Intro to marketingg

• Marketing shapes consumers' purchasing decisions, raises product awareness, and provides valuable information
• Effective marketing strategies like discounts and loyalty programs help businesses gain insights into consumer needs, optimize product development, and boost sales
• Marketing is a social and managerial process whereby individuals and groups obtain what they have and wish through creating and exchanging products and value with others (Dr. Philip Kotler)
• Marketing is an organizational function for creating, communicating, and delivering value to customers and managing customer relationships to benefit the organization and its stakeholders (American Marketing Association)
• Marketing is the process or technique of promoting, selling, and distributing a product or service from producer to consumer (Merriam-Webster dictionary)
• Marketing fulfills customer needs with profitability by creating products that satisfy these needs, providing value to customers, and keeping them engaged (Kotler, 2018)
• Marketers must be skilled at stimulating customer demand level, timing, and composition to meet the firm’s objectives (Kotler, 2019)
• Marketers market 10 main categories:

  • Goods: Items that satisfy human wants and provide utility
  • Services: Acts of assistance or work done for a client or customer
  • Events: Experiential marketing of a brand, service, or product through memorable experiences or promotional events
  • Experiences: Intentional activities that engage customers and create a real-life experience
  • People: Portraying an ideal image to reach their target audience
  • Places: Attracting customers to visit a specific location to promote the business
  • Properties: Intangible ownership rights to real or financial property
• • Organizations: Building a strong, favorable, and unique image in the minds of the target public
  • Information: Facts provided or learned about a situation, person, event, etc.
  • Ideas: Concepts, principles, or mental suggestions for possible courses of action
• A marketing philosophy is a core belief system directing an organization's marketing strategies.
• Marketing principles guide businesses' marketing strategies and decisions:

  • Customer Orientation
  • Value Creation
  • Segmentation, Targeting, and Positioning
  • Integrated Marketing Communications
  • Relationship Marketing
  • Ethical and Social Responsibility
  • Innovation
  • Competitive Analysis
  • Metrics and Evaluation
  • Adaptation to the Environment
• The marketing mix includes price, product, promotion, and place, with additional Ps like packaging, positioning, people, and process becoming increasingly important
• The Marketing Mix (8 Ps of Marketing):

  • Product: Refers to the item the business offers to customers
  • Price: Refers to the amount customers are willing to pay for a product or service
  • Place: The location of the product or service's purchase, sale, and experience
  • Promotion: The entire set of activities used to
• Promotion refers to the entire set of activities used to promote a product, brand, or service
• People involved in a launch or campaign include key executives, endorsers, and the marketing team
• Physical evidence includes anything that helps the target audience trust the business, such as the item itself, packaging, setting, or delivery method
• Process is a set of steps that help businesses figure out customer problems, look at market opportunities, and create marketing materials
• Positioning is the capacity to alter how consumers perceive a brand or product in comparison to competitors
• Marketing aims to increase goods consumption to boost the economy, guarantee customer satisfaction, improve the variety of products and services, and enhance the quality of life
• Traditional marketing engages audiences through offline channels like handouts, billboards, direct mail marketing, print ads, event marketing, broadcast marketing, cold calling, and product placement
• Contemporary marketing promotes products or services using current methods such as social media marketing, influencer marketing, content marketing, search engine optimization, mobile marketing, experiential marketing, guerrilla marketing, and interactive marketing
• Needs are the basic human requirements such as air, food, water, clothing, and shelter. Humans also have strong needs for recreation, education, and entertainment.
• Wants. The basic human needs become wants when directed to specific objects that might satisfy the need. A Filipino consumer needs food but may prefer Jollibee fast-food meals. A person in South Korea needs food but may want spicy ramen. Our wants are shaped by society.
• Demands are wants for specific products backed by an ability to pay. All people need water to survive, but some may want clean, safe, and good-tasting water. Some would even want a vapordistilled one like Smartwater.
• Production Concept: Focuses on mass production and efficiency to lower production costs and make products affordable.
• Product Concept: Emphasizes product innovation and quality, believing consumers will favor products that offer the most quality and performance.
• Selling Concept: Aims to aggressively promote and sell products through persuasive advertising and sales techniques.
• Marketing Concept: Puts customer needs and wants at the center of the marketing strategy, with a focus on creating customer value and building long-term customer relationships.
• Societal Marketing Concept: Extends the marketing concept by considering customer satisfaction and societal well-being. It focuses on delivering products that meet customer needs while also benefiting society as a whole.
• Holistic Marketing Concept: Takes a broader view of marketing by considering not only customer satisfaction and societal well-being but also the company's financial performance and employee well-being.
• Relationship Marketing Concept: Emphasizes building and maintaining long-term customer relationships through personalized interactions and exceptional customer experiences.
• Digital Marketing Concept: Involves leveraging digital technology and channels to reach and engage with customers effectively, often through online advertising, social media marketing, and targeted content.
• Experiential Marketing Concept: Focuses on creating memorable customer experiences through sensory, emotional, and interactive marketing activities.
• Green Marketing Concept: Involves promoting environmentally friendly products and practices to appeal to environmentally conscious consumers.
• According to an article published by The Economic Times (2023), a company's strategy for promoting its brand or product in the market is referred to as the marketing mix. A typical marketing mix includes price, product, promotion, and place.
• Increase goods consumption to boost the economy. Marketing aims to encourage people to buy and use more products.
• Guarantee the highest level of customer satisfaction while also acting responsibly towards society. Customer satisfaction is important to every business, but it can be a challenge to measure it accurately
• Improve the variety of products and services offered to customers. The goal is to assist customers in finding products that satisfy their biological needs and emotional and social desires.
• Enhance the quality of life and make everyone's way of living easier. Marketing professionals aim to enhance the overall quality of life.
• Social media marketing. Social media platforms such as Facebook, TikTok, Instagram, and Twitter provide a powerful means to advertise and engage with targeted audiences.

  Influencer marketing. Collaborating with popular individuals or online influencers is a common practice to promote products or services to their followers.

  Content marketing. The main goal is to create and distribute compelling content around captivating storylines and important values.