UNIVERSITY OF CENTRAL PUNJAB

FALL 2023
Course Title: Principles of Marketing

Course Code: AFMK1103

Assignment No. 1
Course Instructor: Baseerat Sattar

Section: A Program: BS-AF Date: 30-10-2023

Submission Date: 07-11-2023 Maximum Marks: 10

Program Objective: Course Objective:
Course Learning Objective: CLO3
PO3 CO1, CO3
TO BE FILLED IN BY THE STUDENT
Student Name: Registration No: Sr. No:

Instructions:
 Copy paste of the assignment will score you a straight away zero in it
 No late submission is allowed
 Submission Date Nov 7th,2023
 Submit hardcopy of the assignment
 Do this assignment in a group of 5 members

Assignment Topic & Details:

A “Too Simple" View of Marketing?

There are literally 100’s of different definitions of marketing available on the internet, and
even marketing textbooks will use their own definition of what marketing is all about.
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 And in the business world, especially across industries, you will find that different firms and
different managers have a somewhat unique view of the role of marketing.
As you probably know already however, the key goals of marketing are to:
 generate long-term profits,
 deliver customer satisfaction, and
 improve the competitive strengths of the organization over time.

But let’s now have a very simple look at the role of marketing based on these three
goals. The above marketing goals are really all about getting and keeping customers. This
means that can we break marketing down to three simplistic responsibilities:

 Attract new customers (Get)

 Grow share of customer (Build)
 Retain profitable customers (Hold)

In other words – GET – BUILD – HOLD customers. Clearly, there is a whole array of
marketing strategies and tactics that are built by the firm to deliver these three desired
outcomes for the organization.

Questions
1. Do you agree that the goals of marketing can be simplified down to just three words
(that is, get, build, hold)? Why, why not?
2. Outside of these customer goals, does marketing have any other purpose? Please
outline your thoughts.
3. How would YOU define marketing in simple terms for a non-business person?

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A)Do you agree that the goals of marketing can be simplified down to just three words
(that is, get, build, hold)? Why, why not?

The idea of simplifying the goals of marketing into three words - "get, build, hold" - is a helpful
framework for understanding the overarching objectives of marketing. These three words capture the
essence of what marketing aims to achieve, but they are, in reality, a simplification of a complex and
multifaceted discipline. Whether or not this simplification is suitable depends on the context and the level
of detail you require for your analysis. Here are some points to consider:

Simplicity: "Get, build, hold" is a simple way to remember and communicate the core objectives of
marketing. It provides a clear focus on customer acquisition, customer retention, and customer value
growth, which are indeed central to most marketing strategies.

Customer-Centric Focus: The framework highlights the importance of the customer in marketing efforts.
"Get" represents customer acquisition, "Build" represents customer value growth, and "Hold" represents
customer retention. This customer-centric perspective aligns with the fundamental principle of delivering
customer satisfaction.

Incomplete: While "get, build, hold" captures the primary objectives of marketing, it doesn't encompass
all aspects and functions within the field. Marketing involves various activities such as market research,
product development, pricing, promotion, and distribution. Each of these areas plays a role in achieving
the overarching goals of marketing.

Strategy and Tactics: The framework simplifies marketing goals but doesn't provide specific guidance on
the strategies and tactics that need to be employed to achieve these goals. Strategies for customer
acquisition, customer value growth, and customer retention can vary greatly depending on the industry,
company, and product.

Long-Term Perspective: The three goals emphasize the importance of long-term success in marketing,
focusing on sustainable profits, customer satisfaction, and competitive advantage. This perspective is in
line with the idea that marketing is not just about short-term gains but also about building enduring
relationships with customers.

In conclusion, while "get, build, hold" simplifies the goals of marketing, it offers a useful high-level
framework to understand the core objectives of the discipline. However, it's important to recognize that
marketing is a multifaceted field with a wide range of strategies and tactics employed to achieve these
goals. The framework provides a starting point for understanding marketing's purpose, but it doesn't
encompass the full depth and complexity of the discipline.

B) Outside of these customer goals, does marketing have any other purpose? Please
outline your thoughts.

While the primary goals of marketing are indeed centered around attracting, building, and retaining
customers, the scope of marketing can extend beyond these customer-centric objectives. Here are some
additional purposes and roles of marketing:

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Brand Building: Marketing plays a crucial role in establishing and enhancing a company's brand image
and reputation. It involves creating a strong and recognizable brand identity that can differentiate the
organization from its competitors. A well-developed brand can attract not only customers but also
potential business partners, employees, and investors.

Market Research and Analysis: Marketing involves continuous market research to understand consumer
behavior, preferences, and market trends. This information can be valuable for decision-making beyond
customer acquisition, such as product development, pricing strategies, and market expansion.

Product Development: Marketing can influence the development of new products or services by
identifying gaps in the market and assessing customer needs and preferences. Marketing teams often work
closely with product development and R&D departments to create offerings that can address these needs
effectively.

Communication and Public Relations: Marketing is also responsible for managing communication with
various stakeholders, including customers, investors, the media, and the public. Effective communication
can help a company manage its reputation, handle crises, and promote a positive image.

Market Expansion: Marketing can play a role in exploring new markets and business opportunities,
whether through geographical expansion, entering new demographic segments, or diversifying product
lines. This goes beyond customer retention and aims to grow the business as a whole.

Customer Experience and Satisfaction: While attracting, building, and retaining customers are central
goals, marketing also encompasses improving the overall customer experience. This includes post-
purchase support, addressing customer feedback, and ensuring ongoing customer satisfaction.

Innovation and Adaptation: Marketing can drive innovation by identifying emerging trends and
technologies that can give the organization a competitive edge. It also involves adapting to changes in the
business environment, such as shifts in consumer behavior or disruptions in the industry.

Revenue Generation: Marketing can contribute to revenue generation through strategies like cross-selling,
upselling, and pricing optimization, going beyond the mere acquisition of new customers.

Educational Role: Marketing can educate customers about the value and benefits of a product or service.
It can provide information and insights to help consumers make informed purchasing decisions.

Social Responsibility: Some organizations use marketing to promote corporate social responsibility
initiatives, environmental sustainability, and ethical business practices. This can enhance the company's
reputation and contribute to a broader societal purpose.

In summary, while the primary function of marketing is to attract, build, and retain customers to generate
long-term profits, deliver customer satisfaction, and improve the competitive strengths of the
organization, it also plays a multifaceted role in various aspects of business strategy and operations.
Marketing is not solely focused on customers but also extends to shaping the overall direction and success
of a company in a dynamic and ever-evolving marketplace.

How would YOU define marketing in simple terms for a non-business person?
Marketing, in simple terms, is the process of telling people about a product or service and convincing
them that it's something they want or need. It involves understanding what customers want, creating a
message that resonates with them, and finding the best ways to reach and connect with those potential

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customers. Essentially, it's about making people aware of a product or service, making it attractive to
them, and ultimately, encouraging them to buy or use it.

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