PRINCIPLES OF MARKETING – STUDY GUIDE

*The Philippine Marketing Association (PMA) defines marketing as a "science and a profession guided
principally by the universal principles of ethics, corporate citizenship, and corporate social responsibility."
In other words, marketing is not just about selling products or services. It is about understanding the needs and
wants of customers, and creating value for them in a way that is both profitable and responsible.

*If a company does not set clear marketing goals, it may fail to align its marketing activities with its overall
business objectives.
*Different marketing approaches can be generalized based on their target market, promotion strategy, and
channel selection.
*Customer service is the process of ensuring customer satisfaction with a product or service.
*To manage quality customer service, establish service objectives with specific and measurable targets.
*Most telecommunication firms in the Philippines provide help desks and a 24-hour customer hotline.
*Customer lifetime value is the projected revenue generated from the entire duration of a customer
relationship.
*An organization is adopting the right mindset towards customer service if it provides excellent customer
service before, during, and after a purchase.
*Customer relationship management is a business strategy that focuses on attracting and retaining customers
in order to sustain long-term profitability.
*Mission identification comes first in the strategic marketing process because it is necessary for an
organization to first articulate its purpose for existence, identify its target market, determine the product or
service to be produced, and select a strategic location for the business. In other words, the mission statement
provides a foundation for all subsequent marketing decisions. Without a clear understanding of its mission, an
organization will be unable to develop effective marketing strategies that are aligned with its overall goals.
*By implementing efficient operational processes, streamlining supply chains, and leveraging economies of
scale, a company can differentiate itself through cost leadership, thereby gaining a competitive advantage by
offering products or services at lower prices than competitors.
*The primary focus of the strategic marketing process is to identify and target specific customer segments,
develop effective marketing strategies, and allocate resources to achieve the company's marketing objectives.
*Factors of a company's marketing microenvironment influence its marketing decisions and strategies by
helping the company identify its strengths and weaknesses, develop effective marketing strategies, establish
competitive pricing, and build strong relationships with key stakeholders.
*Identifying a company's strengths and weaknesses is important because it allows the company to assess its
internal capabilities and limitations. This understanding is essential for developing effective marketing
strategies that are aligned with the company's overall goals. By knowing its strengths, a company can leverage
them to gain a competitive advantage. By knowing its weaknesses, a company can develop strategies to
mitigate them or avoid them altogether. In short, identifying strengths and weaknesses is a critical step in the
process of developing a successful marketing strategy.
*The macro-environment has a significant impact on marketing strategies and decision-making by requiring
marketers to consider factors such as economic, technological, socio-cultural, and politico-legal forces.

Identifying opportunities and threats is important because it allows businesses to:

• Seize opportunities for growth and expansion. By identifying potential opportunities, businesses can
develop strategies to capitalize on them. This could involve entering new markets, developing new
products or services, or forming partnerships with other businesses.
• Mitigate potential threats. By identifying potential threats, businesses can develop strategies to
minimize their impact. This could involve diversifying their product portfolio, investing in research and
development, or building strong relationships with suppliers.
• Make informed decisions about the future. By understanding the external environment, businesses can
make more informed decisions about their future direction. This could involve investing in new
technologies, expanding into new markets, or changing their marketing strategies.
In short, identifying opportunities and threats is essential for businesses that want to be successful in the long
term.

*Organizational market is the buying and selling of goods and services between businesses or organizations.
*The effectiveness of the target market can be effectively evaluated by gathering data on the target market's
demographics, preferences, needs, and purchasing behavior.
*If I wanted to expand my target market by reducing the number of sub-variables, I would focus on gender
regardless of marital status.
*To generate a plan to identify the target market for a high caffeine carbonated beverage, I would group
individuals with specific characteristics that will match the product being sold.
*To improve the sales of the company through brand positioning, the company should develop a unique brand
identity that is easy to remember and that will include the product on the consumer's mental list.