Marketing Principles and Strategies

Marketing Principles and Strategies

• Marketing is the activity of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
• A human need is something a person must have to live and survive.
• A human want is something a person desires to have.
• Demands are human wants that are supported by buying power.
• Marketing occurs when the buyer and seller trade something of equal value, satisfying unmet needs.
• A market is composed of people with both desire and ability to buy a product or service.

Needs and Wants

• Needs: Hunger, Fashion Wear, Infection, Shelter, Thirst, Transportation

• Food, Clothing, Antibiotics, Housing, Beverage/Water/Milk, Vehicle

• Wants: Sports, Entertainment, Education, Security, Interment

• Television, Radio, DVD/Discs/Casinos, School/Seminars/Course, Insurance/Memorial Services

Scope of Marketing

• Goods: Physical goods comprise the volume of most countries' production and marketing effort.
• Services: As economies progress, a growing proportion of activities is concentrated on producing services.
• Experiences: Combining services and goods can generate, stage, and market experiences.
• Events: Marketers endorse time-based events.
• Persons: Celebrity marketing is a popular business.
• Places: Place marketing involves economic development specialists, real estate, commercial banks, local business associations, and advertising/PR agencies.
• Properties: Intangible rights of ownership.
• Organizations: Organizations work hard to create a strong, positive image in the public's mind.
• Information: Production, packaging, and distribution of information are important industries.
• Ideals: Each market offering has a fundamental idea at its core.

Traditional Approaches to Marketing

• Traditional concept marketing is a strategy used to determine if a company can produce a viable product consumers want or need, if a company can produce enough of it to fill the need, and the method by which the need can be fulfilled.
• Possible approaches include: Production, Sales, Marketing, Relationship, and Societal.

Goals of Marketing

• Marketing goals are statements of desired results companies want to achieve with marketing efforts. Similar to other goals, they should be clear.
• Objectives are specific, measureable, attainable, relevant, and time-bound (SMART), giving direction and defining commercial targets to track performance against.
• Key Performance Indicators (KPIs) are specific metrics that track progress towards meeting objectives.

Developing Marketing Goals

• Goals should be attainable, consistent, comprehensive, and not confused with other concepts like strategies or objectives.

Examples of Noteworthy Marketing Goals

• Identifying the target market.
• Increasing sales and profit.
• Increasing brand awareness.
• Increasing market share.
• Countering competitive strategies.
• Building reputation.
• Expanding distribution channels.

Contemporary Approaches to Marketing

• Not-for-Profit Organization Marketing: A type of organization that does not aim for profit. They allocate earned money to their objectives.
• Characteristics : Generate revenue, compete with other organizations, market to multiple publics, and often possess a monopoly power in a geographic area.
• Person Marketing: Cultivating attention, interest, and preferences of a target market towards a celebrity.
• Place Marketing: Attaining a pull towards customers in specific areas, showcase beautiful spots, promote sites for starting a business.
• Cause Marketing: Recognition and marketing of social issues, causes, or ideas, increasing awareness, like addressing literacy, physical fitness, child obesity, environmental protection.
• Event Marketing: The promotion of sports, culture, and charity activities through sponsorships and public awareness.
• Includes mega events, local events, exhibitions, trade shows, publicity stunts, themed and created events, corporate entertainment, and award ceremonies.

Green Marketing

• Selling products and/or services based on their environmental benefits.
• Key aspects to make it effective: Be genuine (actions aligning with claims), educating customers about why it matters, giving opportunities to participate through personalized benefits in positive environmental action.

Event Marketing

• Supporting a wide range of events (mega, exhibitions, trade shows) as a promotional method.
• Goal-oriented with effective communication to target audiences.
• Proper evaluation to improve future performance.