1. Introduction to Marketing
Marketing is the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. It involves understanding customer needs, developing products or services to meet those needs, and building customer relationships. A customer-centric approach is fundamental to successful marketing in today's competitive business environment.
2. Functions of Marketing
The functions of marketing encompass a range of activities aimed at facilitating exchange. These include product planning and development, pricing, promotion (advertising, sales promotion), distribution (channels of distribution), selling, and after-sales service. Each function contributes to satisfying customer needs and achieving business objectives.
3. Marketing Mix
The Marketing Mix refers to the set of controllable, tactical marketing tools that a firm uses to produce the response it wants in the target market. These tools are often referred to as the '4 Ps': Product (what is being sold), Price (what it costs), Place (distribution channels), and Promotion (communication to customers). Effective integration of these elements is crucial for successful marketing strategies.