Nov.

19, 2024

Principles
of Marketing
Mrs. Mirasol P. Sollano
COMPETENCIES:
• Define and understand marketing and the core concepts
• Discuss the evolution of marketing and the various
approaches
• Describe the traditional approaches to marketing
• Discuss the goals of marketing
• Identify and explain contemporary marketing approaches
What is Marketing?
Marketing is a business term that experts have
defined in dozens of different ways. Even at
the company level people may perceive the
term differently. It is a management process
through which products and services move
from concept to the customer.
https://marketbusinessnews.com/financial-glossary/marketing-definition-meaning/

Marketing is the activity, institutions, and processes

for creating, communicating, delivering, and
exchanging offerings that have value.
 Your encounters with marketing happen every day, in many
ways. Marketing surrounds you and influences all individuals,
institutions, cities, and countries. Seeing a billboard for a fast-
food outlet will make you suddenly crave fried chicken. While
checking out your Facebook newsfeed, you may notice ads
inviting you to eat in a restaurant, buy a certain brand of
clothes, or visit various tourist spots. You surely have your own
experience and opinions about specific brands as many
marketers reach out, especially to the youth. What is very
clear is that marketing today affects everyone and is virtually
inescapable.
 FIVE CORE (4) exchanges
(2) market
CONCEPTS OF offerings and
MARKETING relationships

(1) customer (3) customer

needs, wants, value and (5)
and demands satisfaction markets
( 1) customer needs, wants, and demand
A need pertains to a feeling of deprivation and
commonly relates to necessities such as food,
clothing, and shelter, or social needs such as
belonging.
 ( 1) customer needs, wants, and demand

A want would relate to a particular preference of the person,

as shaped by one's personality and knowledge, along with
broader influences such as culture and societal factors.

A demand exists if the need or the want is supported by the

person's purchasing power or the ability to pay for the product.
(2) market offerings

• Market offerings serve to fulfill customers' needs and wants.

• The product is an important element of market offerings and
products can run the range from pure physical products to pure
services or a combination of both.
❖ Physical products are those such as canned meat, soaps,
and toothpaste.
❖ Services, such as dental services, travel agencies, or call
centers, are intangible and do not result in owning
anything, but can be marketed as well.
(2) market offerings
 (3) customer value and
satisfaction

• Satisfied customers who find value in a product are

likely to patronize it again.
• The goal, therefore, is to consistently meet or even
exceed consumer expectations.
• This contributes to the development of preference
for your brand and customer loyalty.
 (4) exchanges and
relationships
• For marketing to occur, an exchange must happen.
The exchange consists of obtaining what one wants
by offering something in return.
• The transaction could pertain to an exchange of
goods or services for money.
• it could mean accepting an idea or being converted
to a new way of thinking.
• In marketing, the point of the exchange is to foster a
relationship.
 (5) markets

• The market is composed of all people who buy the product, as

well as those who could potentially purchase the product.
• Marketers need to fully understand the market to have a
profitable customer relationship. Market research then becomes
highly important to find out such things as what customers need or
want, how customers choose among the different products/brands
and a whole lot of other information.
• For example, a company selling bags could choose to have
students as their target market.
The Evolution of
Marketing
 How did Marketing
Evolve?

• Production Era. Lasting from the late 1800s to the 1930s,

the thinking during this era was that products would sell
themselves and, therefore, the firm’s task was to focus on
production efficiencies and distribution.
 How did Marketing Evolve?

• Sales Era. As production facilities improved and

competition became more intense, companies found out
that it was no longer that easy to sell their products. This
was the start of the Sales Era, a period that lasted
through the 1960s.
How did Marketing Evolve?

• Marketing Concept Era. During the 1960s, it became more

apparent to marketers that it would be more efficient if
the company focused first on discovering what customers
need and then developing the product to address this
need.
How did Marketing Evolve?

• Customer Relationship Era. Firms are more focused

on consistently satisfying the consumer needs and wants
of their target market. In this era, the customer is central
to the company’s marketing efforts.
 Traditional marketing is any form of
marketing that uses offline media to reach
The an audience.

Traditional Traditional marketing relies on offline

Approaches strategies, including direct sales, direct

mail (postcards, brochures, letters, fliers),

to Marketing
tradeshows, print advertising (magazines,
newspapers, coupon books, billboards),
referral (also known as word-of-mouth
marketing), radio, and television
 GOALS OF MARKETING
3 big goals of marketing include:

Acquiring customers
Retaining customers
Turning customers into brand ambassadors
SOURCE: https://www.linkedin.com/pulse/what-3-goals-marketing-mikaela-bolling
 GOALS OF MARKETING: 1. ACQUIRING CUSTOMERS

Top of mind for most businesses, acquiring new customers means new
revenue for growth. This goal is the most complex out of the three goals
because you have to get new customers all the way through your sales
funnel.
They have to be interested enough in your brand, your quality content, or your
offering to consider your services. Then, they engage with you by following
you on social media or reading a blog. Lastly, when they learn more about
your product or service, they eventually buy it.
When your marketing efforts are engaging enough to bring a customer
through the sales funnel, it means you are doing something right.

Consistency is key!
GOALS OF MARKETING: 1. RETAINING CUSTOMERS

• Retaining customers is much more cost-effective than acquiring

new ones since they already know you and have used your
services.
• Customers won’t come back if your service doesn’t meet their
needs. That means you should be talking to your customers and
learning how to improve your products and services continually.
GOALS OF MARKETING: 1. TURNING CUSTOMERS INTO BRAND AMBASSADORS

• Customers fall in love with good brands -- with what they

stand for and the story they tell. Having an emotive brand
story is important in both acquiring customers and retaining
customers. And when a good brand story can turn
customers into brand ambassadors, you’ve hit a home run.
• Brand ambassadors will go to bat for you, not just because
of the service you provide, but because they are deeply
connected with your brand’s higher purpose.
 Contemporary Marketing
Approaches
Many companies still practice traditional marketing techniques, but
more companies are shifting towards innovative and contemporary
marketing techniques
 Contemporary Marketing Approaches

1) Digital 2) E-Marketing or 3) Social Media 4) Outdoor

Marketing – Online Marketing Marketing – Promotion-
involves the use of – utilizes Internet makes specific involves the
digital to boost use of social display of
technologies in promotional and networking promotional
presenting the marketing efforts. websites and materials for
product or service Online stores have relevant products and
become
offerings of a applications in services
alternatives to
company. promoting a outdoors.
physical stores
company’s
also known as
“brick-and-mortar”
products and
stores. services
 Contemporary Marketing Approaches

5) Mobile 6) Telemarketing 7) Events Marketing 8) Sachet

Promotion– – involves the – involves the Marketing–
mobile advertising promotion of hosting of a themed
is adopted to
uses signs and ads products and event that is
specially tailored appeal to
mounted atop taxi services through
cabs, for consumers who
unsolicited the product. are cost-
product logos
telephone classes Marketers use live conscious and
painted on the sides
to identify entertainment to
of buses or vans, or cannot afford to
product stickers potential induce customer
buy products in
attached customers. traffic and
showcase large quantities.
to Ex. call center
vehicles agents products and
services.

https://www.studocu.com/ph/document/lyceum-of-the-philippines-university/marketing-
management/contemporary-marketing-approaches/18887041
 WHAT IS A MARKETING MIX?
The marketing mix refers to the set of actions, or
tactics, that a company uses to promote its brand or
product in the market. The 4Ps make up a typical
marketing mix - Price, Product, Promotion, and Place.
However, nowadays, the marketing mix increasingly
includes several other Ps like Packaging, Positioning,
People and even Politics as vital mix elements.
• PRICE WHAT ARE THE 4Ps MARKETING?

refers to the value that is put on a product. It depends on

the costs of production, the segment targeted the ability of
the market to pay, supply-demand, and a host of other
direct and indirect factors. Several pricing strategies can be
tied in with an overall business plan. Pricing can also be
used as a demarcation, to differentiate and enhance the
image of a product.
 WHAT ARE THE 4Ps MARKETING?
2. Product
refers to the item actually being sold. The product must
deliver a minimum level of performance; otherwise, even the
best work on the other elements of the marketing mix won't
do any good
WHAT ARE THE 4Ps MARKETING?

3. Place
refers to the point of sale. In every industry, catching the eye
of the consumer and making it easy for her to buy it is the
main aim of a good distribution or 'place' strategy. Retailers
pay a premium for the right location. In fact, the mantra of a
successful retail business is 'location, location, location'.
WHAT ARE THE 4Ps MARKETING?

4. Promotion
this refers to all the activities undertaken to make the
product or service known to the user and trade. This can
include advertising, word of mouth, press reports, incentives,
commissions and awards to the trade. It can also include
consumer schemes, direct marketing, contests and prizes.
WHAT IS THE IMPORTANCE OF MARKETING MIX?
All the elements of the marketing mix influence each
other. They make up the business plan for a company
and handled right, can give it a great success. But if
handled wrong and the business could take years to
recover. The marketing mix needs a lot of
understanding, market research, and consultation with
several people, from users to trade to manufacturing
and several others
Thank You!

Ma’am Mira