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  1. Marketing is the art of finding out what the other person wants and then manufacturing it for him. An important role of marketing is to understand what the needs of customers are and then to undertake the necessary actions to satisfy those needs better that competitors do.

  2. Marketing is guided by two basic principles: the satisfaction of customer needs and profitability.

  3. Marketing includes all the business activities connected with the movement of goods and services from producer to customers. Sometimes it is called distribution. It includes transporting, selling goods, marketing operations a product planning, research, pricing and promotion selling.

  4. Marketing includes three sectors:

  1. Consumer goods (are products bought by individual consumers).

  2. Industrial goods (are bought by corporations or institutions).

  3. Services.

  1. To flourish and take a profit the company should act according to the basic principles of the marketing. It should satisfy consumer's needs and undertake some actions to achieve this end.

  2. Marketing should be started from market segmentation. It is a way when every market can be divided into segments by demographic factors like age, income, occupation, size of family

  3. The four P's are four controllable factors: product, price, place and promotion.

  4. All products have life cycles which include introduction, growth, maturity and decline. The length of product life cycle depends on the intensity of competition and innovation of product.

  5. Prices can be determined in large central markets. It is a pure price competition. The price depends on credit terms, delivery, and quality.

  6. Promotion includes all forms of marketing communication: advertising, direct mail, customer service, image, sales, so on. Promotion is the way how to select and divide your market according to the type of product, its price.


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