(MKTG1 Lesson 1) PRINCIPLES OF MARKETING

PRINCIPLES OF MARKETING
What is marketing?
the activity set of institutions, and process for creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners, and society at large”.
This is composed of people and/or mechanism who both have the desire and ability to buy a product or
service and facilitate continuous profitable relationship with respect to authority, time and money.
A market is composed of people and organizations who each have a desire to buy and or sell goods or
services baased on their unmet desires and the fulfillment of those desires when they exchange or
transact with what each other wants from the opposite party in order fulfill or meet their unmet desires
in regards to time , authority and money.
What are the components of marketing?
Needs-
Human needs are what a human being lacks in his/her life, this can range from
individual to social lack of things to more complex things that are lacking.
Wants-
– Human want is the form that human need takes place as shaped by culture,
individual personality, and social and environmental forces. Compared to human
need a human want is more specific and precise, in the present practice of
marketing the wants of customers are created by marketers highlighting on the
absence of convenience to influence favorable purchase decision.
Is a human need that is shaped from social cultural, individual personality , as

well as environmental forces. Unlike a need however , a want is more precise and
specific in nature , a marketer advertises a want to a consumer by making the
demand of that item while it is lacking in order to influence the consumers
purchasing habits.
Demands-
These are human wants that are backed by buying power, it specifies the
quantity desired and the price a customer is able and willing to pay
The demand are wants that are backed by the consumers eagerness to buy it ,
it specifies the desired amount that the customer is capable of and is willing to pay for
it.
Exchange-
Marketing happens only when the buyer and the seller agree that they can gain
something from the transaction both of them are more contented because each has
satisfied their unmet needs.
An exchange happens when the buyer and the seller both come to an
agreement that they both have what each of them want from the other, and those
needs are met when the transaction commences.
What is the traditional and contemporary approaches to marketing?

Describe each
Marketing in its oldest sense is focused on making sales – telling, offering, and buying or the
face-to-face transaction is the most common idea of traditional marketing practice. The practice refers
to any type of promotion, advertising, or campaign that has been in use by companies for years, and
that has proven success rate. Methods of traditional marketing include print advertisements (such as
news letter, billboards, or flyers), broadcast, direct mail, and telemarketing.
Marketing in its most general sense, is focused on selling the products of a company, it refers
towards any type of promotion of said product by the company proven throughout its years of
successfulness ex: advertising , campaigning.
The old way of marketing or the traditional way of marketing includes the likes of using news
letters, billboards, or flyer as well as broadcasts, direct mailing or tele-marketing.
What are the 5 traditional approaches to marketing ?
Concept Production Sales Marketing Relationship Social

Marketing
Core The product The use of Find a Long term Products
attitudes in will sell itself creative need/want , relationship must be for
order for the advertisement provide it with the good of
approach to will get customers is the
work people to buy good for customers
business and or
society
Examples For model T- Matsuhista Zalora.com Gucci Tesla
cars, Rolex for electrical Amazon.com Georgio Best buy
for watches components Armani
and supplies
Era when it X<1920’s X<1950’s X<1950’s X<1990’s x>1990’s
was
prevalent
What is contemporary marketing ?

Contemporary marketing centers its focus on customers; everything begins, continues, and ends with
customers. Today marketing is no longer traditional its use is an important factor in the success not only
for profit organizations but also with non-profit organizations. Contemporary marketing approach
involves strategic marketing that involves five steps namely: 1. identifying a mission; 2. situation
analysis; 3. setting objectives; 4. developing marketing strategy; 5. planning for evaluation.
Contemporary Marketing is customer and market centered, marketers in this approach carefully select
the target market to give utmost importance on satisfying customer needs this means that the company
must take care of old and new customers. Instead of just acquiring new customers marketers using this
approach recognize that it is more expensive to acquire new customers than retaining the old ones.
Lastly, contemporary marketing develops customized products as they embrace change and collaborate
with others thus, expand the company’s horizons and reach.
Contemporary marketing is customer centered, it carefully selects a target market or niche to

sell/provide a service towards it. Its number one goal is to meet and satisfy the customers needs. This
means that contemporary marketing must take care of new and old customers alike , but must also keep
in mind that it is far more expensive to find new customers rather than pleasing the old and current
customer base. This type of marketing create new products that embrace the changes of the
environment around it and focus more towards collaborating with third party individuals in order to
expand the company’s reach and horizon.
Contemporary marketing’s philosophy revolves around its customers, the process starts and ends with
the customers , this success is not only for the for profit organizations but also for the non-profit
organizations. This new approach of marketing comprises mainly of 5 steps , that of which are as
follows:
1. identifying a mission;
2. situation analysis;
3. setting objectives;
4. developing marketing strategy;
5. planning for evaluation.
What are the different contemporary marketing practices ?

Person Marketing- Is the use of a famous celebrity or authority figure in order
to endorse a product that the target market would come to enjoy.
Place Marketing- Advertising a certain place or destination in order to attract

large crowds of customers.
Cause Marketing- It is more of a noble reason for marketing , it delves on

shedding light on sensitive topics such as drug and sexual abuse, political issues etc.
Event Marketing- Seeks to gain public awareness of ones brand or product by

partnering with companies and charities establishing or marking an event .
Green Marketing- Refers to selling products or services beneficial towards

imporving the environment.
What is the goal/s of marketing?

Armstrong Kolter(2005)- “attract new customers by promising value , and to keep and grow customers
by delivering satisfaction.”
The number one goal of marketing is to provide and deliver TOTAL customer satisfaction.
What is SMART ?
Specific- The information needs to be closest to the truth in order to pinpoint or solve
the problem or discover new opportunities to advance your business.
Measurable- Is a quantitative way in order to accurately interpret and measure data

with respect to using numbers.
Attainable- The goal must be realistic , in the sense that all parties can come to an
agreement that they can achieve that goal with respect to what resources are at their
disposal.
Relevant- The information must be useful in order to solve the issues that are occurring
in the current situation.
Time bound- Specific dates must be set up in order to achieve certain goals within the
business.

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PRINCIPLES OF MARKETING

What are the components of marketing?

Is a human need that is shaped from social cultural, individual personality , as

What is the traditional and contemporary approaches to marketing?

What are the 5 traditional approaches to marketing ?

Concept Production Sales Marketing Relationship Social

What is contemporary marketing ?

Contemporary marketing is customer centered, it carefully selects a target market or niche to

4. developing marketing strategy;

5. planning for evaluation.

What are the different contemporary marketing practices ?

Place Marketing- Advertising a certain place or destination in order to attract

Cause Marketing- It is more of a noble reason for marketing , it delves on

Event Marketing- Seeks to gain public awareness of ones brand or product by

Green Marketing- Refers to selling products or services beneficial towards

What is the goal/s of marketing?

Measurable- Is a quantitative way in order to accurately interpret and measure data

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