The document outlines the fundamental principles and strategies of marketing, emphasizing the cyclical nature of the process centered on understanding customer needs and wants. It contrasts traditional and contemporary approaches, highlighting concepts such as production, product, selling, marketing, relationship marketing, and societal marketing. The goals of marketing include customer-driven strategies, maintaining relationships, enhancing customer value, and promoting societal welfare through sustainable practices.

1. : Marketing Principles and Strategies
MARKETING
-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.

2. The Basic Concept of Marketing

3. Figure 1 shows the basic concept of marketing in a cyclical presentation of the marketing
activities.
The market is the central heart of the process because they are the one who possess the
needs and wants.
Need is the necessity of humans since they cannot survive without them.
Want is considered as luxury of human it is shaped by culture or individual personality
that surrounds them. And if needs and wants are payback by bargaining power it will
become demand since market are willing to pay if their desires are satisfied.
After the market will demand needs and wants, this will be converted to a product, this is
offered to satisfy that market either in a form of tangible or intangible product.

4. While exchange is an act of obtaining a desired object
from someone by offering something of value, and
transaction is the trade of values between buyer and seller.
When the transaction between the two parties is done, it is
the starting point of the company to establish a customer
relationship which does not limit only after purchase, but
rather program and activities that will maintain the
relationship with the customers.

5. Goals of Marketing
Below are the following goals of marketing:
1.Plan and apply customer driven strategies.
2.Establish and maintain customer relationships.
3.Emphasize customer value to capture more profits.
4.Capture value transaction for the welfare of the society.
5.Initiate innovation of products and services to give quality of life.
6.Know the market, understand, and satisfy their changing
preference.

6. Traditional Approaches to Marketing
1. Production Concept. Assumes that consumers preferred products that are
widely available and offered at affordable prices. It focuses on improving
production efficiency by reducing production costs that lead to lower price.
2. Product Concept. Assumes that consumers preferred high quality and innovative
products. It focuses on enhancing product attributes and features.
3. Selling Concept. It emphasizes more on a large scale of promotion. The market needs to
be persuaded in different aggressive selling and promotional strategies. This is directed to
sell products produced by the manufacturer rather than trading products based on the
market’s need and want.

7. Contemporary Approaches to Marketing
1. Marketing Concept. The focal point of this concept starts with the market needs and
wants as bases for the company’s production of product by integrating marketing efforts
which will result to profit through customer satisfaction.
2. Relationship Marketing Concept. The goal of this concept is to establish, strengthen
and maintain long-term relationships with the customers. Different marketing efforts
in terms of customer retention programs are developed which majority of the businesses
right now are doing.
3. Societal Marketing Concept. This concept does not limit only in understanding
market needs and wants but satisfying them without hampering the welfare of the
society. The well-being is the main objective gearing towards profit through the
sustainable marketing programs.