4 Principles of Marketing
In this chapter, we focus on the basic concepts and other related aspects of marketing, which will
build a platform on which basic marketing activities stand.
1.1 SATISFYING CUSTOMER NEEDS
The corporate shore presently is thrashed with successive waves of globalization, driving industries and
organizations to restructure and rethink their strategies. Transformation of the economic world into a
global village, with an increasing exchange of managerial concepts and ideas, has made the economic
environment highly competitive and challenging. This competitive business environment has forced
companies to perpetually seek ways to improve the quality of their products and services. The situation
has become more crucial ...