"If we want to know what a business is we must start only with its purpose ... There is only one valid definition of business purpose: to create a customer. What the customer thinks he is buying, what he considers 'value' is decisive - it determines what a business is, what it produces, and whether it will prosper."- Peter Drucker, The Practice of Management By creating and fulfilling wants and needs, marketing creates value for an organization's customers. The value it creates translates to substantial dividends for the firm and its stakeholders. The goal of this course, accordingly, is to delineate the means of creating and fulfilling these wants and needs.
Creating this value requires that managers must effectively:
1. assess marketing opportunities by analyzing customers, competitors, and their own company (the 3 C's), and
2. design effective marketing programs via selecting appropriate strategies for pricing, promotion, place, and product (the 4 P's)
Optional: Marketing Management, Philip Kotler and Kevin Keller, 12th Edition.