Principles of Marketing

• Marketing is 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
• Marketing is managing customers profitably
• The Marketing Mix consists of four factors: Product, Price, Place, Promotion
• Target Market is a specific group of customers whom an organization focuses its marketing efforts
• Components of Marketing:

  • Needs are a state of felt deprivation and include basic physical needs, social needs for belonging and affection, and individual needs for knowledge and self-expression
  • Wants are shaped by culture, individual personality, and social environmental forces
  • Demands are wants backed by buying power
  • Exchange happens when a buyer and a seller exchange something of value
  • Market is composed of people with both desire and ability to buy a specific product/service
• Scopes of Marketing:

  • Goods comprise the volume of most countries' production and marketing effort
  • Services include a growing proportion of activities in economies
  • Experiences and Events create market experiences
  • Persons like celebrities are marketed
  • Places are promoted to attract tourists, factories, and residents
  • Properties are intangible rights of ownership
  • Organizations create a positive image in the mind of the public
  • Information is a key industry in society
  • Ideas are conveyed through products and services
• Marketing Goals:

  • Marketing goals are statements of what results the company wants to achieve with its marketing efforts
  • Marketing objectives are specific SMART objectives for clear direction and commercial targets
  • Marketing KPIs are Key-Performance Indicators used to track performance
• Relationship Marketing:

  • Includes activities aimed at developing and managing trusting and long-term relationships with larger customers
  • Focuses on long-term relationships, customer retention, and cross-functional teams
  • Levels of Relationship Marketing range from Basic Marketing to Partnership Marketing
• Customer Value:

  • Customer Value is the perception of benefits relative to the price paid
  • Customer Satisfaction is the evaluation of a product's performance compared to expectations
  • Customer Retention is efforts to keep customers happy and loyal
  • Types of Customers include Strangers, Butterflies, True Friends, and Freeloaders
• Marketing is 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
• Marketing is managing customers profitably
• The Marketing Mix consists of four factors: Product, Price, Place, Promotion
• Target Market is a specific group of customers whom an organization focuses its marketing efforts
• Needs are a state of felt deprivation and include basic physical needs, social needs for belonging and affection, and individual needs for knowledge and self-expression
• Wants are the form that needs take as shaped by culture, individual personality, and social environmental forces
• Demands are human wants backed by buying power, where consumers choose products that give them the best bundle for their money
• Exchange in marketing happens when a buyer and a seller exchange something of value
• A Market is composed of people with both desire and ability to buy a specific product/service
• Goods marketing involves physical goods like food, commodities, clothing, and housing
• Services marketing includes a mix of goods and services like airlines, hotels, maintenance, repair, and professional services
• Experiences marketing involves creating a stage and a market experience through services and goods
• Events marketing endorses time-based events like sports events, trade shows, and artistic performances
• Person marketing promotes individuals as brands, leveraging their strengths and abilities
• Place marketing involves promoting specific locations to attract people to spend time and money there
• Cause marketing is a cooperative effort between for-profit and non-profit organizations to benefit others
• Green marketing focuses on environmental issues and sustainability to attract conscious consumers
• Relationship Marketing aims to develop and manage long-term relationships with customers
• Relationship Marketing focuses on customer retention, loyalty, and engagement
• Levels of Relationship Marketing include Basic, Reactive, Accountable, Proactive, and Partnership Marketing
• Benefits of Relationship Marketing include understanding customer characteristics, repeat business, word-of-mouth marketing, and reduced marketing costs
• Customer Value is the customer's perception of benefits obtained from a product or service in relation to the price paid
• Customer Satisfaction is the customer's evaluation of a product's performance compared to their expectations
• Customer Retention is the effort made by companies to keep customers happy and loyal
• Types of Customers include Strangers, Butterflies, True Friends, and Freeloaders
• 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
• Marketing


  Managing the customers profitably
• The Marketing Mix


  • Product - Creating Value
  • Price - Capturing Value
  • Place - Delivering Value
  • Promotion - Communicating Value
• Target Market


  A specific group of customers whom an organization focuses its marketing efforts
• Components of Marketing


  • Needs
  • Wants
  • Demands
  • Exchange
  • Market
• Scopes of Marketing


  • Goods
  • Services
  • Experiences
  • Events
  • Persons
  • Places
  • Properties
  • Organizations
  • Information
  • Ideas