Importance and Scope of Marketing

Importance of Marketing

• Marketing is a process to launch and promote a product or service to customers.
• Marketing helps businesses meet customer needs, wants, and demands.
• Successful marketing can increase the number of customers and sales.
• Effective marketing ensures financial success and stability.
• Finances affect the quantity and quality of goods a business can produce.
• Human resources need marketing knowledge to attract customers and grow the business.
• More products manufactured create more trading and earning opportunities.
• Competition arises when goods become popular as companies compete.
• Marketing makes a company more noticeable, influencing customer choice.
• Marketing helps decide what to produce, how much to produce, and pricing.
• Marketing adapts with consumer tastes, influencing production and distribution.
• Marketing is key to a flourishing economy, making it strong and stable.

Marketing Scope

• Goods are created to suit consumer wants.
• Studies are done to discover consumer needs and wants.
• These needs and wants prompt buying.
• Consumer behavior study helps in market segmenting, targeting, and positioning.
• Product planning and development researches markets for attributes, quantity and quality.
• Branding builds reputation, investment opportunities, and customer trust.
• Packaging protects products and draws customer attention.
• Well-designed packaging makes a product easier to use and transport.
• Channels of distribution are chosen by marketing/sales managers.
• Choices include wholesaling, distribution, and retailing.
• Pricing policies are set by managers depending on product nature.
• Competition, product lifecycle, and marketing goals influence pricing.
• Sales include identifying customers, determining their needs, and customer service.
• Promotion includes personal selling, sales promotion, and advertising.
• Marketing managers create a suitable promotion mix to achieve marketing goals.
• All marketing activities require an appropriate finance budget.
• After-sales services maintain customer relationships.
• These services include maintenance, repair, and solving customer queries.

What is Marketed

• Goods, like cars, refrigerators, televisions, and machines are marketed.
• Services include airlines, hotels, car rentals, accountants, bankers, and lawyers.
• Events can be trade shows, anniversaries, and entertainment/local events.
• Manny Pacquiao fights and concerts of singers like Eric Santos are promoted.
• Experiences offer goods and services communicating features and exciting experiences.
• Film stars and sportspersons use celebrity marketing with agents and PR.
• Individuals should develop themselves as a brand.
• Places such as cities compete for tourists, factories, new residents.
• Place marketers include economic specialists, real estate agents, and banks.
• Properties are real estate or financial assets like stocks and bonds that bought and sold through marketing.
• Organizations build images to target public.
• The marketing department promotes the company's image.
• Marketers of services create a corporate image which supports trust and reliability.
• Information, like books and magazines, can be created to sell.
• Packaging and distribution of information are keys for industries.
• Each market offering consists of a basic idea promoted by social marketers.
• The Metro Manila Development Authority (MMDA) promotes safe driving habits.
• "Yosi Kadiri" was promoted by the Department of Health during Jose Flavier's term.

Core Concepts in Marketing

• According to Philip Kotler and Keller(2012), Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
• Core concepts consist of needs, wants, demand, and products.
• Utility, costs, satisfaction, exchanges, transaction & transfer, relationship & network, market, marketing, marketer & prospect.

Needs, Wants, and Demands

• Human needs are states of felt deprivation like: physical, social, and personal needs.
• Three(3) types of needs - Existing, Latent, and Incipient.
  • Existing need: Short-term and readily obtainable need.
  • Latent need: Customer need that has not manifested itself yet.
  • Incipient need: People want it, but there is no product to satisfy that need.
• Wants are human needs shaped by culture and personality and are to choices gratify a particular need.
• Demand is the want for particular products that are supported by the ability and willingness or readiness to buy them.
• Demand comprises the desire, ability, and intention to pay for a product or service.
• Demand natures are:
• Negative demand: Customer dislikes product.
• No demand: Customers are unaware/uninterested.
• Latent demand: demand customers realize later.
• Declining Demand: demand decreases over time.
• Irregular demand: unsteady/seasonal example: umbrellas.
• Full demand: Company constantly fills demand with FMCG items.
• Overfull Demand: Company capacity is inadequate.
• Unwholesome demand: Customer desires product badly.

Marketing Offers

• Marketing offers include products, services, information, or experiences.
• A product includes core products, related features, product services.
• Services offer intangible benefits to another.
• Experiences are gained knowledge from doing, seeing, or feeling.

Cost, Value, and Satisfaction

• Utility is a product's ability to gratify a need or want.
• Products can be ranked based on how well they satisfy needs.
• Cost is the price or monetary value of a product or availed service.
• Customer value is the customer gains from owning or using a product and the cost of obtaining the product.
• Customer value parts:
  • desired value: What customer wants.
  • Perceived value: benefit customer received from a product after purchased.
• Satisfaction is a person's feeling of delight or displeasure from a product's perceived performance in relation to exceptions.

Exchanges, Transactions, Relationships and Network

• Exchange occurs when someone acquires a product by offering something in return.
• A transaction refers to a decision entered into or commitment implemented.
• Relationship marketing builds profitable, satisfying dealings with significant figures to preserve long-term preference in business.
• A marketing network includes all supporting stakeholders.

Market, Marketing,Marketer, and Prospect.

• A market comprises customers sharing a specific need, eager and able to engage in exchange.
• Marketing is a social/managerial process where people get what they need and want by creating and exchanging product and value with others.
• A marketer tries to engage one or more buyers in an exchange.
• A prospect is someone the marketer sees as agreeable/able to engage in exchange.

Marketing Management Task

• Stimulational marketing perform No demand to connect products with the people's natural needs and interest.
• Developmental marketing effectively transform latent demand into an actual demand.
• Remarketing revitalize the product so that the demand would no longer be declining.
• Synchromarketing is necessary to bring the movement of demand and supply into better synchronization.
• Maintenance marketing preserves efficiency in current day-to-day activities.
• Demarketing task reduces such demand to outpace supplies.
• Counter-marketing involves advertising destruction on undesirable qualities.

Strategic Planning

• A strategy is a company's roadmap for goals attainment.
• Macro issues like mission, SBUs, resource allocation, and policy planned strategically.
• Each SBU focuses on their product or market.
• On lower management, marketing combines with 4Ps: product, price, place, and promotion.

Social Responsibility and Ethics

• Ethics centers on a group decision. Social responsibility takes in consequence of marketing practices in society.
• Marketers meet foster, ethically achieve company objectives.
• Six core ethical values - Honesty, Responsibility, Fairness, Respect, Transparency, and Citizenship

Research and Analysis

• Market research find fulfil consumer needs
• Effective market research gets competitor information.
• Contemporary market trends can find the customer.
• It gives various means to espouse the best strategy to even greater heights.

Competitive Advantage and Strategic Focus

• Competitive advantages achieves its objective.
• Advantage came from external and internal sources.
• Basic strategies for competitive advantages:
• Operational excellence strategy intends to achieve cost leadership.
• Product leadership intends to make higher quality and reach premium prices.
• The customer intimacy strategy focus on individual customers' needs.

Marketing Strategy Decisions

• A strategy is the means of the process realized through plans.
• Targets are segments proper to avoid waste.
• Segmentation: process of market target.
• Customer demographics: (age, gender, ethnic, income, household)
• Product Decisions prepare targets, packaging, and branding by a product market manager.
• Pricing decisions are a key element that changes to react to the market.
• Distribution/supply moves goods to customer
• Includes supply chain management of location, production, inventory, and transportation. In geographic location, the strategic process includes what to produce, allocation of plants, depots, and customer markets.

New Realities and Trends In Marketing

• New strategies consists of focus, engaged measuring, and personalized products.
• Video contents, social media, and technological data are all crucial for brand transformation.