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Marketing Principles

The document defines marketing as the process of identifying customer needs and wants in order to create, communicate, deliver and exchange products and services of value. It discusses that marketing involves understanding customers, developing products and services to meet their needs, setting prices, and promoting and distributing products. The summary also explores different concepts and approaches to marketing such as the marketing concept, societal marketing concept, and relationship marketing concept.

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Charvenn Buncag
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48 views

Marketing Principles

The document defines marketing as the process of identifying customer needs and wants in order to create, communicate, deliver and exchange products and services of value. It discusses that marketing involves understanding customers, developing products and services to meet their needs, setting prices, and promoting and distributing products. The summary also explores different concepts and approaches to marketing such as the marketing concept, societal marketing concept, and relationship marketing concept.

Uploaded by

Charvenn Buncag
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Principles of

Marketing
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, 2013
What is Marketing?
• an organizational function
• a set of processes to be engaged in order
to produce a viable marketing strategy
• the delivering of value to the customers
• is a give-and-take relationship
• an art, a science, and a field of discipline
What is Marketing?

“Marketing is about meeting the needs


profitably”
- Kotler and Keller, 2006

“Marketing is all about creating value


through the exchange process.”
- AB Ilano, Principles of Marketing, 2016
What is Marketing?

“Marketing is a science and art of the


process of identifying the needs, wants,
and desires of customers, by providing the
right product, by offering the features,
attributes, and benefits, to the right target
market, at a profit.”
What is Marketing?

“Marketing is all about changing behavior


through communications in order to achieve
objectives”
What is a Marketer?

• a person who identifies the goods and


services needed or wanted by customers
and markets them.
Customer vs Consumer
Customer is a person or a business that
buys goods or avails services provided or
offered by a firm.

Consumer is a person who acquires goods


and services for direct use or consumption
with no intention to sell them or using them
to create another good or service.
Marketing Organization

• refers to the department that ensures the


smooth flow marketing plans, policies, and
programs that monitor all sales activities,
customer services, and distribution and
promotion efforts.
Assignment:
Watch the 4 Principles of Marketing Strategy by
Brian Tracy https://goo.gl/KC7FTm
Answer the following:
1. What are the 4 Principles of Marketing Strategy?
2. What does USP means?
3. What made Lady Gaga famous?
4. How would you describe your perfect customer
without mentioning your product?
5. Why do we need to know customer
demographics and psychographics?
The Marketing System
Environment

Communication

Goods/Services

Industry Market
(A collection of sellers) (A collection of buyers)

Money

Information
The Marketing Process
Strategic Marketing
• Customer Segmentation
• Target Market Selection
• Value Positioning
The Marketing Process
Tactical Marketing: Value Deployment
• Product Design and Development
• Product Portfolio Management
• Service Development
• Pricing
• Distribution and Logistics
The Marketing Process
Tactical Marketing: Value Communication
• Sales Force Strategies
• Sales promotion Strategies
• Advertising
Traditional Approaches in
Marketing
Three Traditional Approaches:
1. Production
2. Product
3. Sales
Production Concept
• Ensures that the firm produces high
quality goods

“Customers favor companies that produce


high-quality and affordable goods, so the
latter should maintain efficiency in
production and distribution.”
Product Concept
• Believed that a product should be of high
quality, of excellent performance, and with
innovative features.

• The importance of INNOVATION is the key


to business success.
Sales Concept

• Personal selling became the name of the


game.
• The sales force had to entice customers to
purchase goods and service
• “the art of persuasion”
Needs, Wants and
Demands
Needs
It is state of felt deprivation about
something that is deemed to be necessary.
Maslow’s Hierarchy of Needs
Wants
The specific manifestations of needs.
Demands

These are wants that are backed by


purchasing power.
Goals of Marketing
STARBUCKS
Common Goals of Marketing

• Building Brand Awareness


• Supporting High Sales Lead Volume
• Establishing Thought Leadership
• Boosting Sales
• Increasing Brand Engagement
Building Brand Awareness
Brand – a symbol, logo, words, or a
combination of these elements that a
company uses to distinguish its products or
services from others
Brand Awareness – the extent to which a
brand is recognized by potential customers
and is correctly associated with a particular
product or service
Supporting High Sales Lead
Volume
Lead Volume – the number of sales leads
that will ultimately be converted into
customers

Sales Lead – a potential customer who is


interested in the product or service
Establishing Thought
Leadership
Thought Leadership – a technique that uses
the expertise of people who can provide the
best answers to customers’ most
challenging questions about the product or
service
Boosting Sales

Production and marketing efforts go hand in


hand in increasing sales
Increasing Brand Engagement

The ultimate goal of marketing is to build


and maintain lasting relationships with
customers.
Contemporary
Marketing
Marketing Concept
• Challenges the traditional approaches of
marketing.

• Marketers take responsibility of knowing


the clientele and eventually developing
goods or services based on what the latter
need or want, which leads to a long-term
profitability.
Societal Marketing Concept
• The marketing philosophy which merges
profitability and corporate social
responsibility: a company must consider
consumer needs and wants, its
stakeholders and more importantly, the
long-term interest of society in producing
goods and services
Relationship Marketing
Concept
• Focuses on the lasting relationship with
customers and suppliers.
• Further creates customer and supplier
loyalty.
Social Marketing Concept
• Aims to sell ideas and behaviors or
transforms negative habits or attitudes to
positive ones for the benefit of individuals
or society as a whole.

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