Principles of MarketingQuarter 1 - Module 1Marketing Principles,Goals and ApproachesJulie O. VillanuevaSubject Teacher
Learning Competency•Define and understand marketingPrinciples , Goals and Approaches(ABM_PM11-la-b-1)
Lesson 1.1 Marketing Defined andunderstand the goals of marketingThis Photoby Unknown Author is licensed underCC BY-SA
General Objectives:After going through, you are expected to:•Undertstand the concept goals ofmarketing;•Explain the marketing process•Enumerate the classification of products
Marketingis a form of communicatingor promoting the value of aproduct, service, or brandto the consumers. Prior tothe marketing of specificproducts and/or services, amarketing companyconducts a throughanalysis of the externalenvironment, the market,its competitors andcustomers, and an incisiveaudit of its internalcharacteristics.The“by word of mouth”marketing may be thesimplest, oldest, and mostnatural way of marketing aservice or a product for profitand non profit purposes.
MARKETING•The American Association (AMA) definesmarketing as “the activity, set ofinstructions, and process for creating,communicating, delivering, andexchanging offering that have creation,communication, and the delivery ofvalue to customers.•The key to this definition of marketing isthe word “value.” Thus, marketing canbe summarized as the creation,communication, and the delivery ofvalue to custome
MARKETING•Alternately, the Philippines MarketingAssociation (PMA) defines marketing as a“science and profession guided principallyby the universal principles of ethics,corporate citizenship, and corporate socialresponsibility.•This definition emphasizes an adherence toethical principles, corporate citizenship, harmfulto one’s health and well-being or promoteviolence and immortality. Products or servicesthat serve no purpose or contribute nothing toindividual and societal well-being should not bemarketed.
GOALS OF MARKETINGThe goals of marketing can be summarized asfollows:1.Understand the market and its consumers, andsatisfy their changing needs and wants.2.Introduce and innovate products and servicesthat improve human condition and the quality oflife.3.Design and implement effective customer-drivenmarketing strategies.4.Develop marketing programs that deliversuperior value to consumers.5.Build and maintain mutually beneficial andprofitable customer relationships.6.Capture customer value to create profits.7.Promote value transactions with full regard to
The Marketing ProcessPeoplePositioning
The MarketingProcess•Before marketing products and/orservices, the organization musthave a thorough analysis of theexternal environment, the market,its competitors and customersand an incisive (perceptive) auditof its internal operatingcharacteristics. This is followed bythe formulation of relevantmarketing strategies coupled witha calibrated response using theelements of marketing (commonlyknown as the 4P’s). As soon asthe marketing strategy is