Advance Marketing 101 Preliminary Reviewer PDF

ADVANCE MARKETING 101 PRELIM REVIEWER BSBA-MM ____________________________________________________________________________ Marketing is the process of Holistic Marketing - 21st Century promoting and selling products or Looks...

ADVANCE MARKETING 101 PRELIM REVIEWER BSBA-MM ____________________________________________________________________________ Marketing is the process of Holistic Marketing - 21st Century promoting and selling products or Looks at marketing concept as a services. Understanding people’s complex activity and recognizes that Wants and Needs , and then Marketing matters everything. Four communicating to potential customers components are relationship why they should buy those products. marketing, internal marketing, integrated marketing, and socially Earlier Approaches responsive marketing. Production Methods - 1950s The Marketing Mix Focuses on producing as much as possible of a given product or service. PRODUCT. Anything tangible and intangible with a cost that a business Product Quality - 1960s provides to its clients. It was mainly concerned with the quality of its product. Assumes that as PRICE. The price of a product is the long as its product was of a high amount paid by customers. Marketers standard. must link the pricing to the product's actual and perceived worth, supply Selling Methods - 1950’s/1960s costs, seasonal reductions, and rival Primarily focus is only on prices. selling/promoting a particular product and not determining new consumer PLACE. The task is deciding where desires. the merchandise should be marketed and how to get it there. Business Marketing Needs and Wants - 1970’s leaders' final goal is to take their The most common orientation in items in front of the customers who contemporary marketing since it are most inclined to purchase them. involves a firm whose marketing plans around the marketing concept, thus PROMOTION. Product promotion aims providing products to match new to show consumers why they need the consumer tastes. product and why they should spend a given price for it. ADVANCE MARKETING 101 PRELIM REVIEWER BSBA-MM ____________________________________________________________________________ Importance of Marketing Mix Technological: The marketing strategies often adapt to the pace of - Increases the likelihood of development of consumer demand reaching a more significant and exponential technological portion of the target market. progression. - the right product, right time, right place, and the right person. SOCIAL MARKETING Factors of Influence in Marketing a strategy that applies traditional Strategies marketing principles and techniques to influence behavior and promote Regulatory: laws and legality social good rather than commercial (governmental policies) may influence gain. how marketing can be described. Key Elements of Social Marketing Economical: a variety of trends in the economic business cycle, including Behavioral Focus inflation, recession, deficit, or income to change or reinforce specific level. behaviors within a target audience. Social: refers to the structure and Target Audience dynamics of individuals and groups Understanding the demographics, and their behaviors, beliefs, thought psychographics, and behavior patterns patterns, lifestyles, friendships, etc. of the target audience is crucial. Political: the socio-economic Exchange Theory conditions are directly related to the where the audience perceives the status of the institutions of the benefits of adopting a new behavior government. outweigh the costs or efforts involved. Competitive: refers to the number of similar competitive product brands. ADVANCE MARKETING 101 PRELIM REVIEWER BSBA-MM ____________________________________________________________________________ Segmentation Examples of Social Marketing Audiences are segmented based on Campaigns factors such as age, gender, socioeconomic status, cultural Public Health Campaigns: used to background, and behavior. improve public health. Research and Data-Driven Environmental Campaigns: aim to Identify barriers and motivators, and foster sustainable behaviors that measure the effectiveness of benefit the environment. campaigns. Social Issues: where the objective is to Sustainability change attitudes and behaviors Social marketing aims to create related to these societal concerns. long-term behavior change. Challenges in Social Marketing Ethics Campaigns must be truthful, respect Complexity of Behavior Change. the autonomy and dignity of the Unlike purchasing a product, changing target audience, and avoid behavior, especially ingrained habits, manipulation or coercion. can be difficult and requires sustained effort and support. Social Influence and Norms People are more likely to adopt Resource Constraints. Social behaviors that they perceive as being marketing campaigns often operate supported or practiced by others in with limited budgets, especially when their social group. compared to commercial marketing, which can impact the reach and Partnerships frequency of messaging. These partnerships can provide resources, credibility, and access to Measuring Impact. Assessing the target audiences. effectiveness of social marketing can be challenging due to the long-term nature of behavior change and the ADVANCE MARKETING 101 PRELIM REVIEWER BSBA-MM ____________________________________________________________________________ Differentiate from competitors: difficulty in isolating the effects of the Marketing allows businesses to campaign from other factors. showcase their unique value and stand out. BUSINESS MARKETING Adapt to market changes: Marketing Business marketing is known as B2B, strategies can be adjusted to respond industrial, and government marketing. to changing market trends and Business marketing is called business customer preferences. marketing when a company markets and sells its products or services to Differences between Consumer and another company or organization. B2B Marketing Importance of Marketing in Business Audience: Consumer marketing Growth targets individuals, while B2B marketing targets other Businesses. Increase brand awareness: Marketing campaigns introduce a business and Messaging: Consumer marketing uses its offerings to a wider audience. emotional appeals, while B2B marketing focuses on practical Generate leads: Effective marketing benefits and solutions. strategies attract potential customers and gather their contact information. Decision-Making: Consumer decisions are often based on personal Nurture customer relationships: preferences, while B2B decisions Marketing efforts keep businesses involve more stakeholders and engaged with their audience, helping rational considerations. build loyalty. Channels: Consumer marketing often Drive sales: Well-executed marketing uses mass media, while B2B can directly impact sales and revenue marketing relies on more personalized generation. approaches, like direct communication and industry events. ADVANCE MARKETING 101 PRELIM REVIEWER BSBA-MM ____________________________________________________________________________ CONSUMER MARKETING products, or other rewards (e.g., airline miles or coffee shop points). A consumer is someone who purchases items for non-commercial Tiered Rewards: The more a customer reasons, either for themselves or for spends or engages with the brand, the others. higher they move up in the rewards program, unlocking better benefits B2B Companies in the Philippines (e.g., bronze, silver, gold Jollibee Foods Corporation, San levels). Miguel Corporation, Ayala Corporation, etc. VIP Clubs: Customers who join a VIP club might get exclusive access to new B2C Companies in the Philippines products, special sales, or events. SM Supermalls, Jollibee, Lazada etc. Cashback Offers: Customers receive a LOYALTY MARKETING percentage of their purchase amount Is a technique for increasing and back as credit or cash, which they can retaining existing consumers by use for future purchases. offering incentives such as gifts, discounts, and exclusive access. It is a Referral Programs: Customers earn strategy businesses use to encourage rewards by referring friends or family customers to keep coming back. members to the brand. The goal is to build a strong, Benefits of Loyalty Marketing long-term relationship with customers by making them feel valued (Customer Increased Customer Lifetime Value: Value) and appreciated (Customer Loyal customers tend to make more Retention). frequent and higher-value purchases over time. Common Loyalty Marketing Strategies Points Programs: Customers earn Brand Advocacy: Loyal customers are points for every purchase, which they more likely to become brand can later redeem for discounts, free advocates, recommending the brand ADVANCE MARKETING 101 PRELIM REVIEWER BSBA-MM ____________________________________________________________________________ to others and providing positive Examples of Successful Loyalty word-of-mouth. Marketing Reduced Marketing Costs: It’s Starbucks Rewards: offers points for generally more cost-effective to retain every purchase, which customers can existing customers than to acquire redeem for free drinks or food items. new ones. The program also includes a tiered system, with Gold members receiving Customer Insights: Loyalty programs additional perks. can provide valuable data on customer preferences and behaviors, allowing Amazon Prime: offers a paid loyalty businesses to tailor their offerings and program where members get free marketing efforts more effectively. shipping, exclusive deals, and access to streaming services, driving repeat Challenges in Loyalty Marketing purchases and customer retention. Program Fatigue: If not managed well, Measuring Success customers may lose interest in loyalty programs, especially if rewards are Customer Retention Rate: The hard to earn or not perceived as percentage of customers who continue valuable. to make purchases over a specific period. Competition: Many businesses offer loyalty programs, so standing out and Repeat Purchase Rate: How often offering unique or compelling rewards customers make repeat purchases. is essential. Customer Lifetime Value (CLV): The Balancing Cost: Offering rewards can total revenue a business expects to be expensive, so businesses need to earn from a customer over their balance the cost of the program with lifetime. the revenue generated from increased customer loyalty. ADVANCE MARKETING 101 PRELIM REVIEWER BSBA-MM ____________________________________________________________________________ Net Promoter Score (NPS): A measure Key Components of Industrial of how likely customers are to Marketing recommend the brand to others. Target Audience: Industrial marketing INDUSTRIAL MARKETING targets businesses like manufacturers, wholesalers, and retailers, focusing on It is called selling goods and services meeting their specific needs. from one company to another. Industrial products are those used by Complex Sales Process: Involves industry to create a finished product multiple decision-makers such as from one or more raw materials. It is procurement officers, engineers, and the process of promoting and selling managers. products or services from one business to another. High-Value Transactions: Products/services are often high-value Target Audience. These businesses (e.g., machinery, software) with large, could be manufacturers, wholesalers, long-term contracts. retailers, or service providers. Technical and Specific Needs: Offerings are specialized and Complex Sales Process. Involves technical, tailored to the purchasing multiple decision-makers, such as business's requirements. procurement officers, engineers, managers, and executives. Product or Service Offering: Industrial products require detailed technical High-Value Transactions. May include specifications to meet business needs machinery, raw materials, software, or effectively. specialized services. Relationship Building: Establishing Technical and Specific Needs. The trust and reliability is crucial for products or services marketed are maintaining long-term business usually highly specialized and relationships. technical, designed to meet the specific needs. ADVANCE MARKETING 101 PRELIM REVIEWER BSBA-MM ____________________________________________________________________________ Industrial Marketing Strategies Regulatory Compliance: Adhering to industry standards and regulations Direct Selling: Engaging with adds complexity. potential clients through presentations and product Technical Complexity: Deep demonstrations. understanding of technical aspects is essential for effective communication Trade Shows and Exhibitions: with clients. Showcasing products, networking, and meeting potential clients in Examples of Industrial Marketing industry-specific events. Manufacturing Equipment: Marketing Digital Marketing: Utilizing online specialized equipment to factories, strategies like SEO, email marketing, emphasizing efficiency and durability. and social media to reach and Software Solutions: Targeting large generate leads. corporations with scalable and Account-Based Marketing (ABM): integrated software offerings. Targeting high-value accounts with Raw Materials: Marketing quality raw personalized marketing strategies. materials like steel or chemicals to Partnerships and Alliances: Forming manufacturers. strategic partnerships to expand reach and offer complementary Measuring Success in Industrial services/products. Marketing Lead Generation: Key metric for Challenges in Industrial Marketing success, measuring the number of Long Sales Cycles: Involving multiple qualified leads generated. stages like needs assessment, Conversion Rate: Percentage of leads research, and approval. converting into actual sales. Competition: High competition for large contracts and partnerships. ADVANCE MARKETING 101 PRELIM REVIEWER BSBA-MM ____________________________________________________________________________ Service Marketing Customer Retention: Maintaining long-term relationships and securing Service marketing is a technique that repeat business. promotes and highlights a company's intangible benefits and offers to Return on Investment (ROI): increase end-customer value. Comparing financial return from Characteristics of Service Marketing marketing activities to costs. Service Is A Performance: Services are Brand Awareness: Measuring brand provided while products are recognition within the industry manufactured, often unrelated to through surveys and rankings. tangible effects. Current Trends in Industrial Marketing Service Does Not Involve Ownership: No transfer of title or ownership in Digital Transformation: Shift towards service marketing. digital strategies using data analytics and automation. Service Is Intangible: Benefits are intangible and cannot be tested in Sustainability: Marketing products as advance. eco-friendly to appeal to Inseparability: Services and providers environmentally conscious clients. are inseparable, produced at or near the point of purchase. Globalization: Targeting international markets and adapting strategies to Variability: Services exhibit variability different environments. due to factors like inseparability and people orientation. Customer-Centricity: Focus on Perishability: Services are perishable understanding and meeting specific and have a finite lifespan, produced customer needs through personalized and consumed simultaneously. efforts. REVIEWER BY: LOUGIE ROXAS