Principle Of Marketing PDF

PRINCIPLE OF MARKETING Chapter I: Marketing Principles and Strategies  Chapter I: a. What is marketing? b. Core concepts of marketing c. Traditional approaches Contemporary approaches to marketing d. Goals of marketing Learning objectives: Define marketing...

PRINCIPLE OF MARKETING Chapter I: Marketing Principles and Strategies  Chapter I: a. What is marketing? b. Core concepts of marketing c. Traditional approaches Contemporary approaches to marketing d. Goals of marketing Learning objectives: Define marketing and appreciate the significance of studying it; identify and understand the concepts of marketing; understand the goals of marketing and their social effects; differentiate marketing approach and contemporary marketing approach; identify and understand the marketing mix; What I know? 1. The marketing concepts states that businesses must satisfy customer’s ____________? a. Feelings b. Curiosity c. Needs and wants 2. In marketing, what should be the center of all business decisions? a. Profit b. Money c. Customer What I know? 3. It refers to the distribution channels. This is where the product will sell and how to hit the market? a. Price b. Product c. Place 4. The only variable in the marketing mix that has implications for revenue. a. Price b. Product c. Place What I know? 5. An activity offered for sale that is essentially intangible and does not result in the ownership of anything is called? a. Goods b. Product c. Service  WHAT IS MARKETING ?  MARKETING is defined as “the activities that advertising, shipping, storing and selling”. Marketing is the creation and communication of value to customers. Marketing is all activities conducted to prepare for sales. www.reallygreatsite.com  According to American Marketing Association: Marketing is an organizational function and a set of processes for creating, communicating, delivering and exchanging value to customers and for managing customer relationships in ways that benefit the organization www.reallygreatsite.com and its stakeholders.” According to Dr. Philip Kotler: “A social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others.” www.reallygreatsite.com  From the academic point of view, Marketing is the art and science of creating tangible products or services and finding the market, getting and retaining them to attain profitable operations. www.reallygreatsite.com Marketing also refers to channeling the gap between service and product providers to service and product seekers. To sum it all, MARKETING: IS A WAY TO SATISFY NEEDS AND WANTS or THE DELIVERY OF CUSTOMER SATISFACTION AT A PROFIT. www.reallygreatsite.com 1. Needs 2. WANTS  3. DEMANDS 4. Exchange 5. Market  Marketing Concepts The marketing definition lays the groundwork for understanding the five interrelated marketing concepts, specifically: 1. The two interacting components of company and market 2. The two interacting components of a market 3. The strategic 3cs of marketing The key objectives and some examples of the 3Cs of marketing are put together below:  APPROACHES TO MARKETING TRADITIONAL APPROACH Refers to the conventional methods of marketing used ever since the concept of advertisement or marketing came into existence. TRADITIONAL APPROACH It focuses on selling the product or services. TRADITIONAL APPROACH Print marketing Broadcast marketing Direct marketing Telephone marketing CONTEMPORARY APPROACH Refers to marketing that are consumer focused/ customer centric, offering products and services based on what target market desires rather than what company wants them to CONTEMPORARY APPROACH Uses digital, electronic and internet marketing. CONTEMPORARY APPROACH a. Digital marketing b. E-marketing or online marketing c. Social media d. Outdoor promotion e. Mobile promotion f. Telemarketing g. Events marketing h. Sacher marketing Why study Marketing? Marketing delivers value. Marketing benefits society. Marketing offers people career opportunities.  Some of the reasons why marketing is so important for businesses Marketing helps you reach more customers Marketing helps you build brand awareness Marketing can help you increase sales Marketing can help you to build customer loyalty Marketing can help you to differentiate your business Marketing can give you insights into your customers  Marketing Goals vs. Objectives Marketing goal is the broad targets that a business hopes to achieve. Marketing objective is the specific, actionable steps that a business takes to achieve its goals.  The Goals of Marketing and their Social Effects Maximize the Consumption of Goods Maximize Consumer Satisfaction Maximize Choice of Goods or Service Maximize Choice of Goods or Service  MARKETING MIX Refers to the 4Ps or a set of controllable elements or variables that a company uses to influence and meet the needs of its target customers in the most effective and efficient way possible.  MARKETING MIX a. Product b. Price c. Place (distribution) d. Promotion The concept of 4Ps has been replaced by the 7Ps: a. Product b. Price c. Place (distribution) d. Promotion e. People f. Positioning g. Packaging Thank You