principles of love

1. PRINCIPLES OF
MARKETING
Marketing
Principles, Goals
and Approaches

2. Are you interested in becoming a part of a
marketing organization? If you are, what
characteristics do you have that can make
you a successful marketer?

3. Marketing is the creation and communication of value
to customers. It involves the customer’s maintenance of
relationships that should last for lifetime. It is the link
between society’s material requirements for its needs and
wants. Marketing must satisfy human needs and wants
through the exchange process and the building of long-
term relationships.

4. Over the years, marketing has evolved various definition and its
meaning changes according to the views of the different marketing
gurus. In the definition of marketing given by the American
Marketing Association or AMA, “Marketing is an organizational
function and a set of processes for creating, communicating, and
delivering value to customers and for managing customer
relationships in ways that benefit the organization and its
stakeholders

5. The definition of Marketing according to Dr. Philip
Kotler, “A social and managerial process whereby
individuals and groups obtain what they need and
want through creating and exchanging products
and value with others

6. From the academic point of view, marketing is the art and
science of creating tangible products or services and finding the
market, getting and retaining them to attain profitable operations.
On one hand, it is a societal process that marketers must
communicate the sustainable value of the product or service to its
target market. It is a critical business process for attracting
customers to satisfy their needs and wants.

7. Simply put: Marketing is the delivery of
customer satisfaction at a profit.
Goal: Attract new customer by promising
superior value and keep and grow current
customers by delivering satisfaction.

8. Interacting Components of Marketing
Company Market
The company and its market are equally important. It is
marketing that gives fulfillment to both components. Marketing
people should balance between the company’s requirements
for profit and desired market share.

9. The overriding objective of the company is not just to satisfy
the needs and want of its customer. It must be profitable and
better than its competitor. Otherwise, the competitor could
win the customers because it is able to satisfy them

10. Customer Needs and Wants
Need is one important component in the marketing of products. It is the consumer’s
desire for a product or service. The product or service must have specific benefits that
satisfy the functional or emotional needs. On the other hand, basic needs are food,
clothing, and shelter. We cannot live without them and marketers must be able to
provide them to human population. Food can be processed in different tastes; styles
and menus that shall meet the human craving and satisfaction. Clothing could be
designed into different styles depending on people’s taste and social values. Shelters
are constructed differently depending on the capacity of the buyer to finance his
home. These needs are the marketer’s point of interest for profit.
Wants are higher-level human needs as they appeal more to the emotions. These are
the social needs for recognition and the development of higher social satisfaction is
limitless. The development of technology and different electronic gadgets are more
of human wants. The marketers must continuously improve technological inventions to
sustain customer

11. Concepts of Marketing
The philosophy that “The customer is the boss”,
rings over the minds of the marketing people
that customer satisfaction which is of
paramount consideration. While it is important
to satisfy customer wants and needs, this could
only be achieved under the following
marketing concepts:

12. 1. Marketing must be Customer Oriented
The planning and operation must be directed towards customer
orientation. The whole marketing organization and its operating staff
must be focused on determining what will satisfy the needs and wants
of the target customers, the important link in the business operation
2. Marketing must be Coordinated Activities
Coordination activities must start in the product planning process, the
process. The product is the key element that the customer wants to buy
that is worth his money. Price is another important component as
customers would like to get his money’s worth. The place of distribution
must be within his reach and the promotional activities must be
appealing for him to decide which product to purchase

13. 3. Marketing must be able to achieve the Performance
Target Goals and Objectives.
Customer-oriented and coordinated marketing aims to
achieve its profit, objectives and goals. These goals and
objectives hinge on the increase in sales volume and
customer’s patronage. When product planning, price,
promotion and distribution and properly coordinated, it will
result in the most effective way of satisfying the customer’s
needs and wants. The sales volume and profit objective will
be realized.

14. Factors for Developing Marketing Concepts
1. Capturing Marketing Insights
The overall direction must focus on its vison and mission. The organizational goals and
objectives must be directed towards the creation of value to its customers. These
must be the inherent philosophy of the marketing organization. The functional areas in
the marketing organization must be focused towards its ultimate set of tasks in the
building of long-lasting relationship with its target market.
2. Effective Financial Management System This system in the procurement of quality
and affordable materials for processing of the product is a vital component in
effective operation of the marketing system. The competition in the market is based
on affordable quality products where labor and materials interplay in their
production. Financing the marketing program will develop effective sales program
that will bring in sustainable profitability.

15. 3. The Value of Human Resources
All business activities need human resources in their
operation. The employees must be committed in the
production of quality products and the delivery of quality
service. They must develop work ethics and strong
commitment to the marketing efforts of the organization.
Sustainable development and progress rest with people who
are willing to put all efforts towards the organizational
objective of quality products and service.

16. 4. The Production Process
The process must conform to standards in terms of product
quality. The race to economic profitability is the production of
products that shall satisfy the customer’s wants and needs. The
role of marketing is to sell more products, but it must conform to
customer demand. Production may produce so many products,
yet they are useless inventory when they fail to reach their target
market. Marketing efforts will turn them into profitable inventory.

17. 5. The Presence of Competitors
The marketing of products becomes interesting with the presence of
competitors. Marketing outfit must develop strategies in capturing their
target market and develop and sustained patronage. These marketing
strategies must develop customer loyalty to the brand or the product.
Product improvement and pricing strategies with sustained promotional
and advertising program are important components in the competitive
market.

18. Traditional concept marketing
is a marketing strategy a company uses to determine if it
can produce a viable product consumer want or need,
whether the company can produce enough products to
fill the need, and the marketing method by which the
need can be filled.
It’s also designed to focus more on selling a certain service
or product and uses a variety of mediums to advertise a
brand.

19. Several Distinct Traditional Approaches:
1. Production concept focuses on the internal potentials of the
company and not based on the desires and needs of the market.
Focuses on making products affordable and accessible by
achieving high production efficiency, low costs, and mass
distribution.
2. Product concept-Focuses on creating products that meet
customer needs by offering quality, performance, and innovative
features.
3. Selling/Sales concept refers to the idea that people will buy more
goods and services through personal selling and advertising done
aggressively to push them in the market

20. 4. Relationship concept/marketing an approach
that centers on maintaining and improving value-
added long-term relationships with current
customers, distributors, dealers and suppliers.
5. Societal Marketing Concept views that
organizations must satisfy the needs of consumers
in a manner that gives for society’s benefit

21. The Goals of Marketing and their Social
Effects
1. Build brand awareness
2. Maximize the Consumption of Goods –
3. Maximize Consumer Satisfaction
4. Maximize Choice of Goods or Service
5. Maximize the Quality of Life

22. Key performance indicators (KPIs)
are used to check that the marketing activities of a company are
on track. KPIs are specific metrics which are used to track
performance to make sure the firm is on track to meet specific
objectives. They are sometimes known as performance drivers or
critical success factors for this reason.
Examples of noteworthy marketing goals:
1. Identifying the target market
2. Increasing sales and profits
3. Increasing brand awareness
4. Increasing market share
5. Countering competitive strategies
6. Reputation
7. Increasing distribution channels

23. The Marketing Mix
Another marketing theory that's considered to be
traditional is the marketing mix made up of the 7 P's.
These include product, place, promotion, price,
packaging and positioning. All these components,
when combined, create a solid marketing proposal.

24. Definition of Contemporary Marketing
Simply defined, contemporary marketing refers to
marketing strategies that are consumer focused.
Contemporary marketing strategy offers products and
services based on what the target market desires rather
than what the company wants them to have, thereby,
offering greater support for their customers and
becoming able to take advantage of more advanced
marketing funnels to track progress.

25. Difference between Contemporary Marketing Orientation and
Traditional Marketing Orientation
The main difference between the contemporary marketing
orientation and traditional marketing orientation is that while the
former is consumer-focused, the latter is company focused.
Traditional marketing is concerned with pulling customers and does
not really consider the customer's diverse needs. Rather it is
concerned with the market or industry in which the company
operates in. Contemporary marketing aims for customers satisfaction
in order to build a relationship with them. Therefore, the types of
marketing strategies under contemporary marketing are concerned
with the needs of customers.

26. Our contemporary marketing world now features
advanced marketing skills and improved marketing mix.
Here are some of types of marketing:
1. Business to Business - B2B Marketing
2. Business to Consumer - B2C Marketing
3. Brand Marketing
4. Cloud Marketing
5. Telemarketing
6. Guerrilla Marketing
7. Push Marketing
8. Influencer Marketing

27. Emerging Types of Marketing and their Applications:
Based on a 2017 report by Kleiner Perkins Caulfield and Byers, an internet trend investment
firm, 3.4 billion people use the internet. Therefore, the internet has become an easy and quick
way to research, reach and engage customers.
1. Search engine optimization is majorly concerned with increasing a business’ visibility and
rankings on search engine result pages. It is a simple way of attracting organic traffic of
potential customers to a website. SEO can be maximized with paid adverts (Google AdWords),
strategic content marketing and social media networks.
2. Pay per Click advertising: This is advertising presented on search engine result pages or web
pages where the advertiser is only charged based on the number of times someone clicks on
the ads to go to the advertiser's targeted website.
3. Email marketing is a type of marketing based on the distribution of messages through emails.
Email marketing provides direct contact with customers and allows businesses to create
relationships with their customers. Updates, exciting news, and call to actions can be sent
directly to customers.
4. Referral marketing: is a type of marketing where an individual or customer pleased with the
results gotten from a product refers the product to another person. It's a very subtle form of
marketing that can provide great results especially when the person referring is an Influencer in
that industry.

28. 5. Affiliate marketing: is a prominent type of internet marketing where a third party
promotes a product and earns commission, or a piece of the profit gotten from every
sale made through that referral.
6. Video marketing: Videos act as one of the most interactive types of online
marketing and can prove to be a great way to raise awareness about a business or
product. In fact, according to Mushroom networks, YouTube is the second biggest
search engine. Therefore, video marketing can prove to be a great way to pass
messages to target customers.
7. Inbound marketing is a very powerful contemporary marketing strategy that
focuses on different tactics to draw consumers in and convince them to buy goods. It
is one the result-oriented types of marketing that uses content to drive results. A key
subset of Inbound marketing is Content marketing which the Content Marketing
Institute refers to as "a strategic marketing approach focused on creating and
distributing valuable, relevant, and consistent content to attract and retain a clearly
defined audience."

29. Green Marketing refers to the process of selling products
and/or services based on their environmental benefits.
Company are selling products and/or services by first
promoting its benefit that is environmentally friendly or
produced in an environmentally friendly way.

30. Prepared by :
Sharon B Peralta