Principles Of Marketing Module 1

  • Uploaded by: Jeffrey Alcedo
  • 0
  • 0
  • March 2021
  • PDF

This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA


Overview

Download & View Principles Of Marketing Module 1 as PDF for free.

More details

  • Words: 2,008
  • Pages: 12
Loading documents preview...
PRINCIPLES OF MARKETING

QUARTER 1

Chapter 1: Marketing Principles & Strategies Tickle Your Thoughts We are living in an age where business entities continue to come up with endless ideas for innovation and growth, sometimes to a degree where we could only wonder, ‘how did anyone ever thought of making this thing?’ There are millions of distinct products today it makes us curious on how all of these are popularized. How do businesses manage to succeed in publicizing their products when all of them were once nothing? In this module, the concept of marketing is introduced to you, and how it is not only about selling products, but also a lot about the process before it was actually processed.

Setting Goals As you complete understanding this lesson, you are expected to acquire the following competencies: 

Define and understand marketing



Discuss the core concepts of marketing



Describe the traditional approaches to marketing



Identify and explain contemporary marketing approaches.

EXPLORE Activity 1: Pick Your Brand Think like a business person! Shown below are four different products. Pick one and assume it is your own product. Think of a product name, it’s features and tell why people should buy your product.

VICTORIOUS CHRISTIAN MONTESSORI COLLEGE ALFONSO, INC.

3

PRINCIPLES OF MARKETING

QUARTER 1

Chosen Product: ______________

Product Name: _____________________ Why should people buy your product? ____________________________________________________________ ____________________________________________________________

PRODUCT LOGO

____________________________________________________________________________________________ ____________________________________________________________________________________________

FIRM UP Marketing Defined Marketing is defined as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing has two main goals: 1) To determine customer needs and wants; and 2) to satisfy these needs and wants.

The Five Core Concepts of Marketing 1. ) Customer Needs, Wants and Demands Why are there successful businesses? Because people consume their products. But why do people consume a product? It’s either because they need it or they want it. Someone’s needs and wants both give him/ her satisfaction, but to a vastly different level of importance. A need refers to a basic necessity such as food, clothing, shelter, or social needs such as a need to belong. A want, on the other hand, would relate to a particular of a person, as shaped by one’s personality and knowledge, along with broader influences such as cultural and societal factors. A demand exists when a person has the ability to acquire or purchase their needs or wants. Knowing these three factors will help in strategizing the formulation of a new product.

VICTORIOUS CHRISTIAN MONTESSORI COLLEGE ALFONSO, INC.

4

PRINCIPLES OF MARKETING

QUARTER 1

2. ) Market Offerings Market offerings serve to fulfill customer needs and wants. They are some combination, mixture, or blend of physical products, services, information, ideas, or experiences offered to a market.

3. ) Customer Value and Satisfaction Satisfied customers who find value in a product are likely to patronize it again. The goal, therefore, is to consistently meet or even exceed consumer expectations. This contributes to the development of a preference for your brand and customer loyalty.

4. ) Exchanges and Relationships For marketing to occur, an exchange must happen. An exchange takes place when one obtains his/her wants by offering something in return. This could pertain to an exchange of goods or services for money. In marketing, the point where a business engage in an exchange with a customer is a good opportunity to create relationships. It must be ensured that customers are happy and continuously satisfy with the products or services a business offers.

4. ) Market The market is composed of all people who buy the product, including those who could potentially purchase product. Marketers need to fully understand the market to have profitable customer relationship. Market research then became highly important to find out such things as determining customer wants, needs and demands, what they buy, where they buy, how they feel about the product and a whole lot of other information.

How Did Marketing Evolve? Whereas the concept of marketing is very vital in the success of a business entity today, this hasn’t always been the case. There was a time where the focus on customers was not a factor in conducting one’s business. Management orientations have evolved through years , and each step of improvement may be described by a marketing era. As you watch the video tutorial covering this topic, complete the table on the next page by taking notes of the nature of marketing in each era.

VICTORIOUS CHRISTIAN MONTESSORI COLLEGE ALFONSO, INC.

5

PRINCIPLES OF MARKETING

QUARTER 1

ERA

TIMEFRAME

PRODUCTION ERA

1800 to 1930s

NATURE OF MARKETING

SALES ERA

MARKETING CONCEPT ERA

CUSTOMER RELATIONSHIP ERA

Marketing Management Orientation Even in the current customer relationship era, there still exist different marketing management orientations that guides and provide focus to companies’ marketing activities. These orientations or concepts may be influenced by various factors such as the nature of the market, the nature of the product, the nature of the competition , and the size of the business. The following are the five marketing concepts used today: VICTORIOUS CHRISTIAN MONTESSORI COLLEGE ALFONSO, INC.

6

PRINCIPLES OF MARKETING

QUARTER 1

1. ) Production Concept The idea of production concept is that consumers will favor products that are available and highly affordable. This concept is one of the oldest marketing management orientations that guide sellers. Management focuses on improving production and distribution efficiency. Companies adopting this orientation run a major risk of focusing too narrowly on their operations and losing sight of the real objective. Though in some cases, this orientation is still effective.

2. ) Product Concept The product concept holds that the consumers will favor products that offer the most in quality, performance and innovative features. Under this concept, marketing strategies are focused on making continuous product improvements. Product quality and improvement are important parts of marketing strategies, sometimes the only part. But like the production concept, this method can be shortsighted, given that does not give importance to other important factors such as customer satisfaction and the efficiency in production.

3. ) Selling Concept The selling concept holds the idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort. Here, the management focuses on creating sales transactions rather than on building long-term, profitable customer relationships. In other words, the aim is to sell what the company makes rather than making what the market wants. Such an aggressive selling program carries very high risks. Typically the selling concept is practiced with unsought goods. Unsought goods are that buyers do not normally think of buying, such as insurance.

4. ) Marketing Concept The marketing concept’s idea is that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. Here marketing management takes a “customer first” approach. Under the marketing concept, customer focus and value are the routes to achieve sales and profits. The marketing concept is a customer-centered “sense and responds” philosophy. The job is not to find the right customers for your product but to find the right products for your customers.

4. ) Societal Marketing Concept Societal marketing concept questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare. The societal marketing concept holds the idea that marketing strategy should deliver value to customers in a way that maintains or improves both the consumer’s and society’s well-being. It calls for sustainable marketing, socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. It also puts human welfare on top before profits and satisfying the wants. VIC-

7

PRINCIPLES OF MARKETING

QUARTER 1

DEEPEN Activity 2: Market Your Learning Answer the following questions or situations. 1. Businesses identifies customer needs and innovates them to a point that it becomes a want. Give an example of a situation where this happens. ____________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ 2. Knowing the market is highly important in the process of marketing. What do you think will happen if a business has no proper market analysis?_ ___________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ 2. Explain how exchanges and relationships is important to achieve customer value and satisfaction. ______________________________________ ___________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________

Activity 3: Identifying Strategies Read each situation carefully. Tell whether the scenario utilizes the production, product, selling, marketing, or the societal marketing concept.

__________________ 1. Kitchen & Silverwares, Co. thinks that it is better to mass produce measuring cups since it is bought by customers regardless of its quality. It is more important that greater quantity regardless of it’s quality. __________________ 2. Villaflor Loaning Inc. needed all their marketers to reach all possible customers and convince them of the benefits of borrowing money to them. To achieve this, they must personally offer this to people in several institutions. __________________ 3. Since a furniture should last a long time before it is replaced, Cabin In The Woods, Inc. focuses heavily in ensuring all fixtures they make are thoroughly inspected process by process. A single mistake on each product is not acceptable. VICTORIOUS CHRISTIAN MONTESSORI COLLEGE ALFONSO, INC.

8

PRINCIPLES OF MARKETING

QUARTER 1

__________________ 4. Before they created the final list on their menu, Lemon Cravings Restaurant made a research of what customer preferences are at the area in which they are located. Their priority is to make customers immensely satisfied by their service. __________________ 5. While First Sip Coffee Shop ensures customer satisfaction, they promote the avoidance of using plastic containers with their take out coffees for a more sustainable business environment. __________________ 6. The management of Sweet Life White Sugar Manufacturing sets a quota of a minimum of one thousand packs of sugar to produce daily, and effectively deliver to customers the day succeeding the manufacture. It is utmost importance to them to meet this daily objective, since sugar is a commodity everyone uses. __________________ 7. A new gadget is being launched by Hugh-Tech International. They paid a large amount of fees for advertising in different social medias, TV commercial, billboard postings and other ways to promote the launch of this product. __________________ 8. Glamour & Glow manufactures lotion bars. This innovation will lessen the use of plastic containers unlike the traditional liquid lotion. It’s packaging will be a recyclable paper bag.

TRANSFER Activity 4: Create and Strategize Look at the your answer in Activity 1. Once again, state that product, your chosen product name and the advantage of using that product. But this time, include how you will apply the five core concepts of marketing in creating and selling your product. Also, state which marketing management orientation to use that will be the most effective for your chosen product and the reason why so. Chosen Product: ___________________________ Product Name: ____________________________ Advantages of using this product:_______________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ VICTORIOUS CHRISTIAN MONTESSORI COLLEGE ALFONSO, INC.

9

PRINCIPLES OF MARKETING

QUARTER 1

Analysis of the five core concepts:______________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ Best marketing management orientation to use for this kind of product:________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________

End of module

t r questions abou he rt fu ve ha u Do yo unclear to you? finding Is anything still e lesson you are th of ea ar ar ul there a partic certain topic? Is u! You may ar them from yo he to ve lo ld ou h? I w hard to cope wit rm: munication platfo m co e es th of y contact me on an va Alcedo : Jeffrey Villanue er ng se es M k/ Faceboo v@gm Gmail: alcedojeff

ail.com

09351228370 Contact number:

VICTORIOUS CHRISTIAN MONTESSORI COLLEGE ALFONSO, INC.

10

FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 2

QUARTER 1

REFERENCES Contents: http://digitalnomadsasia.com/2018/01/05/5-core-customer-and-marketplaceconcepts/ https://www.iedunote.com/marketing-concepts https://commercemates.com/marketing-management-orientations/

Pictures: https://www.google.com/url?sa=i&url=https%3A%2F% 2Fpngtree.com2Fso2Fperfume&psig=AOvVaw2IckDnAigt9uoD_YTIaUsP&ust=1598503 452084000&source=images&cd=vfe&ved=0CAIQjRxqFwoTCKiyipIuOsCFQAAAAAdAAAAABAD

https://www.google.com/imgres?imgurl=https%3A%2F%2Fwww.pngkit.com%2Fpng% 2Fdetail%2F4-45485_running-shoes-png-picture-sport-shoespng.png&imgrefurl=https%3A%2F%2Fwww.pngkit.com%2Fview% 2Fu2a9o0o0t4t4t4o0_running-shoes-png-picture-sport-shoes-png% 2F&tbnid=3zuAcdOdVpLbRM&vet=12ahUKEwip8N3qh7jrAhVI4pQKHRGdCXgQMygSeg UIARDsAQ..i&docid=beKDonN_WhvGJM&w=820&h=468&q=sports%20shoes% 20png&ved=2ahUKEwip8N3qh7jrAhVI4pQKHRGdCXgQMygSegUIARDsAQ

https://www.google.com/imgres?imgurl=https%3A%2F%2Fwww.vippng.com%2Fpng% 2Fdetail%2F151-1517198_lip-stain-png-lip-mac.png&imgrefurl=https%3A%2F% 2Fwww.vippng.com%2Fpreview%2FiRbiibh_lip-stain-png-lip-mac% 2F&tbnid=QXThBjfoc5rlAM&vet=12ahUKEwiyhsO2l7jrAhVUAZQKHSnYCHsQMygfegUIA RDzAQ..i&docid=FG1UYrobJ2zceM&w=920&h=790&q=lip%20tint% 20png&ved=2ahUKEwiyhsO2l7jrAhVUAZQKHSnYCHsQMygfegUIARDzAQ

https://www.google.com/imgres?imgurl=https%3A%2F%2Fwww.clipartkey.com% 2Fmpngs%2Fm%2F77-779024_watch-free-png-image-black-wrist-watchpng.png&imgrefurl=https%3A%2F%2Fwww.clipartkey.com%2Fview% 2FTmmbxJ_watch-free-png-image-black-wrist-watch-png% 2F&tbnid=i9Rt5dNrMV4FBM&vet=12ahUKEwjpocW7irjrAhVEyIsBHaArA1QQMygEegUI ARDSAQ..i&docid=Fsw03GiSZRgumM&w=900&h=529&q=wrist%20watch% 20png&ved=2ahUKEwjpocW7irjrAhVEyIsBHaArA1QQMygEegUIARDSAQ

VICTORIOUS CHRISTIAN MONTESSORI COLLEGE ALFONSO, INC.

11

Related Documents


More Documents from "Abegail Masayda"