Microsoft Word marketing doc

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ELEMENTS OF MARKETING
 
UNIT-I 
1.0 INTRODUCTION
Marketing has been gaining a predominant role with the advent of mass 
production and globalisation of economic activity. The manager today needs a 
thorough knowledge of marketing to perform their functions in an effective 
manner. Marketing establishes a vital link between an organisation and its 
consumers. 
1.1 NATURE AND SCOPE OF MARKETING 
Marketing is a human activity directed at satisfying needs and wants 
through exchange processes. Marketing includes such activities as product 
development, marketing research, communication, pricing, promotion and 
service apart from selling. 
Marketing originates with the recognition of a need on the part of a 
consumer and terminates with the satisfaction of that need by the delivery of a 
usable product at the right time, at the right place and at an acceptable price. 
Marketing is so basic that it cannot be considered a separate function. It 
is really the whole business seen from the point of view of the final result, i.e., 
from the point of view of the customer. 
Marketing is a view point which looks at the entire business process as a 
highly integrated effort to discover, create, arouse and satisfy consumer needs. 
Marketing is a delivery of a standard of living to society. 
1.2 IMPORTANCE OF MARKETING 
The new managerial awareness and desire reflected in the consumer 
orientation for an all-out commitment to the market consideration. 
The importance of marketing is being realised by Indian business houses. 
The most interesting fact about this concept is that the organisation 
concerned is not the only beneficiary when a firm practices the marketing 
concept. The concept simultaneously benefits the organisation that practices it, 
the consumer at whom it is aimed and the society at large.