Introduction to Marketing

• Marketing involves creating, communicating, delivering, and exchanging value for customers, clients, and society.
• It is essentially about profitably satisfying needs.

Core Marketing Concepts

• Needs are basic survival requirements like food, water, and shelter.
• Wants are personal desires shaped by culture and personality.
• Demands are wants that are backed by purchasing power.

Marketing Mix (The 4Ps)

• The 4Ps are controllable marketing factors: Product, Price, Place, and Promotion.
• Product refers to what is being sold, including features, branding, and design.
• Price indicates the cost of the product, determined through pricing strategies.
• Place refers to where the product is sold, whether through distribution channels or online or retail.
• Promotion covers how people find out about the product, including advertising and sales promotions.

Marketing Orientations (Business Philosophies)

• Production Concept focuses on efficiency and mass production.
• Product Concept focuses on quality and innovation.
• Selling Concept focuses on aggressive sales techniques.
• Marketing Concept focuses on customer needs and satisfaction.
• Societal Marketing Concept focuses on ethical and environmental responsibility.

Strategic Planning Process

• Strategic planning aligns marketing efforts with business goals.
• It includes; defining the mission statement.
• Setting objectives and goals.
• Designing the business portfolio
• Developing marketing strategies using tools like the BCG Matrix and Ansoff Matrix.

Company Mission

• Mission statement describes the organizations purpose.

Business Portfolio

• Business Portfolio: Collection of businesses and products that make up a company.

Portfolio Analysis (BCG Matrix)

• Stars represent high growth, high share within the BCG Matrix.
• Cash Cows represent low growth, high share.
• Question Marks represent high growth, low share.
• Dogs represent low growth, low share.

Marketing Strategy

• Market Segmentation involves dividing the market into distinct groups.
• Targeting is selecting which segment to serve.
• Differentiation & Positioning involves creating a unique value proposition.

Microenvironment

• Microenvironment includes internal and external factors.
• Internal departments like finance and HR are included within the company.
• Suppliers provide raw materials.
• Marketing Intermediaries help distribute goods (retailers) like the company itself.
• Customers include diverse groups such as consumers, businesses, and government buyers.
• Competitors are the rivals in the industry.
• Publics include stakeholders like the media, government, and investors.

Macroenvironment (PESTLE Analysis)

• Political factors include government regulations and trade laws.
• Economic factors include inflation and income levels.
• Social factors include cultural trends and demographics.
• Technological factors include innovation and digital transformation.
• Legal factors include consumer protection laws.
• Environmental factors include sustainability and climate change policies.

Porter’s Five Forces (Industry Analysis)

• Threat of New Entrants refers to how easy it is for competitors to enter the market.
• Bargaining Power of Suppliers indicates whether suppliers control pricing.
• Bargaining Power of Buyers assesses if customers can demand lower prices.
• Threat of Substitutes refers to the availability of alternatives.
• Industry Rivalry measures how competitive the market is.

Types of Market Research

• Primary Data is collected firsthand through surveys and focus groups.
• Secondary Data is pre-existing data like industry reports.
• Qualitative Research is non-numerical data from interviews and opinions.
• Quantitative Research uses statistical analysis like surveys and percentages.

Marketing Research Process

• It includes; defining the problem.
• Develop a research plan.
• Collect data.
• Analyze data.
• Report findings.

Maslow’s Hierarchy of Needs

• Physiological needs include food and water.
• Safety needs include security and health.
• Social needs include relationships and belonging.
• Esteem needs include recognition and status.
• Self-Actualization is achieving potential.

The Buyer Decision Process (5 Stages)

• Need Recognition is realizing a need.
• Information Search involves researching solutions.
• Evaluation of Alternatives involves comparing options.
• Purchase Decision is making a purchase.
• Post-Purchase Behavior refers to satisfaction or regret.

Types of Buying Behavior

• Complex Buying Behavior = high involvement, significant differences between brands.
• Dissonance-Reducing Buying Behavior = high involvement, few brand differences.
• Habitual Buying Behavior = low involvement, little brand difference.
• Variety-Seeking Buying Behavior = low involvement, significant brand differences.