Principles-of-Marketing-11_Q1_SLM_WK1.pdf

111777 Principles of Marketing Quarter 1 – Module 1 Marketing and Its Principles Principles of Marketing – Grade 11 Alternative Delivery Mode Quarter 1 – Module 1: Marketing and Its Principles First Edition, 2021 Republic Act 8293, Section 176 states that: No copyrigh...

111777 Principles of Marketing Quarter 1 – Module 1 Marketing and Its Principles Principles of Marketing – Grade 11 Alternative Delivery Mode Quarter 1 – Module 1: Marketing and Its Principles First Edition, 2021 Republic Act 8293, Section 176 states that: No copyright shall subsist in any work of the Government of the Philippines. However, prior approval of the government agency or office wherein the work is created shall be necessary for exploitation of such work for profit. Such agency or office may, among other things, impose as a condition the payment of royalties. Borrowed materials (i.e., songs, stories, poems, pictures, photos, brand names, trademarks, etc.) included in this book are owned by their respective copyright holders. Every effort has been exerted to locate and seek permission to use these materials from their respective copyright owners. The publisher and authors do not represent nor claim ownership over them. Published by the Department of Education Secretary: Leonor Magtolis Briones Undersecretary: Diosdado M. San Antonio Development Team of the Module Writers: Zita M. Taguba Editors: Alger Muring EdD Cristina Apale1 PhD Arcadio Malmis PhD Management Team: Bianito A. Dagatan EdD, CESO V Schools Division Superintendent  PRINCIPLES OF MARKETING QUARTER 1 – WEEK 1 Learning Competencies: Define and understand marketing Principles, Goals and Approaches (ABM_PM11-Ia-b-1) At the end of the lesson, you are expected to: define and understand marketing and its principles; describe marketing and its principles; recognize the importance of marketing and its principles Lesson 1: Definition of Marketing What is it Marketing - defined by the American Marketing Association (AMA) as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, and society at large”. The process for marketing revolves around the following questions: “What needs, wants, or demands should we satisfy?” “What customers will we serve?” “How can we best serve our target market?” Important marketing concepts are as follows: a. Needs are the basic human requirements (i.e. food, clothing, shelter, and safety as physical needs; social needs for belongingness and affection; and individual needs for knowledge and self-expression). b. Wants are the desires shaped by culture, the environment, and influenced by others. c. Demands are the actions taken by the market in res1ponse to their wants. This is usually a want backed up by the willingness and capacity to purchase. Companies decide to satisfy a need and a want to obtain a desired objective from a target market. In this case, marketing occurs through an exchange wherein companies create value for buyers or consumers while gaining value from them. The exchange, however, is not limited to buying or trading. Common definition of a market - the place where buyers and sellers physically gather to exchange goods and services In marketing, market refers to the various groupings of buyers/consumers or organizations that will benefit, may find value, and may have the ability and willingness to purchase a particular offering. Lesson 2: Marketing Principles 2  What is it FOUR PRINCIPLES OF MARKETING Principle 1: Product - Good or service provided to meet a specific customer’s need. - Examples of a product may range from goods such as food and clothing - Example of service is a saloon service or piano lessons. Principle 2: Price - The amount of money given or set as consideration for the sales of a specified product or service. - Several factors of price: o Cost of production o customer demographics o product demand o brand image and history Principle 3: Place - The point of sale. - It focuses on o Where the business is located o Where the target market is place o How best to connect these two (business location and target market) o How to store goods temporarily o How to eventually transport the goods Principle 4: Promotion - Encompasses marketing communication strategies and techniques, such as advertising, sales promotions, special offers and public relations. - Promotion is how companies communicate their product to consumers. - Examples of promotion o Holiday sale o Buy one take one o Giving of brochures/leaflets and others o TV, radio and magazine advertisements Lesson 3: Business Entities that Usually Marketed What is it Ten (10) types of entities that companies usually market. 1. Goods 3  - Consumer and producer goods make up this entity. - Consumer goods are the food, clothing, machines, etc. that satisfy human wants and needs. - Producer goods are the raw materials, tools and the like essential to the production of consumer goods. 2. Services - These refer to work offered by barbers and beauticians, accountants, lawyers, doctors, programmers, and many others to its customers. 3. Events - These are usually time-based in nature, which include major trade shows, performances, anniversaries, global sporting events and the like. 4. Experiences - Companies market the encounter or the feeling that customers will get from availing its products and services such as Disneyland being marketed as a happy land along with its tag line “The Happiest Place on Earth”. 5. Persons - Persons can also be marketed based on their expertise, talent, qualities, or capabilities. Celebrities, artists, musicians, doctors, lawyers, athletes, and many more. 6. Places - Places are marketed to attract tourists, residents and basically people. Companies usually create unique associations to places to be more effective and consistent. An example would be Tagbilaran City, “The City of Friendship”. 7. Properties - The right to ownership of tangible and intangible belongings or possessions is also marketed to persons or entities. The most common examples are real-estates and financial properties (stocks and bonds). 8. Organizations - Organizations also require the need for marketing to have a strong, favorable, and consistent image in the minds of the public. 9. Information - Some companies market the production, packaging, and distribution of facts or knowledge as an offering for customers. An example would be the health care information marketed by medical diagnostic facilities. 10. Ideas - These are the thoughts or notions that companies would want to convey to the market. Doing so is also a way to distinguish itself among competitors. Assessment Multiple Choice Items (1-10). Write the letter of the correct answer in your answer sheet. 1. The process for marketing revolves around the following questions, except; A. What customers will we serve? B. How can we best serve our target market? C. What needs, wants, or demands should we fulfill? D. What needs, wants, or demands should we dissatisfy? 4 2. It is a driver that pushes companies to satisfy the needs and wants of a target market. A. Demand C. Market B. Exchange D. Wants 3. These are the actions taken by the market in response to their wants. A. Demands C. Needs B. Market D. Wants 4. The following are examples of promotion, except: A. Buy one take one C. Free Taste B. Free piano lessons for the first 2 days D. product demand 5. This is the point of sale. A. Place C. Product B. Price D. Promotion 6. This is how companies relay the message regarding the product to its consumers. A. Place C. Product B. Price D. Promotion 7. These are the goods that directly satisfy human wants. A. Consumer Goods C. Raw Materials B. Producer Goods D. Services 8. These refers to work offered by experts to its customers. A. Experiences C. Product B. Goods D. Services 9. These can be marketed based on the feeling that customers will get from availing its products and services. A. Experiences C. Product B. Goods D. Services 10. These requires the need for marketing to have a strong, favorable, and consistent image in the minds of the public. A. Goods C. Persons B. Organizations D. Places PRINCIPLES OF MARKETING Answer Sheet Name: __________________________________________________________ Grade & Section: ________________ Score: _______ Quarter 1 – Module 1 5 Lesson 1 Lesson 3 What’s More What’s More 1. 1. 2. 2. 3. 3. 4. 4. Lesson 2 What’s More 1. 2. 3. 4. Assessment 1. 6. 2. 7. 3. 8. 4. 9. 5. 10. 6