ABM 006 | Principles of Marketing

• Marketing is defined as “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.
• 2. COMMUNICATING: broadly, describing those offerings, as well a learning from customers.
• 3. DELIVERING: getting those offerings to the consumer in a way that optimizes value.
• 4. EXCHANGING: trading value for those offerings.
• 1. CREATING: process of collaborating with suppliers and customers to create offerings that have value.
• Marketing Mix - The 4 P's of Marketing, the four key considerations that must be thoughtfully considered and wisely implemented in order to successfully market a product or service.
• 4 Components of Marketing:

  • Delivering
  • Exchanging
  • Creating
  • communicating
• BASIC MARKETING TERMS: (OWEN)

  • OBJECTIVE
  • WANTS
  • EXCHANGE
  • NEEDS
• Exchange - refers to the trade of things or services of value between buyer and seller.
• Needs - refer to a thing or service that is required by a human being.
• Wants - refer to products that are not necessities but are simply desired by the consumer.
• Objective - is the desired result of an activity. An example of an objective is profit which is desired by the business person.
• TRADITIONAL MARKETING:

  • Print Marketing
  • Broadcast Marketing
  • Direct Mail Marketing
  • Telemarketing
• Print marketing - is the oldest form of traditional marketing. Loosely defined as advertising in paper form. Includes advertisement in newspaper, newsletters, magazines, brochures, and other printed material for distribution.
• Broadcast marketing - includes radio and television commercials, as well as specialized forms like on-screen movie theater advertising.
• Direct mail marketing - uses printed material like postcards, brochures, letters, catalogs, and fliers sent through postal mail to attract consumers.
• Telephone marketing - Includes requested calling and cold calling of consumers over the phone.
• PRODUCTS - starting a marketing campaign requires understanding the product, its appeal, and unique features that set it apart.
• PLACE - where the product should be available.
• PROMOTION - The goal of promotion is to communicate the product’s necessity to consumers involving advertising, public relations, and media strategy.
• PRICE - the amount that the consumers will be willing to pay for product or service.