Principles of marketing

• CREATING - process of collaborating with suppliers and customers to create offerings that have value.
• COMMUNICATING - broadly, describing those offerings, as well as learning from customers.
• DELIVERING - getting those offerings to the consumer in a way that optimizes value.
• EXCHANGING - trading value for those offerings
• 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.
• 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.
• The principles of marketing - include understanding customer value, developing marketing strategies, conducting market research, analyzing consumer behavior, product development and innovation, promotion and advertising, distribution and logistics, pricing strategies, brand management, and ethical and social responsibility.
• CUSTOMER VALUE - Understanding and meeting the needs and wants of customers to provide value.
• MARKETING STRATEGY- Developing a plan to reach and persuade a target market.
• MARKET RESEARCH - Gathering, analyzing, and interpreting information about a market.
• CONSUMER BEHAVIOR - Understanding how and why consumers make purchasing decisions.
• PRODUCT DEVELOPMENT AND INNOVATION - Creating and improving products to meet consumer and wants.
• PROMOTION AND ADVERTISING - Communicating the value of a product or service to customers.
• DISTRIBUTION AND LOGISTICS - Getting the product to the customer in a timely and efficient manner.
• PRICING STRATEGY - Setting the right price for a product or service based on various factors.
• BRAND MANAGEMENT - Building and maintaining a strong brand identity and reputation.
• ETHICAL AND SOCIAL RESPONSIBILITY - Conducting marketing activities in an ethical and socially responsible manner.
• What is 4P's - product, promotion, price, place
• Maximize the Consumption of Goods - The aggressive marketing strategies and policies have increased the consumption of goods and services.
• Maximize Consumer Satisfaction - The market demand is varied, and customer satisfaction is the challenge of the marketing organization. Measuring customer satisfaction is difficult.
• 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 with a wide assortment of choices.
• Maximize the Quality of Life - The improvement of the quality of life is the target of marketing people. New hand phones have been created to communicate with various sectors of society, friends, and families.
• SMART GOALS - are documented goals that are specific, measurable, attainable, relevant, and time-based. They help to ensure that goals are both strategic and invaluable and can be achieved within a defined timeframe. Let's break it down further:
• SPECIFIC - Make it crystal clear what you're trying to achieve. Instead of "increase leads," try "increase marketing qualified leads for X service." Instead of "increase visitors," try "increase visitors of X persona."
• MEASURABLE - This is how you know you've been successful. Use a metric that is the strongest indicator that you're meeting your goal. As an example, if your goal is to increase visitors, you should not report on page views since sessions or users would be a much more appropriate metric. Bonus points if this metric is selected from a marketing scorecard that the entire team uses to measure
• ATTAINABLE- Use this as your gut check. Is this goal actually achievable within the period of time we're measuring? Goals should be ambitious, and difficult, but you don't want to set your staff up for failure. You want your team to meet their goals.
• RELEVANT- Set goals that are tightly aligned with the overall strategy of the business and the goals of the department. Avoid focusing on vanity metrics that might make the team feel good but won't help move the needle at the end of the day.
• TIME-BOUND - Pick a date that you plan to achieve your goals by. Is it by the end of Q1 or a year-end goal? Map this to your review cycle as you'll want to be able to know if your direct report has met their goals when you sit down to meet. If quarterly, it should represent a benchmark towards meeting a larger annual goal.
• TRADITIONAL APPROACH - The traditional approach to marketing refers to the conventional methods of promoting products or services, such as mass marketing, print advertising, broadcast advertising, and direct mail. These methods have been commonly used before the advent of digital marketing channels.
• DIRECT MAIL - is the oldest form of traditional marketing. Loosely defined as advertising in paper form. Includes advertisements in newspapers, newsletters, magazines, brochures, and other printed material for distribution.
• PRINT ADVERTISING - includes radio and television commercials, as well as specialized forms like on-screen movie theater advertising.
• BROADCAST ADVERTISING - uses printed material like postcards, brochures, letters, catalogs, and fliers sent through postal mail to attract consumers.
• TELEMARKETING - includes requested calling and cold calling of consumers over the phone.
• CONTEMPORARY APPROACH - The contemporary approach to marketing refers to current and modern methods of promoting products or services, utilizing digital channels, social media, influencer marketing, and personalized, targeted advertising strategies. This approach embraces the use of technology and data-driven insights to reach and engage with the target audience effectively.
• The MARKETING CONCEPT is customer-oriented. It puts customers in the middle of the marketing process, finding out customers' needs and wants, then satisfying those needs better than the competitors.In this approach, the marketer says that the customer is always right and his needs and wants should come first.
• The SOCIETAL MARKETING CONCEPT is to emphasizes social responsibilities and suggests that to sustain long-term success, the company should develop a oots and do han marketing strategy to provide value to the customers to maintain and improve both the customers' and society's well-being better than the competitors. An example of this might be a business considering an eco-friendly way of producing its products.
• The RELATIONSHIP MARKETING CONCEPT is about investing in your customers to form long-lasting connections that go beyond simply buying a product. It is building a bond with your customers that makes them feel passionately about your brand, your people, and the product or service you sell. Examples of relationship marketing is thank customers through a social media post or with a surprise gift card.