Marketing

• Marketing can be summarized as "the process of fulfilling customer needs with profitability."
• Needs are the basic human requirements such as air, food, water, clothing, and shelter.
• The basic human needs become wants when directed to specific objects that might satisfy the need.
• Demands are wants for specific products backed by an ability to pay.
• Marketer's Market: 10 Main Categories

  • Goods
  • Services
  • Events
  • Experiences
  • People
  • Places
  • Properties
  • Organizations
  • Information
  • Ideas
• A marketing philosophy is a core belief system directing an organization's marketing strategies. It includes a set of orientations shaping how the company views and interacts with customers and the marketplace.
• (Marketing Philosophy) Production Concept: Focuses on mass production and efficiency to lower production costs and make products affordable
• (Marketing Philosophy) Product Concept: Emphasizes product innovation and quality, believing consumers will favor products that offer the most quality and performance
• (Marketing Philosophy) Selling Concept: Aims to aggressively promote and sell products through persuasive advertising and sales techniques
• (Marketing Philosophy) 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
• (Marketing Philosophy) Societal Marketing Concept: Extends the marketing concept by considering customer satisfaction and societal well-being.
• (Marketing Philosophy) 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.
• (Marketing Philosophy) Relationship Marketing Concept: Emphasizes building and maintaining long-term customer relationships through personalized interactions and exceptional customer experiences.
• (Marketing Philosophy) 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.
• (Marketing Philosophy) Experiential Marketing Concept: Focuses on creating memorable customer experiences through sensory, emotional, and interactive marketing activities
• (Marketing Philosophy) Green Marketing Concept: Involves promoting environmentally friendly products and practices to appeal to environmentally conscious consumers
• Marketing principles are basic concepts that guide businesses' marketing strategies and decisions
• (Marketing Principles) Customer Orientation: Focusing on customer needs and wants when making marketing decisions.
• (Marketing Principles) Value Creation: Creating products or services that provide value to customers and meet their needs.
• (Marketing Principles) Segmentation, Targeting, and Positioning: Dividing the market into distinct segments, selecting the most attractive segments, and developing a unique position in customers' minds.
• (Marketing Principles) Integrated Marketing Communications: Coordinating and integrating marketing efforts to deliver a consistent and compelling message to the target customers.
• (Marketing Principles) Relationship Marketing: Developing and maintaining strong customer relationships to improve loyalty and satisfaction
• (Marketing Principles) Ethical and Social Responsibility: Conducting marketing activities with integrity and social responsibility.
• (Marketing Principles) Innovation: Always looking for new ideas and approaches to stay ahead in the fast-changing marketing field
• (Marketing Principles) Competitive Analysis: Analyze and monitor competitors to determine their strengths, weaknesses, and market opportunities
• (Marketing Principles) Metrics and Evaluation: Measuring and evaluating marketing effectiveness with the right metrics
• (Marketing Principles) Adaptation to the Environment: Adjusting marketing strategies and tactics to external changes to stay competitive.
• 8 P's of Marketing

  1. Product
  2. Price
  3. Place
  4. Promotion
  5. People
  6. Physical Evidence
  7. Process
  8. Positioning
• Goals and Importance of Marketing:

  • Increase goods consumption to boost the economy.
  • Guarantee the highest level of customer satisfaction while also acting responsibly towards society.
  • Improve the variety of products and services offered to customers.
  • Enhance the quality of life and make everyone's way of living easier
• Traditional marketing is an effective promotional strategy that engages audiences through offline channels.
• 8 Ways of Traditional Marketing:

  1. Handouts
  2. Billboards
  3. Direct Mail marketing
  4. Print Ads
  5. Event Marketing
  6. Broadcast Marketing
  7. Cold Calling (Telemarketing)
  8. Product Placement
• Contemporary marketing aims to create personalized customer experiences, build strong relationships, and engage with them through various channels.
• 8 Ways of Contemporary Marketing:

  1. Social Media marketing
  2. Influencer marketing
  3. Content marketing
  4. Search Engine Optimization (SEO)
  5. Mobile marketing
  6. Experential marketing
  7. Guerrilla marketing
  8. Interactive marketing
• Macro-environment refers to the "external factors" that greatly impact the area, industry, and market in which the enterprise operates.
• Businesses can conduct a PESTEL Analysis to assess the macro-environment and make informed decisions to stay competitive and successful.
• (PESTEL) Political factors analyze the influence of political forces on an organization's operations, decision-making, and strategic planning.
• Economic factors are external conditions and forces that affect a country's economy, organization, or industry
• (PESTEL) Social factors determine the impact of the social environment and emerging trends on the business profitability of an organization.
• (PESTEL) Technological factors are the influence of technology on business and the external environment.
• (PESTEL) Environmental factors are the environmental issues or concerns that can impact the organization