Principles of
Marketing
UNDERSTAND MARKETING AND TRADITIONAL
APPROACH
OBJECTIVES
Define and 02 Identify the
01 understand 03 Describe
characteristics the
marketing, of marketing traditional
illustrate organization, approaches
the utility the marketing to
concept of process and marketing
marketing
HOW DOES
MARKETING
AFFECT OUR DAILY
LIVES?
MA R K E T I NG
Marketing is defined as 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.”
E X C HA NG E
It refers to the process of offering something to
another and then being offered something in return.
T R A N S A C T I ON
It refers to a completed deal or agreement where
both parties fulfill their obligations.
C ON S U ME R
is a person who decides on the
purchase of a good or a service for
personal use
C U S T OM E R
is an individual or business that purchases
another company's goods or services
MA R K E T E R
who is responsible for creating an
involvement chain between the
customer and the product or service
offered by the company
P R OD U C T I O N
Consumers will favor products
that are available and highly
affordable
WHAT I NEED TO KNOW
WHAT IS
MARKETING?
GIVE WORDS THAT YOU THINK ARE RELATED TO “MARKETING”
MARKETING being defined…
“is a form of
communicating or
promoting the VALUE of a
product, service or brand
to the consumer”
MARKETING
According to American
Marketing Association (AMA)
Marketing is defined as 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.”
➢ Refers to things or
services that required by
human being for the
health and well-being
are called NEEDS.
➢ Are the things or
services that a person
desire to have are called
➢ The beliefs of the consumers on WANTS.
the benefits and advantages
they will get from a product are➢ Demands - ability to pay and
called EXPECTATIONS. desire for the product and service
Marketing term
Exchange Transaction
Is the process of offering Is an agreement
something to another and between a buyer and a
the being offered something seller to exchange
in return. goods or services.
In summary, marketing
is…
• CREATION
• COMMUNICATION
• DELIVERY OF
VALUE TO
CUSTOMER
“What product or service?”
“How much will it be priced?”
“Where it will be sold?”
“How it will be promoted?”
One of the fundamental principles of marketing is the marketing mix. The
marketing mix consists of four different factors that businesses need to get
right to successfully sell their goods and services. The marketing mix is also
known as Four P’s.that
PRODUCT PRICE
The product should aim to fill a The price of a product should be one
gap in the market in some way which consumers are prepared to pay
or fulfill some type of consumer while simultaneously allowing the
need. manufacturers to generate profit.
PROMOTION PLACE
This refers to the methods a This refers to the method of
company uses to make distribution for a product, or the
consumers aware of and place where consumers will be able
attracted to a particular to purchase it.
product of service.
GOALS OF MARKETING
01
Understand the
market and its
consumers, and satisfy
their changing needs
and wants.
02
Introduce and
innovate products and
services that improve
human condition and
the quality of life
03
Design and
implement effective
customer-driven
marketing
strategies.
04
Develop
marketing
programs that
deliver superior
value to
consumer
05
Build and
maintain
mutually
beneficial and
profitable
customer
relationship.
06
Capture
customer value
to create profits.
07
Promote value
transactions with
full regard to
society’s well-
being.
Lets define….
Marketer Customer Consumer
Is a person or a Refers to a person who
Is a person who
business that buy acquires goods and
identifies the goods
goods or avails of services for direct use
and services needed or
services produced and has no intention of
wanted by customer
or offered by the reselling them or using
and markets them.
firm. them to create another
goods or services.
MARKETING PROCESS
WHAT IS
TRADITIONAL
APPROACHES?
Traditional Approach to Marketing
Assumes that
The product customers will always
concept prefer and patronized
products with high
quality.
The Production concept
Assumes that
customers prefer The selling concept
products that are Emphasizes
inexpensive, aggressive selling and
affordable, and promotional efforts.
widely available
WHAT IS
CONTEMPORARY
APPROACHES?
Contemporary Approaches to Marketing
THE THE
RELATIONSHIP THE SOCIETAL
MARKETING MARKETING
MARKETING
CONCEPT CONCEPT CONCEPT
determines the holds to long- societal marketing
customers’ needs term concept includes
and wants. relationships the well-being and
with interests of the
customers. customers, environment,
and society.
IF YOU ARE A
MARKETER, HOW
CAN YOU INCREASE
CUSTOMER’S
ASSESSMENT OF
YOUR
PRODUCT/SERVICE?
(use a product or service of your choice as an
example)
Marketing aims not only to earn
profit but ultimately satisfy
customer needs and wants. The
definition of marketing
encompasses profit and non-profit
organizations and includes
sustainability and corporate social
responsibility.
