Principles

• Marketing


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


  • Employs techniques and methods to define ideal audiences, develop marketing strategies, and sustain fulfilling relationships with customers
• Why Study Marketing


  • Get to know your customers better
  • Marketing is not a one-size-fits-all approach
  • Analyze and interpret data
  • Monitor and listen to the market
• Perception


  The way customers view a product or service
• Needs


  Necessities that people need to survive
• Wants


  Needs based on an individual's personality or cultures
• Demand


  If people can afford to meet their wants, eventually, there will be demand
• The Marketing Process


  1. Understand the market and the customers' needs and wants

  2. Design a customer-driven marketing strategy

  3. Construct an integrated marketing plan that delivers superior value

  4. Build profitable customer relationships and create customer delight

  5. Capture value from customers
• Target Market


  A group of consumers likely to purchase your product or avail of your service. They share common traits, interests, and characteristics.
• Buyer Persona


  A sample representation of your ideal customer
• Unique Selling Proposition


  Features that make a brand better than its competitors
• Market Offering


  The combination of products, services, information, or experiences that aim to satisfy consumers' wants or needs
• Customer Equity


  The total combined customer values of the company's current and potential customers
• The Marketing Mix


  • Product
  • Price
  • Place
  • Promotion
• Product


  The good or service that a business provides to its consumers. It should satisfy existing customer demand or create a new one.
• Price


  The amount customers pay to purchase a product or avail of a service. It must consider the product's worth, supplier costs, seasonal factors, and competitor prices.
• Place


  The area or space where a product would be sold. It can be a certain store or display. It can be an online shop or e-commerce website.
• Promotion


  Includes advertisements, public relations, and awareness strategies. Marketers usually combine promotion and placement aspects to reach their target audiences.
• The Marketing Mix for Milk Tea


  • Product: Milk Tea with various flavors and add-ons
  • Price: Varies by size and number of add-ons
  • Place: Food stall, social media marketplace, delivery
  • Promotion: Social media, themed food stall, freebies
• The Marketing Mix for Massage Services


  • Product: Whole body, half body, leg and foot massage
  • Price: Depends on the type of massage
  • Place: Physical store, home service
  • Promotion: Social media, store decorations, referral and loyalty programs