2. WHAT IS MARKETING?
According to the American Marketing Associate (AMA),
marketing is the activity, set of institutions, and process for
creating, communicating, delivering, and exchanging offerings
that have value for customers, clients, partners, and society at
large.
3. WHAT IS MARKETING?
Marketing is the combination of different activities that
communicate the benefits of a company’s product to its
consumers. Companies ensure that the benefits they are
offering to their consumers are of value to them and that
consumers will be willing to pay for the product’s price. It
means offering value (benefits from products) to consumers
while, at the same time, companies enjoy value (profits) from
consumers.
4. THE MARKETING MIX
The marketing mix is composed of the four elements also
known as 4 Ps: Product, Price, Place, and Promotion. Each
element is important in the totality of marketing, and they all
interact with each other in order to deliver superior value both
for the company and the consumers. Without one component,
marketing will not be complete
5. THE MARKETING MIX
The marketing mix is composed of the four elements also
known as 4 Ps: Product, Price, Place, and Promotion. Each
element is important in the totality of marketing, and they all
interact with each other in order to deliver superior value both
for the company and the consumers. Without one component,
marketing will not be complete
7. PRODUCT: CREATING VALUE
Product can be goods or services that are offered to
the market. To be able to sell a product in the market,
consumers must understand its value and must perceive it
as something that is worth buying. The value offered to the
market pertains to the benefits that consumers look for in a
product.
8. PRODUCT: CREATING VALUE
Goods are items that you can touch physically; hence,
they are called tangible products. These are items you find
in a supermarket, bookstore, and other retail places where
you can physically inspect the product before buying it.
Services are intangible benefits customer enjoys
that are performed by people or machines.
9. PRICE: CAPTURING VALUE
Price captures the value of a product’s offering when
you put a price tag that equates to the benefits the product
offers to consumers. In return, a company captures value or
profit from the payment made by a customer in exchange
for the product.
10. PLACE: DELIVERING VALUE
Place includes the necessary activities to make the products
available to consumers.
Products are normally sold to personal consumers through
retail stores. In the Philippines, malls abound where people converge
and spend time in. Filipinos treat mall as one-stop destinations
where they try to buy everything so they will not have to go to
different places to buy the things they need.
11. PROMOTION: COMMUNICATING VALUE
Promotion is the component that informs,
persuades, and reminds potential buyer of the value
they can get from a product.
A powerful message can influence consumers to
buy, and buy some more. You constantly see products
being advertised everywhere.
12. NEEDS, WANTS and DEMAND
In marketing, needs and wants are always considered
in offering a product to the market. On the other hand,
demand is considered when discussing sales projections
A Need is defined as a state of felt deprivation.
Abraham Maslow develop the theory called Hierarchy of
Needs, which proposes that people are motivated to
achieve certain needs, and some wants are prioritized over
others.
13. MASLOW’S HIERACHY of NEEDS
Self
Actualization
Esteem
Social
Safety
Physiological
14. PHYSIOLOGICAL NEEDS
These are the basic needs for survival. The human
body will not be able to function normally if these are
not met. These include air, water, food, shelter, and
clothing.
15. SAFETY NEEDS
People need to feel secure once they satisfy their basic needs.
Security can take different forms such as the following:
Personal security- This refers to living in a community that is free from
crime and violence.
Financial security- This is characterized by job security and financial
freedom.
Health- This pertains to being free from sickness and having a healthy
body.
Assurance- This can be in the form of health/ life insurance that provides
security should an accident or death occurs.
16. SOCIAL NEEDS (Love and Belonging Needs)
Human beings are social being; thus, they need
to feel a sense of belongingness and form
relationships with other people. Having strong ties
with your family, friends, and social groups satisfies
this need.
17. ESTEEM NEEDS
People need to feel respected and confident
about themselves. The need to be accepted by others is
important to people.
18. SELF-ACTUALIZATION
This level refers to the need for achievement after
working hard for something. Self- actualization drives
people to maximize their full potential and to actually
work hard to realize their dreams.
19. WANTS and DEMAND
When needs are shaped by culture and
individual personality, they become WANTS. If you
are hungry and you choose to eat pizza and pasta,
then you are satisfying a want.
Demands are wants that are backed with buying
power. When people have money to pay for their
wants, they become part of the demand for that
product.
20. THE MARKETING PROCESS
The first four steps of the marketing process allow
companies to understand consumers, design and
offering that will answer those consumer needs, create
a marketing program to build demand and promote a
product, and build good customer relationship. The
fifth step captures value from customers in exchange
for the value created for them. The following are the
steps involved in the marketing process:
21. 1.) Analyze the market place and understand customer
needs and wants.
Toward the end of this subject, you will work on a
marketing paper. The first option of the paper is analysing the
trends in the industry and understanding customer needs and
wants through different tools that you will later learn to use
and apply. This ensures that what you will be offering to the
market is something that will be of value to the customer.
THE MARKETING PROCESS
22. THE MARKETING PROCESS
2.) Design a customer-driven marketing strategy (4 Ps)
A marketing strategy involves the use of the four
Ps you learned earlier- product, price, place, and
promotion. Throughout the discussion you will
encounter strategies that refer to any or all of these
elements as these are the basis for designing and
creating market offerings.
23. THE MARKETING PROCESS
3.) Formulate an effective marketing program.
A good marketing program builds demand and
creates awareness for new products. It picks consumer
interest and make sure that consumers understand the
product’s benefits through the marketing
communication materials that are implemented through
different marketing channels
24. THE MARKETING PROCESS
4.) Build profitable relationships and establish
customer loyalty.
Marketers do not just want consumers who will
buy from them; they want customers who buy from
them again and again. Loyal customer does not mind
the price increase as long as they still understand the
value of the product that they are buying.
25. THE MARKETING PROCESS
5.) Capture value from customers to earn profits in
exchange for value created for customers .
The more customers who buy from a company, the
more profit the company earns, which gives it the
capability to expand its business. Remember that a
company must make consumers understand the value of
the product they put out in the market
26. MARKETING PHILOSOPHIES
Production concept- this concept holds that given a
wide array of products in the market, consumers will
prefer to buy products that are widely available and
highly affordable.
Product concept- this concept holds that consumers
favor products that offer the best quality,
performance, and innovative features. The primary
focus is the product
27. MARKETING PHILOSOPHIES
Selling concept- companies realized that they needed
to employ more aggressive selling tactics to make the
people buy their products.
Societal marketing concept- firms look first into the
welfare of society in general and deliver their offering
in a way that satisfies their market more effectively
and efficiently than their competitors.
28. MARKETING PHILOSOPHIES
Marketing concept- firms determine first the need and
want of their potential market, then device ways,
products, or services to satisfy these needs and wants
more effectively and efficiently than their competitors.
29. CORPORATE SOCIAL RESPONSIBILITY
Economic Responsibility (Be Profitable) - making profit is
the most basic responsibility of a company to its
stakeholder and the society.
Legal Responsibility (Obey the Law) - the law dictates
what is right and what is wrong in the society. When the
company obey the laws and observes legal practices, it
produces products that guarantee consumers’ safety and
ensures truthful practices to its stakeholders.
30. CORPORATE SOCIAL RESPONSIBILITY
Ethical Responsibility (Be Ethical) - a company that does
what is right, just, and fair beyond just following what is
dictated by the law, is practicing its ethical responsibility.
Philanthropic Responsibility (Be a good Corporate Citizen)
- companies that strive to give back by contributing
resources to the community or improve the quality of life
of their employees and customers are practicing their
philanthropic responsibility.
