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1. GENERALITIES

One of the areas of management is marketing. Marketing is the process of planning and
executing the conception, pricing, promotion and distribution of ideas, goods and services to create

exchanges that satisfy individual and organizational objectives.
Marketing makes products available where customers want them by transferring the

ownership of products to buyers. The entire business organization is involved in a dual process of

satisfying customer needs and achieving organizational goals.
Implementation of marketing concept begins and ends with marketing information about

customers – first to determine what customers need, and later to evaluate how well the firm is
meeting those needs.

A market consists of people with their needs, the ability to buy, and the desire and ability to
sell. Markets are classified as consumer and industrial markets.

2. A MARKETING MIX

A business firm controls four important elements of marketing which are called a marketing

mix.
A firm’s marketing mix is the combination of the product, the price of the product, the

means for its distribution, and the promotion of the product to reach a firm’s target market.

Product Price

Marketing Mix

Promotion Physical
distribution