Principles-of-Marketing-Lecture-1.pptx

PRINCIPLES OF MARKETING INTRODUCTION TO PRINCIPLES OF MARKETING JASMIN MAE RIVERO SPECIAL SCIENCE TEACHER I AUGUST 30, 2023  COURSE DESCRIPTION The course deals with the principles and practices in marketing goods and services. It also focu...

PRINCIPLES OF MARKETING INTRODUCTION TO PRINCIPLES OF MARKETING JASMIN MAE RIVERO SPECIAL SCIENCE TEACHER I AUGUST 30, 2023  COURSE DESCRIPTION The course deals with the principles and practices in marketing goods and services. It also focuses on the development of integrated marketing programs that will help grow businesses.  What is Marketing? “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” – American Marketing Association  What is Marketing? It entails a process that delivers benefit to customers, more than selling goods and services, and concepts.  What is Marketing? It comprises communication, distribution, pricing strategies, product development and build a long-term relationship that satisfy each party. It is a continuous creation of brand and promotes its product and services that brings value to business and its customer.  Universal Functions of Marketing / Marketing Activities It has eight universal functions, divided into three categories: 1. Exchange Functions (Buying and selling) 2. Physical Distribution (Transporting and storing) 3. Facilitating Functions (Standardization and grading, financing, risk taking and It has eight universal functions, divided into three categories: 1. Exchange Functions (Buying and selling) 2. Physical Distribution (Transporting and storing) 3. Facilitating Functions (Standardization and grading, financing, risk taking and  EXCHANGE FUNCTION BUYING SELLING To acquire the To transfer (goods) to possession of, or the or render (services) right to, by paying or for another in promising to pay an exchange for money equivalent  PHYSICAL DISTRIBUTION TRANSPOR STORING TING The movement of The marketing products from a source function that to a destination. involves holding goods between the time of their  FACILITATING FUNCTIONS STANDARDIZATION & GRADING Standardization means that goods are of a specified and uniform quality. Grading is the process of sorting individual units of a product into well defined classes or grades of quality. The goods are graded or sorted out into different lots in accordance with FACILITATING FUNCTIONS FINANCING Financing in marketing is a critical component of success. Without the necessary funds, a company cannot hope to compete in today's market. FACILITATING FUNCTIONS FINANCING Financing in marketing is a critical component of success. Without the necessary funds, a company cannot hope to compete in today's market. FACILITATING FUNCTIONS RISK TAKING Marketing risk represents the potential failures or losses that may arise from a marketing plan.  FACILITATING FUNCTIONS SECURING MARKET INFORMATION Marketing Information means data and other information on distribution, transport and sale on local and international markets, on marketing opportunities and on the overall process of product development and promotion including  GOALS OF MARKETING EXCHANGE It refers to giving up something to receive something. Customers give up their money in exchange of satisfying their needs and want. However, it is not always monetary, exchange in marketing can take place through negotiations.  BUILDING BRAND Marketing’s primary goal is to establish brand in the AWARENESS mind of their consumers which play a vital role in consumers decision in availing products or services. Brand must increase retention or recall of the brand to create brand awareness.  What is a Brand? It is a combination of logo or statements used to distinguish a product or service. What is Brand Awareness? Brand recognition of potential customers. SUPPORT HIGH It is a marketing goal SALES LEAD that focuses on VOLUME marketing to make the product and services appealing to its potential market and encourage them in availing the product. SUPPORT HIGH Lead Volume is the SALES LEAD number of qualified VOLUME prospects you’ve obtained in your database who you believe might exhibit buying behavior at some point in time. SUPPORT HIGH SALES LEAD VOLUME Sales Lead are customers that are interested in products or services.  Thought It is a marketing goal Leadership technique that uses the expertise of people who can provide the best answers to customers’ most challenging questions about products or services. Boosting Sales It is a marketing goal to increase sales and the company’s profitability  Increase Brand Engagemen It is a marketing goal t is to maintain a lasting relationship with its customers.  Increase Brand It is said that you have Engagemen effective brand t engagement when a loyal customer switches to another brand and they feel unsatisfied.  Increase Brand Engagemen Marketing sets the t mind of its customer which greatly affects its consumer behavior. FIVE TYPES OF MARKETING UTILITY  Form Conversion of raw materials and components into finished goods and services. Gold into Jewelry, leather into bags, belt, shoes, and jacket. Mini-size biscuits and upgraded features of gadgets.  Time Availability of goods and services when consumers want them. Physician appointment, convenience store, 24/7 food delivery  Place Availability of goods and services at convenient locations Government Satellite offices, Church at mall ,Bank branches, grocery stores  Possession Ability to transfer title to goods and services from marketer to buyer Purchasing a home appliance, retail sales (in exchange for currency, credit or debit card. Leasing products rather than outright purchase.  Task Associated with a service firm, where the organization provides value through performing a task (delivering a service) for a consumer. For example, a laundry service, childcare service, legal advice, and so on – all provide some form of service or undertake a task for the consumer..