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Lecture 1: Introduction to Marketing Marketing is the management process responsible for identifying, anticipating and satisfying customers’ requirements profitability. Peter Drucker ‘there is only one valid definition of business purpose: to create a customer’. At its simplest, if you do not have any customers for the product or service your organization offers, then there is no reason for continuing existence. Consumption is the sole end and purpose of all production and the interests of the product …

…research cover: identification of market trends, obtain info about competitors, identification of market characteristics, segments, the estimation of size of new markets, info on potential customers and sales forecasting. Marketing Communications: effectiveness of communication (advertising research), media selection, copy testing and sales territory packaging. Product research: generating new product ideas, product concept testing, product testing, test marketing of products and investigation packaging. Pricing – the relationship between product/service price-demand. Distribution – warehouse location, retail outlet location.