MARKETING PRINCIPLES AND PRACTICESThis course deals with the concept, development and economic development of entrepreneurship skill inmarketing management among students and interests in the fields so as to prepare them for a profession inmarketing. A study that builds on the evolution of modern management toward a marketing-oriented view ofbusiness; stressing the underlying principle of the marketing concept; and integrating concepts in relation toconsumer needs, marketing information, product development, pricing, distribution, selling, advertising, andpromotions.Thus, this lesson will present the definitions of marketing, which will be essential for the learners ingrasping the true concept of marketing. This will also emphasize the goals of marketing and will walk the learnersthrough the traditional approaches to marketing in connection to contemporary approaches to marketing.UNIT I. AN OVERVIEW OF MARKETINGDevelopments in the economic activities of people led to the adaption of new ways of satisfying humanneeds and wants. Consumption becomes the primary concern of economies and as a result, production becamefirst priority undertaking. Satisfying wants, however, turned out to be more complex than it was thought to be.Making goods, however, is one thing; making sure that they are bought is another. To facilitate theimplementation of the latter, a new tool was invented which came to be known later asmarketing. Most peoplethink that marketing is purely a business of selling. This thinking is common misunderstanding on marketing. Thenatural ability of man to automate his/her word association skill is one of the culprits in this misconception. Theterm marketing is usually associated with its root wordmarket, which typically defined as a place wherecommercial dealings, the selling and the purchasing of goods are happening.Marketing is a dynamic system and the most up-to-date activity, it being present in everywhere we go. Itis always centred around the customer who is the concern of anybody under marketing managementresponsibility.DEFINITION OF MARKETING-associated with its root word“market” which typically defined as a place where commercial dealings,the selling and the purchasing of goods are happening.-a total system of interacting business activities designed to plan, price, promote and distribute want-satisfying goods or services to present and potential customers.-is working with markets attempting to actualize potential exchanges, a human activity directed atsatisfying needs and wants through the exchange processes.-defined as exchange activities conducted by individuals or organizations for the purpose of satisfyinghuman wants with the view of accomplishing individual or organizational objectivesBASIC MARKETING TERMSExchange– refers to the trade of things or service of value between buyer and seller.