CHAPTER 1

PRINCIPLES OF
MARKETING
 Principles of Marketing
Marketing involves customer’s maintenance of relationships that should last for
a lifetime. It must satisfy human needs and wants through the exchange process
while building ling-term relationships.

Definition of Principles of Marketing

- It is a process or dynamic business activity that is designed to plan and
promote the delivery of satisfying needs ad wants of the potential and present
market.
- It is the meeting of the minds between the seller and buyer to satisfy human
needs and wants with profit on the side of the marketer and the satisfaction of
the buyer for the money he spent.

Customer Needs and Wants:

Need – it is the consumer’s desire for a particular product or service.
Basic needs of man:
1. Food
2. Clothing
3. Shelter
Wants - is the higher level human needs as they appeal more to the
emotional feelings. These are social needs for recognition ial and the
development of higher social satisfaction is limitless like the different
electronic gadgets are more of human wants.
The marketers must continuously improve technological invention to sustain
customer’s wants

Marketing Concepts
-It emphasizes customer orientation and coordination of marketing activities
to achieve the marketing goals and objectives.
-The Philosophy that: “The customer is the boss, or the customer is always
right”, rings over the minds of the marketing people that customer’s
satisfaction which is of paramount consideration. While it is important to,
satisfy customer’s wants and needs, this could only achieved under the
following Marketing Concepts:
1. Marketing must be Customer Oriented.
2. Marketing must be Coordinated Activities
3. Marketing must be able to achieve the Performance Target Goals and
Objectives.
FACTORS FOR DEVELOPING MARKETING CONCEPTS:
1. Capturing Marketing Insights
2. Connecting with the customer
3. Building Strong Brands
4. Shaping the Products Market
5. Developing Marketing Strategies and Plans

There are 5 important marketing functions:

6. The focus on Customer’s Demand
7. Effective Financial Management System
8. The value of Human Resources
9. The Production Process
10. The Presence of Competitors
Factors for Developing Marketing Concepts:
1. Capturing Marketing Insights
2. Connecting with the Customers
3. Building Strong Brands
4. Shaping the Product Market
5. Developing Marketing Strategies and Plans
Five Important Marketing Functions:
1. The Focus on Customer’s Demand. The customer is the central focus of
any business activity. Their attention can be captures through the
process of communication.
2. Effective Financial Management System. The system is the
procurement of quality and affordable materials for processing the
products.
3. The Value of Human Resources. Business activities need HR in the
operation and employees must be committed in the production of
quality products and delivery of quality service.
4. The Production Process. The process should conform to standards in
terms of products that shall satisfy customer’s wants and needs.
5. The Presence of Competition. Marketing of products becomes
interesting with the competitors. This involve marketing strategies and
develop customer loyalty to the products.
The Goals of Marketing & Social Effects:
1. Maximize the Consumption of Goods.
2. Maximize Consumer Satisfaction
3. Maximize Choice of Goods or Services
4. Maximize the Quality of Life.

The Careers in Marketing

Students in the field of business must make one of the most
significant decisions in the choice of career plan if they would like a
prosperity and enjoyment. Their career decisions will influence their
future happiness, self-fulfillment and well-being. But before landing to
a serious decision, one must be able to into the process of
Introspection.
Introspection – is the process of looking into oneself, honestly
assessing what he really likes as a chosen profession.
Introspection is finding one’s personal wants and needs such as:
1. Money and financial stability
2. Leisure and social surroundings
3. Working in stable company or the government.
4. Living in simple and silent community
5. Importance of social prestige and a career
6. Dealing with pressures as source of challenge
7. Tangible signs of fulfilment in the job
8. Working alone or with groups of people
In the above analysis, this will help the students to look into their strengths
and/or weaknesses. They must identify their goals in life. Theor college
program will help them identify the carreer path they would like to choose.
Their life program will be shaped by the personality they developed through
time. Marketing career poses many challenges and pressures but the
rewards are tremendous and enjoyable.
The following fields needs attributes, upbringings and qualities in any career
in marketing. Statistics shows that about one-third of the total jobs are in
the field of marketing and that will make students to become successful in
any of the following fields:
a. Personal Selling
b. Sales Representatives
c. Sales Support Representatives
d. Customer Service Representatives
e. Assistant Store Manager
f. Research Trainee
g. Store Manager
h. Logistic Management & Purchasing
i. Advertising Assistant
j. Sales Promotion
k. Marketing Research
l. Public Relations
Challenges of Marketing in the New Generation:
1. The Rapid Product Globalization
2. The Rapid Change in Global Economy
3. Social Problems and Marketing Ethics
4. The Changing Marketing Strategies