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What is marketing?
A system of business activities designed to plan, price, promote and distribute want-satisfying products, services and ideas to customers in order to achieve business objectives.
•the role of marketing in the firm and in society.
IN THE FIRM
•find out what customers want.
•marketing links the firm and its customers.
•provides greater range of goods and services.
•identifies customer wants
•satisfies customer wants
•can lead to better quality of life
•subsidises mass media (eg free local newspaper due to advertising)
•informs consumers of available products/services
•Types of markets
Nature and Role of markets and marketing