Marketing

• 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
• Distinct Traditional Approaches


  • Production concept focuses on the internal potentials of the company and not based on the desires and needs of the market
  • Marketing concept is a philosophy which states that organization must try hard to find out and satisfy the needs and wants of consumers while at the same time accomplishing the organizational goals
  • 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
  • Relationship concept/marketing is an approach that centers on maintaining and improving value-added long-term relationships with current customers, distributors, dealers and suppliers
  • Societal Marketing Concept views that organizations must satisfy the needs of consumers in a manner that gives for society’s benefit
• Goals of Marketing and their Social Effects

  1. Maximize the Consumption of Goods - The Aggressive marketing strategies and policies had increased the consumption of goods and services. The demand of the market is tremendous. Sellers face many challenges on what products to offer. Buyers want quality products at reasonable price and at the most convenient location

  2. Maximize Consumer Satisfaction - The market demand is varied, and customer satisfaction is the challenge of the marketing organization. Measurement of customer satisfaction is difficult. It embraces careful analysis of the market demand which varies with the time and the social development of society

  3. Maximize Choice of Goods or Service - Some marketers believe that the goal of marketing is to maximize the variety of the product in the market and provide consumers a wide assortment of choices. The main objective is for customers to find the goods that will satisfy their biological needs as well as their emotional and social wants

  4. Maximize the Quality of Life - The improvement of the quality of life is the target of marketing people. New hand phones are created to communicate with various sectors of society, friends and families. Easy communications access satisfies not only social needs but also business requirements. Computers and others electronic gadgets bring pleasures to homes and enjoyment of the comfort of living
• Key Performance Indicators (KPIs)


  Specific metrics 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
• Examples of noteworthy marketing goals

  • Identifying the target market
  • Increasing sales and profits
  • Increasing brand awareness
  • Increasing market share
  • Countering competitive strategies
  • Reputation
  • Increasing distribution channels
• Traditional marketing is an umbrella term that covers the wide array of advertising channels we see daily. These may include print media, billboard and TV advertising, flyer and poster campaigns and radio broadcast advertising
• Traditional Marketing Channels


  • Print media
  • Billboard and TV advertising
  • Flyer and poster campaigns
  • Radio broadcast advertising
• Ansoff's Matrix Theory


  A theory that proposes products/services fall into one of four categories depending on the market and the product released. New Product- New Market is considered as diversification. This theory recommends that businesses should try to diversify their product portfolio to spread risk amongst their product range
• Ansoff's Matrix categories


  • Market Penetration
  • Market Development
  • Product Development
  • Diversification
• Marketing Mix


  Made up of the 7 P's: product, place, promotion, price, packaging, and positioning. When combined, they create a solid marketing proposal
• 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
• Difference between Contemporary Marketing Orientation and Traditional Marketing Orientation

  Contemporary marketing is consumer-focused, while traditional marketing 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
• Types of Marketing


  • Business to Business - B2B Marketing
  • Business to Consumer - B2C Marketing
  • Brand Marketing
  • Cloud Marketing
  • Telemarketing
  • Guerrilla Marketing
  • Push Marketing
  • Influencer Marketing
• Emerging Types of Marketing and their Applications

  • Search engine optimization: Increasing a business’ visibility and rankings on search engine result pages. It can be maximized with paid adverts (Google AdWords), strategic content marketing, and social media networks
  • Pay per Click advertising: 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
  • Email marketing: Distribution of messages through emails. 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
  • Referral marketing: A type of marketing where an individual
• Email marketing


  1. Provides direct contact with customers and allows businesses to create relationships with their customers

  2. Updates, exciting news, and call to actions can be sent directly to customers
• Referral marketing


  An individual or customer pleased with the results from a product refers the product to another person, especially effective when the referrer is an Influencer in that industry
• Affiliate marketing


  A third party promotes a product and earns commission or a piece of the profit from every sale made through that referral
• Emerging Types of Marketing and their Applications

  • Video marketing
  • Inbound marketing
  • Content marketing
• Green marketing


  Refers to selling products/services based on their environmental benefits
• Requirements for effective green marketing

  • Being genuine: the company is doing what it claims in its green marketing campaign and the rest of the business policies are consistent
  • Educating customers on why environmental protection matters
  • Giving customers an opportunity to participate in positive environmental action
• Traditional Marketing vs Online Marketing for Product, Price, Place, and Promotion
• The four elements of the marketing mix are product, price, promotion, and place.
• The marketing concept emphasizes customer satisfaction as the key to business success.
• The marketing concept involves identifying customer needs and wants and meeting them through appropriate strategies and tactics.
• Marketing is the process by which companies create, communicate, deliver, and exchange offerings that have value for customers, clients, partners, and society at large.
• Customer relationship


  The development of an ongoing connection between a company and its customers. The relationship involves marketing communications, sales support, technical assistance and customer service.
• Customer service


  The act of taking care of the customer's needs by providing and delivering professional, helpful, high quality service and assistance before, during, and after the customer's requirements are met. Customer service is meeting the needs and desires of any customer.
• Characteristics of Good Customer Service

  • Promptness
  • Politeness
  • Professionalism
  • Personalization
• Managing Customer Service Quality

  1. Establishing service objectives with specific and measurable targets

  2. Committing sufficient organizational resources towards the achievement of these targets

  3. Collecting customer feedback on service quality regularly

  4. Reviewing target accomplishment

  5. Identifying customer service weaknesses and connecting them
• Managing Customer Service Differentiation

  1. Development and training of competent customer contact personnel

  2. Designing and implementing a superior service delivery environment and process
• Customer Service Practice


  • merchandise/document pick-up by selected courier service
• Customer Relationship Management (CRM)

  The process of managing an organization's interactions with current and future customer. It is the combination of practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle.
• Customer Lifetime Value (CLV)

  The forecasted sales or profits that a company can derived from the entire span of its future relationship with a particular customer. A customer lifetime value can be based upon the potential value and profitability of his/her relationship with the company.
• The CLV perspective has several distinct implications:
• CLV formula


  CLV= (PV)(RP)(RT)<br>

  PV is the average peso value of a sale to a particular customer or customer group<br>

  RP is the repeat purchases in a year<br>

  RT is the retention time in months or years
• Marketing


  The creation and communication of value to customers. It involves the customer's maintenance of relationships that should last for lifetime.
• Marketing


  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.
• Marketing


  A social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others.
• Marketing


  From the academic point of view, the art and science of creating tangible products or services and finding the market, getting and retaining them to attain profitable operations.