Marketing
Notes
,L1
Marketing Principles of Marketing
Process
• To exchange good relationships with customers
• T0 maintain favorable relationships with stakeholders in a
dynamic environment
Distributing Target market: A specific group of
Pricing goods & services customers whom a firm has to
accumulate
Creating Ideas
Promoting
Customer Importance
• They are the purchasers of firms products
Marketing Mix Variables
• The focal of all marketing activities
• To meet the needs of target market
Center of attention or interest
Product
Distribution
Stakeholders
Promotion
Distributors Employee
Price
Suppliers Manufactures
We're looking for
someone responsible
,L2
Marketing Strategic Marketing & Its Environment
Product Distribution
To make products accessible for customers
A good, service or an idea
To minimize 3 costs
Involves creating/modifying
brand names and packaging Inventory
Maintain inventory control
procedures
Value
Va lue =
c u s to m e
Decisions are important r b en e f
its - cu
Transportation s to m e r
Directly involved w/ creating products Manage transportation and Ben efi t cos ts
storage systems s : w ha t
to address customer's needs & wants
Storage b u y er r
Cos ts: eceives
w ha t buy
er g ive
s ( co s
Price t, t im e
Promotion & ris k
)
To determine suitable product prices
To inform individuals or groups about the
business and its product Value are concerned
Often used as competitive tool
Intense pricing = price wars
To increase public awareness for firms
Educate customers about product (features)
To sustain interest for established products Marketing Environment
Environment Forces
It is dynamic
Relationship To facilitate value-driven marketing
To improve customer satisfaction exchanges
With customer
To build trust the firm has to meet Affect customers lifestyle standards
expectations & preference
With stakeholders Who involve in company's products, Political
operations, markets, industry &
outcomes Competitive Economic
Communities
Customer Shareholder Investors
Suppliers Technological Socio-cultural
Government Employee
Legal & regulatory
rketing concept
Evolution of ma Marketing Concept
To satisfy customer need through
Production orientation Internal capabilities
coordinated set of activities
1850 - 1900
Aggressive sales technique & high
Sales orientation profit
1950 - 2000
Satisfying needs & wants while
Market orientation meeting objectives
, L3
Marketing Competitive
Marketing Environment
The Marketing Environment
Competition: other firms that
Environmental scanning market similar products as the
company in the same
process of collecting information on a geographic area
company in marketing environment
Marketing managers must
Environmental analysis consider the type of competitive
structure which the firm is
process of assessing & interpreting the info gathered operating
through environmental scanning
how to deal with the collected information
Types of Competitors
Firms that market product w/ similar
Responding to Environmental Forces Brand competitors features & benefits to same customers at
similar places
1. Passive : accepting them as uncontrollable Product competitors Same product class but market products w/
different features, benefits & prices
2. Proactive : attempting to influence and
shape them Generic competitors Different products that solve the same problem
Total budget competitors Compete for limited financial resources of
same customers
Competitive Structures
Monopoly
• a company that has full control over a product/service in a Market & Environmental Analysis
specific market w/ no competition
• eg, Microsoft. Being the only computer operating system Monitoring competition - keeping an eye on what other similar firms are doing to stay
market which allow them to set prices higher and control
competitive
Oligopol y Business cycle - natural ups and downs in the economy that affect consumer spending,
economic downturn = less buying power
A few sellers control the supply of a large proportion of a product
Buying power & Income - such as money, goods and services that can be traded. To gain
Monopolistic competition income which are the amount of money received (wages, rents, investments)
Firms offer that gives customer choices W/ using its branding
and product differentiation to compete Credit- ability to buy something now and pay for it later
Wealth - total value of assess someone or a company owns
Pure compet ition
Willingness to spend - buying power, income levels, prices. Family sizes and employment
When numerous seller offer identical products or services, where
prices depend on supply and demand
Political forces - government actions and policies that can impact business like taxes
Legal & regulatory forces - laws a company must follow like food safety regulation
(hygiene)
Disposable income After tax income Technological forces - advances in tech can change how a business is done like online shop
Discretionary income Sociocultural forces - trends & attitude in society that can influence customer
Disposable income for spending and saving, basic attitudes, values & lifestyles
necessities (food, clothing and shelter)
Demographic & diversity - changes in how people live and consume products like age,
gender, ethnicity and income
Cultural values - health, nutrition and trends towards meals
Business Cycle
Prosperity: unemployment, total income
Recession: unemployment, total buying power
Depression: unemployment, wages, total disposable income
Recovery: economy = depression/recession prosperity
Notes
,L1
Marketing Principles of Marketing
Process
• To exchange good relationships with customers
• T0 maintain favorable relationships with stakeholders in a
dynamic environment
Distributing Target market: A specific group of
Pricing goods & services customers whom a firm has to
accumulate
Creating Ideas
Promoting
Customer Importance
• They are the purchasers of firms products
Marketing Mix Variables
• The focal of all marketing activities
• To meet the needs of target market
Center of attention or interest
Product
Distribution
Stakeholders
Promotion
Distributors Employee
Price
Suppliers Manufactures
We're looking for
someone responsible
,L2
Marketing Strategic Marketing & Its Environment
Product Distribution
To make products accessible for customers
A good, service or an idea
To minimize 3 costs
Involves creating/modifying
brand names and packaging Inventory
Maintain inventory control
procedures
Value
Va lue =
c u s to m e
Decisions are important r b en e f
its - cu
Transportation s to m e r
Directly involved w/ creating products Manage transportation and Ben efi t cos ts
storage systems s : w ha t
to address customer's needs & wants
Storage b u y er r
Cos ts: eceives
w ha t buy
er g ive
s ( co s
Price t, t im e
Promotion & ris k
)
To determine suitable product prices
To inform individuals or groups about the
business and its product Value are concerned
Often used as competitive tool
Intense pricing = price wars
To increase public awareness for firms
Educate customers about product (features)
To sustain interest for established products Marketing Environment
Environment Forces
It is dynamic
Relationship To facilitate value-driven marketing
To improve customer satisfaction exchanges
With customer
To build trust the firm has to meet Affect customers lifestyle standards
expectations & preference
With stakeholders Who involve in company's products, Political
operations, markets, industry &
outcomes Competitive Economic
Communities
Customer Shareholder Investors
Suppliers Technological Socio-cultural
Government Employee
Legal & regulatory
rketing concept
Evolution of ma Marketing Concept
To satisfy customer need through
Production orientation Internal capabilities
coordinated set of activities
1850 - 1900
Aggressive sales technique & high
Sales orientation profit
1950 - 2000
Satisfying needs & wants while
Market orientation meeting objectives
, L3
Marketing Competitive
Marketing Environment
The Marketing Environment
Competition: other firms that
Environmental scanning market similar products as the
company in the same
process of collecting information on a geographic area
company in marketing environment
Marketing managers must
Environmental analysis consider the type of competitive
structure which the firm is
process of assessing & interpreting the info gathered operating
through environmental scanning
how to deal with the collected information
Types of Competitors
Firms that market product w/ similar
Responding to Environmental Forces Brand competitors features & benefits to same customers at
similar places
1. Passive : accepting them as uncontrollable Product competitors Same product class but market products w/
different features, benefits & prices
2. Proactive : attempting to influence and
shape them Generic competitors Different products that solve the same problem
Total budget competitors Compete for limited financial resources of
same customers
Competitive Structures
Monopoly
• a company that has full control over a product/service in a Market & Environmental Analysis
specific market w/ no competition
• eg, Microsoft. Being the only computer operating system Monitoring competition - keeping an eye on what other similar firms are doing to stay
market which allow them to set prices higher and control
competitive
Oligopol y Business cycle - natural ups and downs in the economy that affect consumer spending,
economic downturn = less buying power
A few sellers control the supply of a large proportion of a product
Buying power & Income - such as money, goods and services that can be traded. To gain
Monopolistic competition income which are the amount of money received (wages, rents, investments)
Firms offer that gives customer choices W/ using its branding
and product differentiation to compete Credit- ability to buy something now and pay for it later
Wealth - total value of assess someone or a company owns
Pure compet ition
Willingness to spend - buying power, income levels, prices. Family sizes and employment
When numerous seller offer identical products or services, where
prices depend on supply and demand
Political forces - government actions and policies that can impact business like taxes
Legal & regulatory forces - laws a company must follow like food safety regulation
(hygiene)
Disposable income After tax income Technological forces - advances in tech can change how a business is done like online shop
Discretionary income Sociocultural forces - trends & attitude in society that can influence customer
Disposable income for spending and saving, basic attitudes, values & lifestyles
necessities (food, clothing and shelter)
Demographic & diversity - changes in how people live and consume products like age,
gender, ethnicity and income
Cultural values - health, nutrition and trends towards meals
Business Cycle
Prosperity: unemployment, total income
Recession: unemployment, total buying power
Depression: unemployment, wages, total disposable income
Recovery: economy = depression/recession prosperity
