MKT 201: Fundamentals of Marketing

Credits: 3
Lecture Hours: 48

Unit: One Introduction to Marketing- LH 6

1. Meaning of Marketing
Marketing is the function of buying and selling of goods and services to satisfy need and wants
of target customers /market for getting organizational objectives, considering social
responsibilities.

Marketing is the function of creating, promoting and offering right product for satisfying
customers’ existing and potential need as well as to meet social need to get objectives.

Marketing is demand management because it concerns with demand identifying, demand

stimulating and demand fulfilling activities.

Marketing is the continuous process of planning, implementing and controlling of right

marketing mix to satisfy customers’ needs, considering social responsibilities for goal
achievement.

So consumers’ satisfaction, organizational objectives and social responsibilities are main three
pillars of Modern marketing.

2. Definitions

1. According to the Philip Kotler, “ Marketing is a social process by which individual and groups
obtain what they need and want through creating, offering and freely exchanging products and
services of values with other”

2. According to the American Marketing Association, “ Marketing is the process of planning and
executing the conception, pricing, promotion and distribution of ideas, goods and services to
creates exchanges that satisfy individual and organizational objectives”
3. According to the Stanton , Etzel and Walker, “ Marketing is a total system of business activities
designed to plan , price, promote and distribute want- satisfying products to target market to
achieve organizational objectives”

3. Characteristics / Features / Nature of Marketing

1. Marketing satisfies customers’ needs and wants
2. Marketing facilitates exchange function
3. Marketing consists of various activities
4. Marketing is a demand management
5. Marketing is a continuous and social process
6. Marketing is major Activity of organization
7. Marketing is an open system
8. Marketing operates in dynamic environment
9. Marketing creates utility of products
Time Utility through Warehousing, Place Utility through Transportation, Ownership
Utility through Channel and Form Utility through creating and developing the product
10. Marketing meet social responsibility
11. Marketing achieves organizational objectives

4. Importance of Marketing

1. Importance of marketing for Consumers

a. Marketing Provides Information
b. Marketing facilitates to select and buy
c. Marketing satisfies needs of customers
d. Marketing increase living standard

2. Importance of marketing for Organization

a. Marketing provides Information
b. Marketing promote the product
c. Marketing helps to mass distribution
d. Marketing achieves organizational objectives

3. Importance for Society or Nation or Economy

a. Development of Industry
b. Employment Opportunity
c. Eliminates Poverty
d. Educates people
e. Utilization of Resources
f. Increase in Government Revenue