Definition and Concept

of Marketing
Principles and Goals
 Definition of Marketing
Marketing is 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.
 Definition of Marketing
Marketing is a social and
managerial process whereby
individuals and groups obtain
what they need and want through
creating and exchanging products
and value with others.
 Definition of Marketing
Marketing is the meeting of the
minds between the seller and the
buyer to satisfy human needs and
wants with profit on the part of the
marketer and the satisfaction of the
buyer for the money he spent.
 Definition of Marketing

Marketing is the art and science of

creating tangible products or
services and finding the market
getting and retaining them to
attain profitable operations.
 Definition of Marketing

Marketing is an integrated process

through which companies create
value for customers and build
strong customer relationships in
order to capture value from
customers in return.
Customer Needs and Wants
Need is one important component in the
marketing of products. It is the consumer’s
desire for a product or service. The product
or service must have specific benefits that
satisfy the functional or emotional needs.
On the other hand, basic needs are food,
clothing, and shelter. We cannot live
without them, and marketers must be able
to provide them to human population.
Customer Needs and Wants
Wants are higher-level human needs as
they appeal more to the emotions. These
are the social needs for recognition and the
development of higher social satisfaction is
limitless.
Several Distinct Traditional Approaches

1. Production concept focuses on the

internal potentials of the company and
not based on the desires and needs of the
market.
2. Marketing concept 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.
 Several Distinct Traditional Approaches

3. 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.
4. Relationship concept/marketing an
approach that centers on maintaining
and improving value-added long-term
relationships with current customers,
distributors, dealers and suppliers.
 Several Distinct Traditional Approaches

5. Societal Marketing Concept views that

organizations must satisfy the needs of
consumers in a manner that gives for
society’s benefit.
 Goals of Marketing
1. Focusing on customer wants and needs
to distinguish products from competition
2. Integrating all the organization’s
activities to satisfy customer wants and
needs
3. Achieving the organization’s long-term
goals by satisfying customer wants and
needs
Difference Between Traditional
Marketing Orientation and
Contemporary Marketing
Orientation
 Traditional Marketing
Approach
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.
 Contemporary Marketing
Approach
Contemporary marketing aims for
customers satisfaction in order to build a
relationship with them. Therefore, the types
of marketing strategies under
contemporary marketing are concerned
with the needs of customers.
 Types of Contemporary
Marketing Approach
1. Business to Business - B2B Marketing
2. Business to Consumer - B2C Marketing
3. Brand Marketing
4. Cloud Marketing
5. Telemarketing
6. Guerrilla Marketing
7. Push Marketing
8. Influencer Marketing
Emerging Types of Marketing
and their Applications
1. Search engine optimization is majorly concerned
with increasing a business’ visibility and rankings
on search engine result pages. It is a simple way of
attracting organic traffic of potential customers to a
website. SEO can be maximized with paid adverts
(Google AdWords), strategic content marketing and
social media networks.
2. Pay per Click advertising: This is 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.
3. Email marketing is a type of marketing based
on the distribution of messages through
emails. Email marketing 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.
4. Referral marketing is a type of marketing
where an individual or customer pleased with
the results gotten from a product refers the
product to another person.
5. Affiliate marketing is a prominent type of internet
marketing where a third party promotes a product
and earns commission, or a piece of the profit gotten
from every sale made through that referral.
6. Video marketing Videos act as one of the most
interactive types of online marketing and can prove
to be a great way to raise awareness about a
business or product.
7. Inbound marketing is a very powerful
contemporary marketing strategy that focuses on
different tactics to draw consumers in and convince
them to buy goods. It is one result-oriented types of
marketing that uses content to drive results.