Marketing management class lectures_49134761-Marketing-Management

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MARKETING MANAGEMENTIntroductionWelcome to the wonderful world of marketing! Marketing is not a new word but evokesfeelings of freshness each time it is used. For there is so much happening in this field thateven the oldies have something new to learn every day. In your class itself, I am sure thatthere are quite a few students opting for marketing than any other discipline. Surely, theremust be something in this word marketing, that everyone feels attracted to it.Marketing is ancient art. The first marketing trans- action can be perhaps attributed to Adam andEve. Its emergence as a management discipline is of relatively recent origin. And within thisrelatively short period, it has gained a great deal of importance. In fact today marketing isregarded as most important of all management functions of business.Some definitions of Marketing Much of marketing is concerned with the problem of profitably disposing of what isproduced. Marketing is the economic process by which goods and services are exchangedbetween the producer and the consumer and their val- ues determined in terms ofmoney prices. Marketing originates with the recognition of a need on the part of a consumer andterminates with the satisfaction of that need by the delivery of a usable product atthe right time, at the right place and at an acceptable price. Marketing is so basic that it cannot be con- sidered a separate function. It is reallythe whole business seen from the point

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