1972) defines marketing as a social
and managerial process by which individuals
and or groups obtain what they need and want
through creating and exchanging products and
value with others.
 Core Concepts
• Social process – marketing involves interactions of
human beings during the exchange
• Managerial – it involves fundamentals of
management which include planning, organising,
leading, implementation and control
• Process – ongoing activity, never ending, not
sporadic
• Individuals and groups – marketing activities take
place involving parties either as individuals or groups
 Core Concepts
• Needs–state of felt deprivation, drive which propels
action towards achieving a certain objective, a need is
usually expressed in a general mode
• Wants – a want is expressed in a more specific way
and usually in a luxurious mode
• Value – refers to how something is worth usually
expressed in monetary terms. It also refers to the
amount of benefits that accrue to the parties less
expenses incurred in obtaining such benefits.
 Marketing Process

Everything we buy and where we buy from and

every choice we make in our consumer society has
been shaped by the forces of marketing (CIM 2015)
 Role of Marketing
• Identifying customer needs and wants
• Providing market information on product
development projects
• Providing interface between the
organisations and the market
• Gathering information about market
dynamics (competitor activities)
Role of Marketing
• Distribution of products from where
they are produced to places convenient
for the consumers
• To promote products to their various
target customers
Further reading
• Kotler, P. and G. Armstrong Principles of
marketing. (Upper Saddle River, NJ: Pearson
Prentice Hall, 2012) Chapter 1. You should
read the entire chapter to familiarise yourself
with the Marketing ethos.
Assignments
• Consumption Is the sole end of
production and the interests of producers
only ought to be respected as long as they
do not override those of consumers.
Discuss this statement in relation to the
marketing concept? (30 marks)
Assignments