CHAPTER ONE

1.0 INTRODUCTION 1.1 BACKGROUND OF THE STUDY In everyday common language, marketing means buying and selling. That is the purchasing and disposal of items of value between two or more people or institutions is regarded as marketing. Doyle (1987) defines a market as the set of actual and potential buyers of a product. According to him “In to day, rapidly changing environment product and markets have a limited life expectancy. According to Nwokoye (1981), marketing is a crucial human invention. It embraces the activities we engaged into satisfy economic needs and wants. He defined marketing as the set of activities that facilitates exchange of transactions involving economic goods and services for the ultimate purpose of satisfying human wants. The American marketing association in 1960 developed a list of definition, first on the list was marketing, which was defined as the performance of business activities that direct the flow of goods and services from producer to consumer. Boone and Kurtz (1977) defined marketing as the development and efficient distribution of goods and services for chosen consumer needs. Thus, the marketing system reflects consumer and societal needs. Kotler (1994) defined marketing as social and managerial process by which individual and groups obtained what they need dual and sent through creating, offering and exchanging products of value with others. Since every marketing organization has a purpose of selling its goods and services so as to achieve a set goals and is to think consumers and to guide companies and non profit organizations in the developing offers that are meaningful and effective to tangent customers. To do this, it must then it is faced with certain weaknesses and threats are several competitions from other firms, sharp rise in exchange and interest rate government regulations, customer’s choice criteria among things. It therefore becomes necessary for the introduction of the marketing mix strategy for proper development of market segment for profitable exploitation and philosophical angle requiring all marketing activities to be geared towards the needs and wants of the customers. Marketing mix is the set of marketing tools that the firm uses to pursue its marketing objective on the target market (Kotler 1994). According to Pride and Ferre 1983), the marketing mix consists of four major components;

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