Marketing can be broadly seen as the collection of activities undertaken by the firm, to relate profitably to its markets. As the firm takes its queue at the marketplace, its ultimate success depends on how well it performs there. This requires a vast knowledge of the market. As such, a market's first task is to study prospective buyers. Who are they? Where are they? What are their needs and how best can they be satisfied? Second, he develops marketing activities or functions that will enable him meet these needs. In all the activities of a successful marketing are embedded in four different functions which include; product availability, price strategy, place of market and promotion of the products.
These are the 4P's that are ‘sin qua non’ in modern day marketing. Also, these 4P's are the four pillars on which the practice of marketing rests. Furthermore, a good marketer must endeavor to develop products or services that will satisfy the needs of the customers.
He must also set prices and terms for the product that are reasonable to customers but return fair profit to the firm. Then the products have to be available at the right place, quantity and time. And he must make much effort to great awareness for the products through different media like posters, bill boards, T. V, radio, bonanza, e. t. c.
It is imperative to know that marketer's job is not merely to sell goods, services and ideas. It is also to identify what customers actually want in order to know what to produce. He also has the responsibility to analyze current trends and use this analysis to anticipate what the customers would eventually demand. Marketer's number one duty is to satisfy all his customers. The customers are ‘king’ and that must be respected.
Marketing, the management of the exchange process and relationship, is the cornerstone of most organizations. It is a discipline of growing interest to organization throughout the world over that has something to offer, from profit to non-profit, religion to socio-political, and so on.