Principles of Marketing First Quarter Reviewer

Principles of Marketing

• Marketing is an organizational function and a set of processes aimed at creating, communicating, and delivering value to customers while managing customer relationships and stakeholders.
• Products, which can be tangible or intangible, include goods, services, experiences, ideas, and information offered to consumers.

Key Definitions in Marketing

• Product: Any item or service that consumers can avail themselves of in the market.
• Stakeholders: Include customers and the organization itself, with the ultimate goal of meeting consumer needs profitably.

Marketing Objectives

• The primary aim of marketing is to make selling superfluous, reflecting Peter Drucker’s philosophy that effective marketing creates demand and makes the act of selling less necessary.

Key Functions of Marketing

• Generate demand for products.
• Develop and design products.
• Set pricing strategies.
• Promote products effectively.
• Establish distribution channels.

Marketing Eras and Focus Areas

• Product Management Era (1950-1960):

  • Products were often generic without unique branding.
  • Focus was on satisfying market needs through basic marketing functions.

• Customer Management Era (1970-1980):

  • Emphasis shifted towards customers as the core of marketing, highlighting the importance of understanding and managing customer relationships through segmentation, targeting, and positioning (STP).

• Brand Management Era (1990-2000):

  • Emergence of emotional marketing, experiential marketing, and brand equity in response to a more informed, connected consumer landscape.
  • Focus was placed on promoting brand value and enhancing customer experiences.

Essential Aspects of Marketing

• Understanding fundamental human needs and drivers to tailor marketing efforts.
• Identifying target customers to refine marketing strategies.
• Developing a comprehensive go-to-market ecosystem to support product launch and consumer engagement.

Approaches to Marketing

• Traditional Marketing:
  • Non-digital marketing methods encompassing production quality and extensive sales efforts.
  • Utilizes tools like direct mail, telemarketing, television, print ads, and radio.
  • Advantages include faster results if targeting is accurate, durability, and trust, while disadvantages consist of high costs, difficulty in measurement, and static messaging.

Maslow’s Hierarchy of Needs

• The framework often used to understand consumer motivations, emphasizing that marketing strategies should align with fundamental human needs for effectiveness.

Principles of Marketing

• Marketing is an organizational function and a set of processes aimed at creating, communicating, and delivering value to customers while managing customer relationships and stakeholders.
• Products, which can be tangible or intangible, include goods, services, experiences, ideas, and information offered to consumers.

Key Definitions in Marketing

• Product: Any item or service that consumers can avail themselves of in the market.
• Stakeholders: Include customers and the organization itself, with the ultimate goal of meeting consumer needs profitably.

Marketing Objectives

• The primary aim of marketing is to make selling superfluous, reflecting Peter Drucker’s philosophy that effective marketing creates demand and makes the act of selling less necessary.

Key Functions of Marketing

• Generate demand for products.
• Develop and design products.
• Set pricing strategies.
• Promote products effectively.
• Establish distribution channels.

Marketing Eras and Focus Areas

• Product Management Era (1950-1960):

  • Products were often generic without unique branding.
  • Focus was on satisfying market needs through basic marketing functions.

• Customer Management Era (1970-1980):

  • Emphasis shifted towards customers as the core of marketing, highlighting the importance of understanding and managing customer relationships through segmentation, targeting, and positioning (STP).

• Brand Management Era (1990-2000):

  • Emergence of emotional marketing, experiential marketing, and brand equity in response to a more informed, connected consumer landscape.
  • Focus was placed on promoting brand value and enhancing customer experiences.

Essential Aspects of Marketing

• Understanding fundamental human needs and drivers to tailor marketing efforts.
• Identifying target customers to refine marketing strategies.
• Developing a comprehensive go-to-market ecosystem to support product launch and consumer engagement.

Approaches to Marketing

• Traditional Marketing:
  • Non-digital marketing methods encompassing production quality and extensive sales efforts.
  • Utilizes tools like direct mail, telemarketing, television, print ads, and radio.
  • Advantages include faster results if targeting is accurate, durability, and trust, while disadvantages consist of high costs, difficulty in measurement, and static messaging.

Maslow’s Hierarchy of Needs

• The framework often used to understand consumer motivations, emphasizing that marketing strategies should align with fundamental human needs for effectiveness.