MARKETING 1 NOTES EVA INGPEN
Table of Contents
THE MARKETING MIX ......................................................................................................................8
MARKETING PHILOSOPHIES: ...........................................................................................................9
THE MANAGEMENT TASKS OF MARKETING INVOLVE SEVERAL KEY ACTIVITIES: ............................ 10
SATISFACTION AND LOYALTY: ....................................................................................................... 11
SWOT ANALYSIS: .......................................................................................................................... 11
MASLOWS HIERARCHY OF NEEDS: ................................................................................................ 11
WEEK 2 ......................................................................................................................................... 12
THE MARKETING ENVIRONMENT: ................................................................................................. 12
SWOT ........................................................................................................................................... 12
MICRO ELEMENTS OF THE MARKETING ENVIRONMENT: ............................................................... 13
MICRO ELEMENTS OF THE MARKETING ENVIRONMENT: ............................................................... 13
UNETHICAL MARKETING ............................................................................................................... 14
LSM AND SEM ............................................................................................................................... 17
OVERT AND COVERT MARKETING ETHICS ..................................................................................... 17
IMPACT OF ETHICAL DILEMMAS ON MARKETING .......................................................................... 17
ETHICAL ISSUES RELATED TO MARKETING ..................................................................................... 17
ANALYSING THE COMPETITIVE SITUATION .................................................................................... 18
THE THREAT OF NEW ENTRANTS ................................................................................................... 19
THREAT OF SUBSTITUTES .............................................................................................................. 20
1
,BARGAINING POWER OF SUPPLIERS ............................................................................................. 21
RIVALRY BETWEEN DIRECT COMPETITORS (CAUSED BY THE COMBINATION OF THE PREVIOUS
FOUR ............................................................................................................................................ 22
THE LEVELS OF COMPETITOR ANALYSIS CAPTURES THIS PERFECTLY: ............................................. 24
PESTLE ANALYSIS .......................................................................................................................... 26
FACTORS INFLUENCING CONSUMER BEHAVIOUR .......................................................................... 29
SOCIAL CLASS ................................................................................................................................ 31
TYPES OF CONSUMER BUYING DECISIONS..................................................................................... 32
STAGES IN THE CONSUMER DECISION MAKING PROCESS .............................................................. 33
TYPES OF BUSINESS MARKETS....................................................................................................... 36
TYPES OF BUSINESS PRODUCTS ..................................................................................................... 37
DIFFERENCE BETWEEN B2B AND B2C ............................................................................................ 37
B2B BUYING PROCESS ................................................................................................................... 38
B2B BUYING TYPES ....................................................................................................................... 38
FACTORS INFLUENCING BUYERS.................................................................................................... 38
THE FOLLOWING ARE FACTORS THAT SHOULD BE CONSIDERED TO DETERMINE THE NEED FOR
MARKETING RESEARCH: ................................................................................................................ 41
THE MARKETING RESEARCH PROCESS: .......................................................................................... 42
SEGMENTATION, TERGETING AND POSITIONING .......................................................................... 45
CRITERIA FOR SEGEMENTATION ................................................................................................... 46
BASES FOR SEGEMENTING BUSINESS MARKETS ............................................................................ 46
TARGETING ................................................................................................................................... 47
POSITIONING ................................................................................................................................ 48
2
,STEPS FOR MARKETING POSITIONING ........................................................................................... 49
THE POSITIONING STATEMENT ..................................................................................................... 49
PERCEPTUAL MAPPING ................................................................................................................. 49
THE NEED FOR PRODUCT INNOVATION ......................................................................................... 50
CHARACTERISTICS OF NEW PRODUCTS ......................................................................................... 50
TYPES AND CATEGORIES OF NEW PRODUCTS ................................................................................ 51
NEW PRODUCT DEVLOPEMENT PROCESS ...................................................................................... 51
CONSUMER ADOPTION PROCESS .................................................................................................. 52
CONSUMER ADOPTION MODEL (DIFFUSIONS OF INNOVATIONS MODEL) ..................................... 52
MARKET STRATEGIES FOR DIFFERENT CATEGORIES OF ADOPTERS ................................................ 53
IMPORTANT ISSUES TO ENSURE THE SUCCESS OF A NEW PRODUCT DEVELOPMENT ..................... 53
PRODUCT ATTRIBUTES .................................................................................................................. 54
THE PRODUCT OFFERING OR CONCEPT (PRODUCT LEVELS) ........................................................... 54
THE PRODUCT CONCEPT OFFERING DEFINED WITH EXAMPLES ..................................................... 56
TYPES OF PRODUCTS/ PRODUCT CLASSIFICATION/CATEGORIES .................................................... 57
PRODUCT DECISIONS .................................................................................................................... 57
THE PRODUCT LIFE CYCLE .............................................................................................................. 57
TYPES OF PRODUCT LIFE CYCLE ..................................................................................................... 58
THE MARKETING MIX AND PLC ..................................................................................................... 59
TYPES OF BRANDS......................................................................................................................... 60
BRAND DEVELOPMENT STRATEGIES.............................................................................................. 61
BRAND POSITIONING .................................................................................................................... 61
3
,BRAND PERSONALITY.................................................................................................................... 61
MARKETING CHANNEL FUNCTIONS: .............................................................................................. 62
TYPES OF MARKETING CHANNEL STRUCTURE: .............................................................................. 63
CONSUMER MARKET .................................................................................................................... 63
BUSINESS-TO-BUSINESS MARKET: ................................................................................................. 63
MARKETING CHANNEL DISTRIBUTION INTENSITY:......................................................................... 64
THE 3 C’S OF SUCCESSFUL CHANNEL INTEGRATION: ...................................................................... 64
VERTICAL MARKETING CHANNEL INTEGRATION ............................................................................ 65
HORIZONTAL MARKETING CHANNEL INTEGRATION ...................................................................... 65
MARKETING CHANNEL MANAGEMENT: ........................................................................................ 65
TYPES OF CHANNEL RELATIONSHIPS: ............................................................................................ 65
MANAGING CHANNEL RELATIONSHIPS: ........................................................................................ 65
MANAGING CHANNEL POWER: ..................................................................................................... 66
CHANNEL CONFLICT: ..................................................................................................................... 66
PHASES FOR ESTABLISHING THE RIGHT PRICE: .............................................................................. 68
5. CHOOSE THE PRICING STRATEGIES TO BE EMPLOYED ............................................................. 69
PRICING STRATEGIES IN THE PRODUCT LIFE CYCLE ........................................................................ 69
LEGAL CONSIDERATIONS REGARDING PRICING: ............................................................................ 70
ADAPTING THE PRICE .................................................................................................................... 70
PHYSICAL DISTRIBUTION OF GOODS ............................................................................................. 71
MARKETING CHANNELS PERFORM FOUR KEY FUNCTIONS FOR AN ORGANISATION: ..................... 71
MARKETING CHANNEL .................................................................................................................. 71
4
,TYPES OF INTERMEDIARY .............................................................................................................. 72
TYPES OF MARKETING CHANNEL STRUCTURES .............................................................................. 72
CONSUMER MARKET – MAIN CHANNEL COMBINATIONS IN THE CONSUMER MARKET ................. 73
MARKETING CHANNEL DISTRIBUTION INTENSITY .......................................................................... 75
MARKETING CHANNEL INTEGRATION AND SYSTEMS .................................................................... 75
THREE CS OF SUCCESSFUL CHANNEL INTEGRATION: ...................................................................... 75
INTEGRATING MULTICHANNEL MARKETING SYSTEMS .................................................................. 76
MARKETING CHANNEL MANAGEMENT ......................................................................................... 76
TYPES OF CHANNEL RELATIONSHIPS ............................................................................................. 77
MANAGING CHANNEL RELATIONSHIPS ......................................................................................... 78
MANAGING CHANNEL POWER/ TYPES OF POWER ........................................................................ 78
CHANNEL CONFLICT ...................................................................................................................... 79
TRENDS IN MARKETING CHANNELS ............................................................................................... 79
• INTEGRATED MARKETING COMMUNICATIONS........................................................................... 81
COMMUNICATION/ CLASSIFICATION MEDIA ................................................................................. 84
PROMOTIONAL OBJECTIVES .......................................................................................................... 85
PROMOTION MIX- 6 TOOLS........................................................................................................... 85
ADVERTISING CATEGORIES ........................................................................................................... 85
MEDIA SCHEDULING ..................................................................................................................... 88
PUSH, PULL AND PROFILE STRATEGIES .......................................................................................... 88
SALES PROMOTIONS ..................................................................................................................... 88
SALES PROMOTION TOOLS............................................................................................................ 89
5
,PUBLIC RELATIONS ........................................................................................................................ 90
COMMUNICATIONS PLANNING FRAMEWORK............................................................................... 91
PERSONAL SELLING ....................................................................................................................... 92
SPONSORSHIP ............................................................................................................................... 94
DIGITAL MARKETING .................................................................................................................... 95
DIGITAL MEDIA PLATFORMS ......................................................................................................... 95
SOCIAL MEDIA .............................................................................................................................. 98
NATURE AND CHARACTERISTICS OF SERVICES ............................................................................... 99
SERVICES MARKETING MIX ......................................................................................................... 100
INTEGRATED MARKETING COMMUNICATION AND STEPS/STAGES.............................................. 102
INTEGRATED BRAND PROMOTION VS INTEGRATED MARKETING COMMUNICATION .................. 102
TYPES OF BUSINESS PRODUCTS ................................................................................................... 104
DIFFERENCE BETWEEN B2B AND B2C- 8 FACTORS ....................................................................... 104
B2B BUYING PROCESS ................................................................................................................. 105
BUYING CENTRE CULTURE ........................................................................................................... 105
RETAILING................................................................................................................................... 106
TYPES OF RETAILERS- FORMS OF OWNERSHIP............................................................................. 106
RETAIL MIX ................................................................................................................................. 107
FOOD- ORIENTATED RETAILERS................................................................................................... 107
LOCATION ................................................................................................................................... 108
DESIGN AND LAYOUT .................................................................................................................. 109
HR MANAGEMENT ...................................................................................................................... 111
6
,METRICS ..................................................................................................................................... 113
METRICS VS KPI’S ........................................................................................................................ 113
BENEFITS OF MARKETING METRICS............................................................................................. 113
DIFFERENT TYPES OF MARKETING METRICS ................................................................................ 114
DIFFERENT TYPES OF METRICS .................................................................................................... 114
FINANCIAL METRICS.................................................................................................................... 114
CUSTOMER-CENTERED METRICS ................................................................................................. 115
BRAND METRICS ......................................................................................................................... 116
MARKETING CAMPGAINS AND SALES METRICS ........................................................................... 116
DIGITAL METRICS ........................................................................................................................ 117
CHANNELS FROM WHERE TRAFFIC IS GENERATED....................................................................... 117
GENERAL MARKET METRICS ........................................................................................................ 117
7
,Marketing:
WEEK 1
The Marketing Mix
• Product
• Price
• Place
• Promotion
• Physical evidence
• Process
• people
https://youtu.be/ij39z2P_aQI
Define the term ‘marketing’ and related concepts
Marketing is the process of promoting and selling products or
services to meet consumer needs. Key concepts include market
segmentation, targeting specific customer groups, positioning
products relative to competitors, and managing the marketing mix of
product, price, place, and promotion. Market research informs
decision-making, while brand management focuses on creating and
maintaining brand identity. Digital marketing utilizes online channels,
and customer relationship management aims to enhance customer
interactions and loyalty. These concepts collectively drive effective
marketing strategies to achieve organizational goals.
Basic activities – understanding the consumer and their needs
Set of institutions and processes – marketing does not operate in
isolation
Value – this is the fundamental term in the definition
Secondary / supporting activities – storing the product (warehouses)
- Delivery: place
- Communicate: promotion
- Value: price
- Creating: product
8
,Marketing philosophies:
Marketing philosophies, aka marketing orientations, are approaches
that guide a company's marketing activities and strategies.
1. Production Orientation: Focuses on maximizing production
efficiency and lowering costs. Companies believe that
consumers prioritize products that are widely available and
inexpensive. Doritos
2. Product Orientation: Emphasizes product innovation and
quality. Companies concentrate on creating superior products
and assume that consumers will seek out and buy the best
offerings. Rolex
3. Sales Orientation: Prioritizes aggressive sales tactics and
promotional efforts to persuade customers to buy existing
products. Companies believe that sales volume is critical for
success. BMW
4. Marketing Orientation (Market Orientation): Centres on
understanding and fulfilling customer needs and wants.
Companies conduct market research to gather insights and
tailor products, services, and marketing efforts to meet
customer demands. Insurance
5. Societal Orientation (Societal Marketing Concept): Extends the
marketing orientation to consider not only customer needs but
also the broader societal well-being. Companies aim to deliver
value to customers while also addressing societal concerns such
as environmental sustainability and social responsibility. PNP
6. Relationship marketing orientation: strategy used to create
meaningful relationships with a customer base to ensure
customer satisfaction and retention. Vitality
9
, The management tasks of marketing involve several key activities:
1. Strategic Planning: Developing long-term marketing strategies aligned
with organizational goals and market conditions.
2. Market Analysis: Assessing market trends, customer preferences,
competitors, and other factors to identify opportunities and threats.
3. Setting Objectives: Establishing specific, measurable marketing goals to
guide decision-making and performance evaluation.
4. Marketing Mix Decisions: Determining the optimal combination of
product, price, place, and promotion strategies to achieve marketing
objectives.
5. Resource Allocation: Allocating budget, personnel, and other resources
effectively to support marketing activities.
6. Implementation and Execution: Putting marketing plans into action,
coordinating various activities, and ensuring alignment with strategic
objectives.
7. Performance Monitoring: Tracking key performance indicators (KPIs),
analyzing results, and adjusting as needed to optimize marketing
effectiveness.
8. Market Research: Conducting research to gather insights into
customer behavior, market trends, and competitive dynamics to inform
decision-making.
9. Brand Management: Building and maintaining brand equity through
activities such as brand positioning, communication, and reputation
management.
10. Customer Relationship Management (CRM): Developing and
managing relationships with customers to enhance satisfaction, loyalty,
and retention.
10
Table of Contents
THE MARKETING MIX ......................................................................................................................8
MARKETING PHILOSOPHIES: ...........................................................................................................9
THE MANAGEMENT TASKS OF MARKETING INVOLVE SEVERAL KEY ACTIVITIES: ............................ 10
SATISFACTION AND LOYALTY: ....................................................................................................... 11
SWOT ANALYSIS: .......................................................................................................................... 11
MASLOWS HIERARCHY OF NEEDS: ................................................................................................ 11
WEEK 2 ......................................................................................................................................... 12
THE MARKETING ENVIRONMENT: ................................................................................................. 12
SWOT ........................................................................................................................................... 12
MICRO ELEMENTS OF THE MARKETING ENVIRONMENT: ............................................................... 13
MICRO ELEMENTS OF THE MARKETING ENVIRONMENT: ............................................................... 13
UNETHICAL MARKETING ............................................................................................................... 14
LSM AND SEM ............................................................................................................................... 17
OVERT AND COVERT MARKETING ETHICS ..................................................................................... 17
IMPACT OF ETHICAL DILEMMAS ON MARKETING .......................................................................... 17
ETHICAL ISSUES RELATED TO MARKETING ..................................................................................... 17
ANALYSING THE COMPETITIVE SITUATION .................................................................................... 18
THE THREAT OF NEW ENTRANTS ................................................................................................... 19
THREAT OF SUBSTITUTES .............................................................................................................. 20
1
,BARGAINING POWER OF SUPPLIERS ............................................................................................. 21
RIVALRY BETWEEN DIRECT COMPETITORS (CAUSED BY THE COMBINATION OF THE PREVIOUS
FOUR ............................................................................................................................................ 22
THE LEVELS OF COMPETITOR ANALYSIS CAPTURES THIS PERFECTLY: ............................................. 24
PESTLE ANALYSIS .......................................................................................................................... 26
FACTORS INFLUENCING CONSUMER BEHAVIOUR .......................................................................... 29
SOCIAL CLASS ................................................................................................................................ 31
TYPES OF CONSUMER BUYING DECISIONS..................................................................................... 32
STAGES IN THE CONSUMER DECISION MAKING PROCESS .............................................................. 33
TYPES OF BUSINESS MARKETS....................................................................................................... 36
TYPES OF BUSINESS PRODUCTS ..................................................................................................... 37
DIFFERENCE BETWEEN B2B AND B2C ............................................................................................ 37
B2B BUYING PROCESS ................................................................................................................... 38
B2B BUYING TYPES ....................................................................................................................... 38
FACTORS INFLUENCING BUYERS.................................................................................................... 38
THE FOLLOWING ARE FACTORS THAT SHOULD BE CONSIDERED TO DETERMINE THE NEED FOR
MARKETING RESEARCH: ................................................................................................................ 41
THE MARKETING RESEARCH PROCESS: .......................................................................................... 42
SEGMENTATION, TERGETING AND POSITIONING .......................................................................... 45
CRITERIA FOR SEGEMENTATION ................................................................................................... 46
BASES FOR SEGEMENTING BUSINESS MARKETS ............................................................................ 46
TARGETING ................................................................................................................................... 47
POSITIONING ................................................................................................................................ 48
2
,STEPS FOR MARKETING POSITIONING ........................................................................................... 49
THE POSITIONING STATEMENT ..................................................................................................... 49
PERCEPTUAL MAPPING ................................................................................................................. 49
THE NEED FOR PRODUCT INNOVATION ......................................................................................... 50
CHARACTERISTICS OF NEW PRODUCTS ......................................................................................... 50
TYPES AND CATEGORIES OF NEW PRODUCTS ................................................................................ 51
NEW PRODUCT DEVLOPEMENT PROCESS ...................................................................................... 51
CONSUMER ADOPTION PROCESS .................................................................................................. 52
CONSUMER ADOPTION MODEL (DIFFUSIONS OF INNOVATIONS MODEL) ..................................... 52
MARKET STRATEGIES FOR DIFFERENT CATEGORIES OF ADOPTERS ................................................ 53
IMPORTANT ISSUES TO ENSURE THE SUCCESS OF A NEW PRODUCT DEVELOPMENT ..................... 53
PRODUCT ATTRIBUTES .................................................................................................................. 54
THE PRODUCT OFFERING OR CONCEPT (PRODUCT LEVELS) ........................................................... 54
THE PRODUCT CONCEPT OFFERING DEFINED WITH EXAMPLES ..................................................... 56
TYPES OF PRODUCTS/ PRODUCT CLASSIFICATION/CATEGORIES .................................................... 57
PRODUCT DECISIONS .................................................................................................................... 57
THE PRODUCT LIFE CYCLE .............................................................................................................. 57
TYPES OF PRODUCT LIFE CYCLE ..................................................................................................... 58
THE MARKETING MIX AND PLC ..................................................................................................... 59
TYPES OF BRANDS......................................................................................................................... 60
BRAND DEVELOPMENT STRATEGIES.............................................................................................. 61
BRAND POSITIONING .................................................................................................................... 61
3
,BRAND PERSONALITY.................................................................................................................... 61
MARKETING CHANNEL FUNCTIONS: .............................................................................................. 62
TYPES OF MARKETING CHANNEL STRUCTURE: .............................................................................. 63
CONSUMER MARKET .................................................................................................................... 63
BUSINESS-TO-BUSINESS MARKET: ................................................................................................. 63
MARKETING CHANNEL DISTRIBUTION INTENSITY:......................................................................... 64
THE 3 C’S OF SUCCESSFUL CHANNEL INTEGRATION: ...................................................................... 64
VERTICAL MARKETING CHANNEL INTEGRATION ............................................................................ 65
HORIZONTAL MARKETING CHANNEL INTEGRATION ...................................................................... 65
MARKETING CHANNEL MANAGEMENT: ........................................................................................ 65
TYPES OF CHANNEL RELATIONSHIPS: ............................................................................................ 65
MANAGING CHANNEL RELATIONSHIPS: ........................................................................................ 65
MANAGING CHANNEL POWER: ..................................................................................................... 66
CHANNEL CONFLICT: ..................................................................................................................... 66
PHASES FOR ESTABLISHING THE RIGHT PRICE: .............................................................................. 68
5. CHOOSE THE PRICING STRATEGIES TO BE EMPLOYED ............................................................. 69
PRICING STRATEGIES IN THE PRODUCT LIFE CYCLE ........................................................................ 69
LEGAL CONSIDERATIONS REGARDING PRICING: ............................................................................ 70
ADAPTING THE PRICE .................................................................................................................... 70
PHYSICAL DISTRIBUTION OF GOODS ............................................................................................. 71
MARKETING CHANNELS PERFORM FOUR KEY FUNCTIONS FOR AN ORGANISATION: ..................... 71
MARKETING CHANNEL .................................................................................................................. 71
4
,TYPES OF INTERMEDIARY .............................................................................................................. 72
TYPES OF MARKETING CHANNEL STRUCTURES .............................................................................. 72
CONSUMER MARKET – MAIN CHANNEL COMBINATIONS IN THE CONSUMER MARKET ................. 73
MARKETING CHANNEL DISTRIBUTION INTENSITY .......................................................................... 75
MARKETING CHANNEL INTEGRATION AND SYSTEMS .................................................................... 75
THREE CS OF SUCCESSFUL CHANNEL INTEGRATION: ...................................................................... 75
INTEGRATING MULTICHANNEL MARKETING SYSTEMS .................................................................. 76
MARKETING CHANNEL MANAGEMENT ......................................................................................... 76
TYPES OF CHANNEL RELATIONSHIPS ............................................................................................. 77
MANAGING CHANNEL RELATIONSHIPS ......................................................................................... 78
MANAGING CHANNEL POWER/ TYPES OF POWER ........................................................................ 78
CHANNEL CONFLICT ...................................................................................................................... 79
TRENDS IN MARKETING CHANNELS ............................................................................................... 79
• INTEGRATED MARKETING COMMUNICATIONS........................................................................... 81
COMMUNICATION/ CLASSIFICATION MEDIA ................................................................................. 84
PROMOTIONAL OBJECTIVES .......................................................................................................... 85
PROMOTION MIX- 6 TOOLS........................................................................................................... 85
ADVERTISING CATEGORIES ........................................................................................................... 85
MEDIA SCHEDULING ..................................................................................................................... 88
PUSH, PULL AND PROFILE STRATEGIES .......................................................................................... 88
SALES PROMOTIONS ..................................................................................................................... 88
SALES PROMOTION TOOLS............................................................................................................ 89
5
,PUBLIC RELATIONS ........................................................................................................................ 90
COMMUNICATIONS PLANNING FRAMEWORK............................................................................... 91
PERSONAL SELLING ....................................................................................................................... 92
SPONSORSHIP ............................................................................................................................... 94
DIGITAL MARKETING .................................................................................................................... 95
DIGITAL MEDIA PLATFORMS ......................................................................................................... 95
SOCIAL MEDIA .............................................................................................................................. 98
NATURE AND CHARACTERISTICS OF SERVICES ............................................................................... 99
SERVICES MARKETING MIX ......................................................................................................... 100
INTEGRATED MARKETING COMMUNICATION AND STEPS/STAGES.............................................. 102
INTEGRATED BRAND PROMOTION VS INTEGRATED MARKETING COMMUNICATION .................. 102
TYPES OF BUSINESS PRODUCTS ................................................................................................... 104
DIFFERENCE BETWEEN B2B AND B2C- 8 FACTORS ....................................................................... 104
B2B BUYING PROCESS ................................................................................................................. 105
BUYING CENTRE CULTURE ........................................................................................................... 105
RETAILING................................................................................................................................... 106
TYPES OF RETAILERS- FORMS OF OWNERSHIP............................................................................. 106
RETAIL MIX ................................................................................................................................. 107
FOOD- ORIENTATED RETAILERS................................................................................................... 107
LOCATION ................................................................................................................................... 108
DESIGN AND LAYOUT .................................................................................................................. 109
HR MANAGEMENT ...................................................................................................................... 111
6
,METRICS ..................................................................................................................................... 113
METRICS VS KPI’S ........................................................................................................................ 113
BENEFITS OF MARKETING METRICS............................................................................................. 113
DIFFERENT TYPES OF MARKETING METRICS ................................................................................ 114
DIFFERENT TYPES OF METRICS .................................................................................................... 114
FINANCIAL METRICS.................................................................................................................... 114
CUSTOMER-CENTERED METRICS ................................................................................................. 115
BRAND METRICS ......................................................................................................................... 116
MARKETING CAMPGAINS AND SALES METRICS ........................................................................... 116
DIGITAL METRICS ........................................................................................................................ 117
CHANNELS FROM WHERE TRAFFIC IS GENERATED....................................................................... 117
GENERAL MARKET METRICS ........................................................................................................ 117
7
,Marketing:
WEEK 1
The Marketing Mix
• Product
• Price
• Place
• Promotion
• Physical evidence
• Process
• people
https://youtu.be/ij39z2P_aQI
Define the term ‘marketing’ and related concepts
Marketing is the process of promoting and selling products or
services to meet consumer needs. Key concepts include market
segmentation, targeting specific customer groups, positioning
products relative to competitors, and managing the marketing mix of
product, price, place, and promotion. Market research informs
decision-making, while brand management focuses on creating and
maintaining brand identity. Digital marketing utilizes online channels,
and customer relationship management aims to enhance customer
interactions and loyalty. These concepts collectively drive effective
marketing strategies to achieve organizational goals.
Basic activities – understanding the consumer and their needs
Set of institutions and processes – marketing does not operate in
isolation
Value – this is the fundamental term in the definition
Secondary / supporting activities – storing the product (warehouses)
- Delivery: place
- Communicate: promotion
- Value: price
- Creating: product
8
,Marketing philosophies:
Marketing philosophies, aka marketing orientations, are approaches
that guide a company's marketing activities and strategies.
1. Production Orientation: Focuses on maximizing production
efficiency and lowering costs. Companies believe that
consumers prioritize products that are widely available and
inexpensive. Doritos
2. Product Orientation: Emphasizes product innovation and
quality. Companies concentrate on creating superior products
and assume that consumers will seek out and buy the best
offerings. Rolex
3. Sales Orientation: Prioritizes aggressive sales tactics and
promotional efforts to persuade customers to buy existing
products. Companies believe that sales volume is critical for
success. BMW
4. Marketing Orientation (Market Orientation): Centres on
understanding and fulfilling customer needs and wants.
Companies conduct market research to gather insights and
tailor products, services, and marketing efforts to meet
customer demands. Insurance
5. Societal Orientation (Societal Marketing Concept): Extends the
marketing orientation to consider not only customer needs but
also the broader societal well-being. Companies aim to deliver
value to customers while also addressing societal concerns such
as environmental sustainability and social responsibility. PNP
6. Relationship marketing orientation: strategy used to create
meaningful relationships with a customer base to ensure
customer satisfaction and retention. Vitality
9
, The management tasks of marketing involve several key activities:
1. Strategic Planning: Developing long-term marketing strategies aligned
with organizational goals and market conditions.
2. Market Analysis: Assessing market trends, customer preferences,
competitors, and other factors to identify opportunities and threats.
3. Setting Objectives: Establishing specific, measurable marketing goals to
guide decision-making and performance evaluation.
4. Marketing Mix Decisions: Determining the optimal combination of
product, price, place, and promotion strategies to achieve marketing
objectives.
5. Resource Allocation: Allocating budget, personnel, and other resources
effectively to support marketing activities.
6. Implementation and Execution: Putting marketing plans into action,
coordinating various activities, and ensuring alignment with strategic
objectives.
7. Performance Monitoring: Tracking key performance indicators (KPIs),
analyzing results, and adjusting as needed to optimize marketing
effectiveness.
8. Market Research: Conducting research to gather insights into
customer behavior, market trends, and competitive dynamics to inform
decision-making.
9. Brand Management: Building and maintaining brand equity through
activities such as brand positioning, communication, and reputation
management.
10. Customer Relationship Management (CRM): Developing and
managing relationships with customers to enhance satisfaction, loyalty,
and retention.
10
