Marketing as an Overall Business Philosophy

1 ASSIGNMENT FOR FIRST SEMESTER

(Should be minimum 4-5 pages)

1. How will you consider Marketing as an overall business Philosophy?

(100 Marks)

MARKETING AS AN OVERALL BUSINESS PHILOSOPHY

Many successful companies see marketing as the keystone of their business. Such firms do not see marketing simply as yet another functional area of management but more as overall business philosophy, a way of thinking about business, and a way of working which runs through every aspect of the firm’s activities. Hence, marketing is viewed not as a separate function, but rather as a profit-oriented approach to business that permeates not just the marketing department but the entire business. Looked at from this point of view, marketing is seen as an attitude to mind or an approach to business rather than a specific discipline.

The holistic view of the role of marketing within the firm has been expressed by a leading authority on management thinking, Peter F. Drucker, who stated: Marketing is not only much broader than selling, it is not a specialized activity at all. It encompasses the entire business. It is the whole business seen from the point of view of its end result, that is, from the customer’s point of view, concern and responsibility for marketing must therefore permeate all areas of the enterprise.

This marketing-oriented business philosophy is referred to as the marketing concept. It is a philosophy that puts the customer at the very center of the firm’s corporate purpose.

Marketing cannot exist in a vacuum. To be really effective it must permeate the whole company. What is needed is an integrated approach, not just the creation of a marketing department. It is the company’s whole approach to business problems that is the key issue. It is the adoption of a business philosophy that puts customer satisfaction at the...