defines marketing as the unique function that distinguishes a
business from other organizations. It produces the revenue
that is the lifeblood of the business. It is so basic that it can not be considered on a
par with other business functions such as manufacturing or
personnel, but is a central dimension of the entire
organization. Therefore, responsibility for marketing must
permeate all areas of the enterprise.
purpose of a business is to create customers it can serve
A business fulfills this purpose by providing a product or
service that satisfies a customer need.
The satisfaction of this need provides value to customers
for which they are willing to pay.
The customers’ perceived importance of this need
determines how highly they value the product or service and what
they are willing to pay for it.
marketing is viewing the company from the outside, from the
customers perspective. Customers
buy solutions to problems and businesses sell products or services
that provide these solutions.
The essence of marketing is linking customers' problems to
business products and services.
business enterprise requires an expanding economy. It needs
growth if it is to attract talent, create job advancement
opportunities, and provide new customer satisfactions.
Therefore, innovation- the provision of different economic
satisfactions, is the second fundamental function of a business.
defines innovation as the task of endowing human and material
resources with new and greater wealth producing capacity. It
is not confined to separate business functions but extends across
all activities of the enterprise. It provides the means to
convert society's needs to profitable business opportunities.
marketing and innovation produce revenue. All other business
functions produce costs.