PRINCIPLES OF MARKETINGMarketing Principles and StrategiesLesson 1I. INTRODUCTIONINTRODUCTION(5MINS)Everyone is fortunate to have marketing everywhere. It is in every corner of the offices, malls, schools, andeven in houses. It is part of everyone’s life all the times. One can see and touch all products and experience theservices created by marketers.At the end of this lesson, the learners shall be able to:1.Understand the meaning and importance of marketing; and2.Formulate framework for comprehending the principles of marketing.IV. ABSTRACTIONMarketing DefinitionThe American Marketing Association defines marketing as “the activity, set of institutions, and process forcreating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, andsociety at large.”Basic Components of Marketing1.Needs. A human needs is something that a person must have in order to live and survive.Table 1. Maslow Hierarchy of NeedsSelf-ActualizationsAchieving one’s full potentialincluding creative activitiesSelf-fulfillments NeedsEsteems NeedsPrestige and feeling ofaccomplishmentPsychological NeedsBelongingness and Love NeedsIntimate relationships, friendsSafety NeedsSecurity and safetyBasic NeedsPhysiological NeedsFood, water, warmth, rest2.Wants. A human wants is something that a person desires to have.