APPLICATION OF MARKERTTIG CONCEPT IN BUSINESS INTODUCTION Marketing affects our daily lives in many ways.

We are all consumers, and many people are part of the marketing process as salespeople, advertising executives, retailers, product managers, and so forth. This course introduces you to the study of marketing, beginning in this chapter with a description of marketing, an overview of marketing management, and an explanation of the environmental factors that affect modern marketing. The chapter also presents a preview of the topics covered in the remaining chapters. WHAT IS MARKETING? Marketing has been viewed traditionally as a business activity. Business organizations exist to satisfy human needs, especially material needs. Consequently, one way to define marketing is from the business perspective. For instance, marketing has been defined as the delivery of a higher standard of living. Other definitions refer to marketing as an exchange process. This process involves at least two parties: buyer and seller. Each party gives up something of value and receives something of value. Noted marketing scholar Philip Kotler defines marketing as a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others. Because marketing activities bring about exchanges, marketing is an essential function in an economic system. In a free-enterprise economy, resources are allocated by the interaction of supply and demand in the marketplace. Marketing activities and institutions provide the framework and mechanisms for this interaction and the exchange taking place. Although the business aspects of marketing are important, business oriented definitions of marketing have been challenged. Critics observe that marketing involves a wide range of activities and organizations and should be viewed from a broader perspective. These critics point out that marketing takes place in not-for-profit organizations, such as hospitals, universities, and social and government agencies. New applications of marketing are further evidence of its growing importance in our society. Any definition must recognize that marketing is a fundamental human activity

and that marketing decisions affect everyones welfare. The American Marketing Association (AMA) provides a definition of marketing in its broader context: Marketing is t he process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. By including exchange as a part of the definition, the AMA has expanded the marketing process to include all types of organizations. This broadened or generic view of marketing recognizes the importance and application of marketing to not-for-profit organizations and situations. As in for-profit businesses, a carefully planned and coordinated marketing program can help a not-for-profit organization reach its goals, whether they are to attract more members to increase donations, or to provide better client services.

The Marketing Concept In the 1950s the marketing concept emerged. As a business philosophy, the marketing concept is aimed at orienting a firm completely toward its customers. As such, a customer focus should permeate every department from production to finance to human resources. All major decisions should be based on the relevant market considerations. This does not, of course, mean that other activities in the organization must be completely subordinate to marketing. What it does mean is that managers should not make important decisions in any area without taking marketing implications into account. This course is based on the modern approach to marketing, which embraces the marketing concept. There are three basic propositions of this approach. Customer focus: Managers must shift t heir focus from an internal company perspective to the customers viewpoint. Successful marketing requires a complete understanding of buyers and their needs. Leading management authority Peter Drucker suggests that the aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Coordination: All elements of the marketing programknown as the marketing mixconstitute an interrelated system, and therefore the program must be viewed and planned as a whole. Also, marketing itself must be closely interrelated with other business activities. Profit orientation:

Profit, not just increased sales, is the goal of a firm. Because customer satisfaction is the path to profitability, customer focus is the logical focal point for profit planning. The Marketing Concept The exchange of goods and services can benefit all. Consumers can obtain goods and services that can't grow, raise, manufacture themselves or do for themselves. Providers can make reasonable return and thingS can be mutually good for all till these events happen: consumer becomes too dependent or non self-sufficient, advertising becomes as bad as Marx predicted, Government takes more than services provided or pass laws to aid few. A business is an organization that sells products/services in order to make a profit. Business plays a big role in the society today in creating job opportunities for the people hence reducing poverty. Business also boosts the society in economy and strong manufacturing and service sectors. Only survivors are those who create wealth Marketing is very important for the business. It gives the information of the situation of products, its counter products, behavior of consumers and customers. Etc. Marketing is not also important for knowing something about customers and consumers but also important for selling goods and services. It also shows you the future of the products and services. Marketing of any product or services can bring the company or firm at the higher level of degree in the international business. That is why marketing is very important for the business. Business enterprises are conducting their marketing activities under the following five marketing concepts. 1. 2. 3. 4. 5. Product Concept Production Concept Selling Concept Marketing Concept Societal Concept

1. Production Concept: is the oldest concept under which the businessmen produce goods thinking customers are interested

only in low priced, extensively and easily available goods. Finishing and the interest of customers are not important for the manufacturers. They focus only on large scale production and try to make it available on large scale. They try to achieve high production efficiency and creating wide distribution coverage. This concept can be adopted under the following situations. a. When the supply of the product is less than the demand, you can sell more if you increase production. Main concern is to fill the demand by producing more. b. If the cost of the product is high and the increase in production will decrease the cost of goods, this concept can be adopted. Production orient business organizations adopt this concept. Such organizations have only sales department which sell product at a price set by production and finance department. 2. Product Concept: Consumers favour those products that offer the most quality, performance and features are the basis of product concept. They believe that consumers are willing to pay higher cost for the goods or services which have extra quality. Companies which concentrate on product concept is focused on product improvement. They constantly improve the product quality and features to satisfy and attract the customers. Too much focus on product may go off the track and fail. For example, a biscuit manufacturer produced a new brand of biscuits with good colour, ingredients and packing etc., without taking much importance in consumer tastes and preferences. This may fail in the market if the biscuit does not taste good to the ultimate consumer. 3. Selling Concept: In selling concept, producers believe that the aggressive persuasion and selling is the essence of their business success. They think without such aggressive methods they cannot sell or exist in the market. They are focused on finding ways and means to sell their products. They believe that consumer themselves will not buy enough of the enterprises products or service by themselves. Hence they do a considerable promotional efforts to sell their product through advertisements and other means. Sales agents of electrical equipments, insurance agents, soft drink/health drink companies and fund raisers for social or religious causes comes under this category.

That is why we are getting lots of calls from insurance agents, even though insurance is a subject matter of solicitation. In short, selling concepts assumes that consumers on their own will not buy enough of enterprises products, unless the enterprise undertakes aggressive sales and promotional efforts. Marketers who follow selling concept often forget the taste of consumers and not interested in the feedback of consumers. They use fair and unfair means of persuasion to increase sales. They are not interested in building a network of satisfied customers and target new customers for selling their products. 4. Marketing Concept: Under marketing concept the task of marketing begins with finding what the consumer want and produce a product which will meet the consumer requirement and provides maximum satisfaction. "Customer is the King" concept emerged from this point of view. In the process of evolution many organizations changed their way of thinking to match the marketing concept. Under this concept producers considers the needs and wants of consumers as the guiding spirit and deliver such goods which can satisfy the consumer needs more efficiently and effectively than the competitors. Marketing concept is consumer oriented and look forward to achieve long term profits by making a network of satisfied consumers. When an organization practice the marketing concept, all their activities such as research and development, distribution, quality control, finance, manufacturing, selling etc., are focused to satisfy the consumer needs and wants. Now a days, those companies which have attained a certain maturity who look on beyond the immediate future adopt this concept. Some companies avoid this concept due to unavailability of short term profit and the uncertainty and unpredictability of the future profit. Also the companies who look for 'quick bucks' may not adopt this concept. Companies which are successful and enjoy goodwill adopt marketing concept as their philosophy. They realized that the satisfied customers are the best advertisers for their products. This concept is now a days used worldwide. 5. Societal concept: With the growing awareness of the social responsibility of the business, attempts made successfully to turn

the business organizations socially responsible. Environmental deterioration, excessive exploitation of resources and growing consumer movements have necessitated the recognition and relevance of marketing based on socially responsible. Societal concept is the extension of marketing concept to cover the society in addition to the consumers. Under the societal concept the business organization must take into account the needs and wants of the consumers and deliver the goods and services efficiently so as to balance the consumers satisfaction as well as the society's well being. A company which adopts the societal concept has to balance between the society interests, company profit and consumer satisfaction. A voluntary acceptance of societal concept is necessary for the long term existence of the business organization. Such organizations try to reduce the emission of pollutants to the environment and market such goods which give full value and satisfaction of the money spent.

Role of business in a society Introduction The society is a grouping of people who live together, interact socially and have subjected themselves to common rules and acceptable values system and customs. The society comprises of various interest group. The interest of the group must be adequately protected by rulers in that community. Business is the sum of all activities involve in the production and distribution of goods and services for profit. The definition implies that business assumes responsibilities for two of human activities i.e production and distribution. Distribution entails ensuring that the goods and services get to the consumers. Through production and distribution efforts, identified needs and wants of members of the society. This however at a price. Every society has a land boundary. Natural endowment in this given area is used for upliftment and economic well being of the society. It is just right for the society to expect from any organization operating in the environment to reasonable assist in reducing to the barest minimum the effect of environmental

depreciation occasion by sourcing of raw material in there community. Also, it will be expected of the company to open up opportunity for economic development in the society. This could be by patronizing local contractors, artisans etc, job opportunities we expected to be available for youth in the society by the society by the company. It will be expected also that the society by that the company identifies with development mental effort of the community. This could be in the areas of health care, educational and recreational services provision. Most of the products we consume everyday are supply to us by global business. The paste we use to clean our teeth, the powder we use to brew coffee, the vehicle we use to commute to the college or office the shirt we wear, the entertainment programmers we enjoy and the news we listen to are all provided to us at our doorstep by multinational corporations, it is advisable to us such knowledge enables us to identify and associate quality with brand we are sure of quality if the products bear such name as, nike, livi, Toyota, gap t. shirt, are foreign product we can trust not to be fake. To know what a business is we have to start with its purpose. The purpose of business lies in society. The purpose of business is to create customer, it is the customer who determines what a business is . it is the wiliness of customer to pay for a good or a service that converts economic resources into goods. Customers are the foundation of a business and keep it in existence. They alone give employment because the purpose of business is to create a customer.

Economists and businessmen ;have no doubts that private sector is in a lot of ways much more efficient and effective than the public one, but few common people share this opinion. They generally believe that their greedy neighbors embark on business enterprises driven mostly by insatiable passion for money and other selfish aspirations and they refuse to see the role business plays in modern society the role that makes business not selfish at all.

First and foremost, business produces and distributes goods and services to satisfy certain public needs. To fulfill this task, business has to be very flexible and constantly research consumer demands: whats the point producing something that nobody wants to buy? Second , business creates job opportunities. More than that, most jobs business helps create are productive jobs, i.e., people employed by business ventures produce real goods and services. Third, business provides income here we come at last to the money matter But dont forget: income that business provides is by no means restricted to the profit its owners get. It pays salaries and wages to its employees, and this way, makes the whole business world go round: they spend the money they earn buying all kinds of goods and favour further development of business ventures. Forth , business contributes to national well-being. It does it in several ways: by means of taxes it pays which make it possible for the government to maintain all kinds of public and social institutions and services; by investing money in developing science and technology and constructing new enterprises; by full use of local recourses, including those located in remote rural areas, and in a number of other ways. Fifth, business helps enlighten and educate people and encourages their further personal growth. High level of competition makes it vital for both businessmen and their employees to be involved in the constant process of learning and developing their personal qualities such as creativity, determination, communication skills and vision for new business opportunities. So you see, that despite public opinion on this matter, business is not all that selfish. In fact, it is much more unselfish than a lot of public institutions It does not exist to satisfy its own needs that is a way to business failure. On the contrary, its function is to satisfy in the long run the consumer demands our demands, and to make our life comfortable. So, when you make this crucial decision to embark on a business enterprise, bear it in mind that it is a way to serve society

Some would hold that a business is a solution for creating value among many people who voluntarily contribute time, risk and resources with the intent of enriching themselves. Good justification that this is important along three facets: 1) Businesses create opportunities with information from many individuals, making the deployment of assets more efficient and more effective than what a government can do. 2) Businesses, since they are sanctioned as legitimate activities by a government, allow for a government to control the business' activities so that they conform to social norms and needs - it can also be taxed as a source of revenue for the government. 3) Businesses are the fastest way to stimulate innovation in that people are more willing to take risks to develop new technologies is they see the incentive of being able to capture the value resulting from their efforts and risk taking on uncertain ideas. Moreover, existing businesses, when threatened by the presence of potential new businesses, ideally, should increase their own improvements in value creation through innovation of their existent products. This arms race benefits everyone in society. The contributions of business in Nigerian economy General Overview of Nigerian Economy The Nigerian economy is significantly reliant on the oil and gas sector, even though agriculture is the most important GDP contributor and the largest employer. 81% of the Nigerian governments revenue are generated from the export of hydrocarbons exports, which account for over 95 percent of all exportations of the country. In 2009 the GDP growth in real terms was expected to fall to 2.9% compared to 6% in 2008, while growth in the non-oil-sector (particularly mining, industry, services) was expected to halve from 9% in 2008 to 4.5 % in 2009. The Nigerian government based its outlook for 2010 on the assumptions of a daily oil production of 2.088 million barrels, an average benchmark oil price of US$57 per barrel, a target inflation rate of 11.2% and GDP growth of 6.1%. However, the IMF expects growth to remain slower than in recent years, stating that reduced financing, constraints on public spending, and uncertainty about economic prospects, will weigh on consumption and investment until well into 2010.

Strategic perspective of the Government Both the late President Umaru Musa YarAdua, whos term started in April 2007, and his successor, Goodluck Jonathan, officially subscribed to the broad lines of the economic policies initiated by the administration of President Olusegun Obasanjo: NEEDS (National Economic Empowerment and Development Strategy) was the policy followed in the medium term and Vision 20:2020 in the long term. NEEDS was defined and exercised in broad collaboration with the Bretton Woods institutions. It is a policy designed to provide a macro-economic framework destined to fight against corruption and to achieve the UN Millennium Development Goals. Vision 20:2020 is the economic policy that seeks to position Nigeria in the top 20 economies by 2020 as well as being the financial centre of Africa. As a sign of his commitment to the Vision 20: 2020, President Goodluck Jonathan formally launched the initiatives Blue Print document in June 2010. President YarAdua had sought to pursue both policies through his own seven-point political agenda which focuses on power / energy, food security, security / Niger Delta, wealth creation, education, land reforms and transport / mass transit. It is yet to be determined if President Jonathan will continue to pursue the seven-point agenda, as he has publicly stated that his economic priorities will be electricity generation and agriculture. Nigerian institutional partners for interested business operators Nigerian Investment Promotion Commission NIPC, was established to encourage, promote, and coordinate investments in the country. It offers a One-Stop-Shop to investors for the granting of business entry permits, licenses, authorizations, incentives and general information: Nigerian Export Promotion Council NEPC, is mandated to promote the development and diversification of Nigerians export trade away from the oil and gas industries:

Corporate Affairs Commission CAC, is the government agency charged with regulating the formation and management of companies in Nigeria. It also maintains the Nigerian Company Register: Nigerian Customs Service NCS, is the official regulator of the countrys foreign trade. The Service maintains the list of items prohibited from importation, known as the Import Ban list: Bilateral commercial relationships between Nigeria and Switzerland Bilateral relations and economic exchange between the two countries have intensified since the 1970s and agreements on aviation, investment assistance and investment protection have been signed. Nigeria is one of Switzerlands most important African trade partners (currently the fifth important behind South Africa, Libya, Algeria and Egypt) and is a major supplier of crude oil. 10% of all imports of crude oil to Switzerland in 2009 originated from Nigeria. Nigeria is the second most important export market for Swiss products in Sub-Saharan Africa (behind South Africa): Switzerland chiefly exports chemical products, machinery and textiles. With the exception of 2008 when Switzerland bought clearly smaller amounts of crude oil from Nigeria, Switzerlands imports from Nigeria exceed considerably its exports to Nigeria. Swiss Direct Investment in Nigeria in 2008 was up to 321.8 Mio. CHF (2007: 233.4 Mio. CHF). About 50 Swiss companies are operating in Nigeria, including multinational companies based in Switzerland like Novartis, Nestl, SGS or UBS. They provide job opportunities to about 3500 people.

The role of business or entrepreneurship in economic development in Nigeria is very crucial and forms the backbone of National development. Below are some of the roles played by business in developing the economy of Nigeria.

- Employment Generation: In Nigeria privately own small, medium and large scale business has come to be known as major source employment creation, unlike pre independence era where government was the major employer. By doing this business has helped in reducing the rate of unemployment. Businesses employs people to help them achieve their aims and objectives, with the establishment of businesses in Nigeria unemployment rate have fallen to some extent. - Direct Creation of Wealth by Contribution to the Gross National Product (GNP): GNP is the total monetary value of all goods and services produced in a country within a particular year. Businesses contributes directly to this because with more businesses the GNP will increase, also as businesses grow GNP increases. A country's level of economic development in determined by its GNP. - Provision of Technical Innovation: Innovations has been engineering by businesses seeking to improve their products and services. These innovations have brought tremendous improvement in the economy of countries. - Providing Competition: Businesses compete among themselves to perform better, this competition has helped in improving the quality of goods and a service produced by these companies and thus has improved the economy. - Filling Needs of other Businesses: Businesses provide for each other. Certain business provides services, products or raw materials needed for other businesses to survive. This has indirectly helped in promotion of business establishment and the economy at large. Nigeria has one of fastest growing telecommunication market in the word. Major emerging operator such as (M.T.N, ZAIN, Etisalat, GLOBACOM,) basing the largest and most profitable centers in the country. It also has a manufacturing industry which include leader and textile (centered in Kano, Abeokuta, Onitsha and Lagos) car manufacturers (for French car manufacturer Peugeot as well as for English truck manufacturer, Bedford. Now a

subsidiary of general motors). T. shirts, plastics and plastics, and process food INSURANCE BUSINESS IN NIGERIAN ECONOMY . The following functions were injected into the economy by the sector in order to better the lot of Nigerian Economy; a. Provision of indemnity/ compensation: as professional risk bearer that have entered into a contract of insurance with the insured that regularly pays his premium, it believes on the insurance company to indemnify if the insured peril occurs. When indemnified, it cushions the effect of loss suffered by the insured. b. Reduction of losses: through the payment of indemnity, losses suffered are reduced, making it possible for the sufferer to start again his business. c. Distribution or sharing of financial loss: insurance operations enable loss or losses to be distributed among different contributors that mean insurers who normally pay their premium regularly. These insurer contributions or premium normally grow to form what is known as a "pool" of financial resources. If any insured peril occurs, compensation or indemnification is effected from this common pool. Payment made from this common pool signifies or infers that the loss has been distributed among the various premium payers. Infect, the loss burden has been borne collectively. d. Confidence in investment: insurance has directly stimulated investment in various fields of human endeavors. Any investor who remembers that he is going to be indemnified if the insured peril occurs will be willing and confident to put more funds in his business or even expand his business. e. Provision of employment: normally, insurers and insured provide job opportunities to the citizenry. The insurance companies do employ additional hands as their business increases, while investors who take insurance protections are confident to invest and or expand their business. By so doing they equally employ people to work for them.

f. Increase in investment: taking insurance polices to serve as boost to investors and entrepreneurs, various fields of business that are looked upon as very risky are being ventured into, meaning that with introduction of insurance many people are investing without fear of losing their capital. g. Mobilization of financial resources: different participants in insurance business/ classes of insurance normally pay their consideration/ premium. These insurers mobilize these funds which they utilizes to indemnify losses. Some of these funds are usually invested in other variable businesses or companies. For example, the mobilized fund may be used to buy shares of a blue chip company, attracting dividend to the insurance company yearly. h. Industrial growth and economic development: insurance business do stimulate entrepreneur to invest, expand, and diversify their various business. By so doing, they are contributing to the over all industrial, commercial and economic development of the nation.

The External And Internal Environment Of Business? Introduction to Business Environment Business environment is the influence that bears upon the organizations. It is the sum total of interrelationship within the business and between the business and the society. Business makes demand on the society as also does the society on the business. This places on the manger the need to interact effectively with and respond to internal and external environment factors to their organization. In management environment does not mean physical surroundings but rather influence that bear on individual organization. Environmental effect varies one to another, environment suitable for company X may not be conducive for company K, it is important that every business studies it environment. For example, no business operates in a vacuum. This calls for an assessment of organizational strength; weakness opportunities

available to the company in the environment and threats posed by challenges of external environment . To remain relevant organization must fit into the changes. Business environment could be classified into internal and external environments. The formula for business success requires two elements - the individual and the environment. Remove either value and success becomes impossible. Business environment consist of all those factors that have a bearing on the business. The term business environment implies those external forces, factors and institutions that are beyond the control of individual business organizations and their management and affect the business enterprise. It implies all external forces within which a business enterprise operates. Business environment influence the functioning of the business system. Thus, business environment may be defined as all those conditions and forces which are external to the business and are beyond the individual business unit, but it operates within it. These forces are customer, creditors, competitors, government, socio-cultural organizations, political parties national and international organizations etc. some of those forces affect the business directly which some others have indirect effect on the business. Features of business environment Totality of external forces: Business environment i s t h e s u m t o t a l o f a l l t h i n g s external to business firms and, as such, is aggregative in nature. S p e c i f i c a n d general forces: Business environment includes b o t h s p e c i f i c a n d general forces. Specific forces affect individual enterprises directly and immediately in their day-today working. General forces have impact on all business enterprises and thus may affect an individual firm only indirectly. Dynamic nature: Business environment is d y n a m i c i n t h a t i t k e e p s o n c h a n g i n g whether in terms of technological improvement, shifts in consumer preferences or entry of new competition in the market. The term 'business environment implies that those external forces, factors and institutions are beyond the control of individual business, organizations and their management and can affect the business enterprise as a whole. A business environment influences the functioning of the

business system. Therefore, a business environment may be defined as all those conditions and forces which are external to the business and are beyond the individual business unit, but they all operate within it. These forces are customers, creditors, competitors, government, socio-cultural organizations, political parties national and international organizations etc. Some of these forces affect the business directly whilst some others have an indirect effect on the business. Business environments are the sum total of all things external to business firms and are aggregative in nature. The external environment: covers parts of the organization which are usually unable to be controlled within the organization and include factors such as social, legal, technological and political factors. The external environment can also include the people outside your organization who are also a part of it in some or the other way this can include society, government and stakeholders. There are two types of external environment Micro Environment: The micro environment is also known as the task environment and operating environment because the micro environmental forces have a direct bearing on the operations of the firm. a) Suppliers An important force in the micro environment of a company is the suppliers, i.e., those who supply the inputs like raw materials and components to the company. Customer The major task of a business is to create and sustain customers. A business exists only because of its customers. Marketing Intermediaries. The marketing intermediaries include middlemen such as agents and merchants that help the company find customers or close sales with them. The financers are also important factors of internal environment. Public. Public can be said as any group that has an actual or potential interest in or on an organizations ability to achieve its interest. Public include media and citizens. Macro Environment. Macro environment is also known as General environment and remote environment. Macro factors

are generally more uncontrollable than micro environment factors. When the macro factors become uncontrollable, the success of company depends upon its adaptability to the environment. Economic environment Economic environment refers to the aggregate of the nature of economic system of the country, business cycles, the socioeconomic infrastructure etc. Social environment. The social dimension or environment of a nation determines the value system of the society which, in turn affects the functioning of the business. Sociological factors such as costs structure, customs and conventions, mobility of labor etc. have farreaching impact on the business. Political Environment. The political environment of a country is influenced by the political organizations such as philosophy of political parties, ideology of government or party in power, nature and extent of bureaucracy influence of primary groups etc. Legal Environment includes flexibility and adaptability of law and other legal rules governing the business. It may include the exact rulings and decision of the courts. Technical Environment The business in a country is greatly influenced by the technological development. The technology adopted by the industries determines the type and quality of goods and services to be produced and the type and quality of plant and equipment to be used. External factors, these include Macro factor and micro factors. Macro factors are the one that affect the organization indirectly, these are (pestel)

Political environment social-cultural technological and Ecological Legal while micro factors are those which affect the organization directly it involve

customers competitors suppliers and public

The internal environment is the environment that has a direct impact on the business. Here there are some internal factors which are generally controllable because the company has power over these factors. It can alter or modify factors such as its personnel, physical facilities, and organization and functional means, like marketing, to suit the current environment. The value system of the founders and those at the helm of affairs has an important bearing on the choice of the business, its mission and the objectives of the organization, including its business policies and practices. The internal environment is the environment that has a direct impact on the business. Here there are some internal factors which are generally controllable because the company has control over these factors. It can alter or modify such factors as its personnel, physical facilities, and organization and functional means, like marketing, to suit the environment. The important internal factors which have a bearing on the strategy another decision of internal organization are discussed below. Internal environment; these are influence that affect the business as a separate entity. The internal environment consists of the functional structure and relationship in an origination. It is often called internal working system of an organization. The main element of internal environment includes;

Finance that is investment appraisal, sourcing of funds, application of funds, cost of financial control, institution financial policies and provision of financial information for decision making purpose. Production that is, raw materials, machines product design, factory location, purchasing of inputs, quality control and inspection, production planning and control.

Internal factor, these involve (5M's)

Management Manpower machine material and Money.

References; Jackson, Kathy. (1992). "Strategy at Ford: Develop Cars (Aiming New Cars at Specific Market Niches)." Automotive News November: 1-11. Kotler, Phillip. (1998). "A Generic Concept of Marketing." Marketing Management April: 48-54. Nickels, William G., McHugh, James M., and McHugh, Susan M. (1999). Understanding Business Burr Ridge, IL: Irwin/McGraw-Hill. Pellett, Jennifer. (1994). "Men's Wear house: Creating a ServiceValue Package." Discount Merchandiser May: 146-149. Source: Encyclopedia of Business and Finance, 2001 Gale Cengage. All Rights Reserved. Full copyright. Jackson, Kathy. (1992). "Strategy at Ford: Develop Cars (Aiming New Cars at Specific Market Niches)." Automotive News November: 1-11. Kotler, Phillip. (1998). "A Generic Concept of Marketing." Marketing Management April: 48-54. Nickels, William G., McHugh, James M., and McHugh, Susan M. (1999). Understanding Business Burr Ridge, IL: Irwin/McGraw-Hill. Pellett, Jennifer. (1994). "Men's Wear house: Creating a ServiceValue Package." Discount Merchandiser May: 146-149. Source: Encyclopedia of Business and Finance, 2001 Gale Cengage. All Rights Reserved. Full copyright. www.businesswithoutborders.com

TABLE OF CONTENT APLICATION OF MARKERTING CONCEPT IN BUSINESS; Introduction What is marketing The marketing concept

THE ROLE OF BUSINESS IN A SOCIETY

Introduction Nigeria

Main point THE CONTRIBUTIONS OF BUSINESS IN THE NIGERIAN ECONOMY General overview of Nigeria economy Strategic perspective of the government Nigeria intuitional partners for interested business operators The role of business or entrepreneurship in the economic development of Nigeria Insurance business in Nigeria economy

BUSINESS ENVIRONMENT The external environment- and its factors The internal environment and it factors

REFERENCES