Marketing

Marketing is concerned with identifying and satisfying customers needs at the right price. Marketing involves researching what customers want and analysing how the organisation can satisfy these wants. Marketing activities range from the ‘strategic’, concerned with the choice of product markets (and how to compete in them, for example, on price or product differentiation) to the operational, arranging sales promotions (e.g., offering a 25 per cent discount), producing literature such as product catalogues and brochures, placing advertisements in the appropriate media and so on. A fundamental activity in marketing is managing the Marketing Mix consisting of the ‘4Ps’: Product, Price, Promotion and Place.