1. Marketing is defined as the process of creating, distributing, promoting, and pricing goods and services to facilitate satisfying exchange relationships with customers. It focuses on identifying target customers and meeting their needs. 2. The marketing mix consists of the four Ps - product, price, place (distribution), and promotion. These are the key factors that a firm can control to satisfy customers. 3. Marketing management involves planning, organizing, implementing, and controlling marketing activities effectively and efficiently to achieve organizational goals through customer exchanges.

1. Introduction to Marketing Unit 1: The Introduction Subhajit Sanyal

5. Marketing Mix Variables Product Distribution Promotion Pricing Goods, services, or ideas that satisfy customer needs The ready, convenient, and timely availability of products Activities that inform customers about the organization and its products Decisions and actions that establish pricing objectives and policies and set product prices

6. MARKETING ENVIRONMENT The marketing environment consists of external forces that directly or indirectly influence an organisation’s acquisition of inputs and generation of outputs. The marketing environment consists of six categories of forces: political, legal, regulatory, societal/green, economic and competitive, and technological.

7. Figure 1.4 Components of the marketing mix and marketing environment Differential advantage / Competitive edge People Distribution (place) Price Product Promotion Legal forces Regulatory forces Societal / Political forces Technological forces Economic and competitive forces Buyer/ Consumer Product / Target forces Green Differential advantage/ Competitive edge Brand positioning selection market

14. Evolution of the Marketing Concept Product Orientation Sales Orientation Marketing Orientation Late 19th century: efficient production of goods allowed firms to meet strong customer demand. Mid-1920s – early 1950s: weakened demand required that products would have to be “sold.” (personal selling, advertising, and distribution was the focus) Early 1950s –2000s : adopting a customer focus means a commitment to researching and responding to customer needs. FIGURE 1.3