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Vmarketing Principles and Strategies Autosaved
Vmarketing Principles and Strategies Autosaved
Vmarketing Principles and Strategies Autosaved
PRINCIPLES AND
STRATEGIES
(LC-1, Session 1)
PRINCIPLES OF MARKETING
MARKETING
–“Is a science and art of exploring,
creating and delivering value to satisfy
the need of a target market at a profit.”
– Phillip Kotler
MARKETING
–Is managing
profitable customer
relationships.
Goals of marketing:
COMPANY MARKET
The market is composed of two other
interacting components:
CUSTOMER COMPETITION
The Strategic 3C’s of Marketing
CUSTOMERS
COMPANY
COMPETITION
The key objectives of the 3C’s of
marketing are as follows:
1. CUSTOMERS
To satisfy the needs, wants, and expectations of target customers.
2. COMPETITION
To outperform competition
3. Company
To ensure the corporate health and profit.
Input and Output of Marketing
SALES
CUSTOMERS
COMPANY COMPETITION
PRINCIPLES OF MARKETING
MARKETING
PHILOSOPHIES/CONCEPTS
RELATIONSHI
MARKETING SOCIETAL
P MARKETING
CONCEPT MARKETING
CONCEPT
MARKETING PHILOSOPHIES
1. Product concept or Philosophy-
product performance is given priority.
2. Production philosophy- The company
value the importance of the availability of
products at all times with a reasonable
price.
MARKETING PHILOSOPHIES
3. Selling Philosophy- where firms
hire marketers or sales people to
do aggressive marketing for the
firms product or services.
MARKETING PHILOSOPHIES
4. Societal Marketing Concept- firms look first into the
welfare of society in general and deliver their offering in a
way that satisfies their market.
5. Marketing Concept- firms determine the needs and
wants of their potential market.
PROFITS
EXISTING SELLING AND
FACTORY PROMOTION
THROUGH SALES
PRODUCTS VOLUME
MARKETING CONCEPT
PROFITS
CUSTOMER INTEGRATED THROUGH
MARKET NEEDS MARKETING CUSTOMER
SATISFACTION
MARKETING CONCEPT
Marketing mix which consists of the
following:
a. Product
b. Price
c. Promotion
d. Place
– The Product. The tangible commodity or the intangible
service that the business firm offers for sale to prospective
customers.
– The Price. The amount of money paid by the customer to
the selling firm .
– The Promotion. The provision of required information
to prospective customers to engage them in buying
process.
– The Place. When the firm wants to emphasize the
place, it makes the company’s products available in
the location and time required by buyers.
BASIC MARKETING TERMS
Exchange. Refers to the trade of things or service of value between
buyer and seller.