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Principles of Marketing

 Marketing
o Often referred to as the “lifeblood” of every business
o Form of communicating or promoting the value of a product, service or brand to the consumers
o “By word of mouth” marketing- simplest, oldest and most natural way of marketing a service or a
product for profit and nonprofit purposes
o According to the American Marketing Association: “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”
o Can be summarized as the creation, communication and the delivery of value to consumers
o According to the Philippine Marketing Association: “a science and a profession guided principally
by the universal principles of ethics, corporate citizenship, and corporate social responsibility”
 Goals of Marketing
 Understand the market and its consumers, and satisfy their changing needs and wants
 Introduce and innovate products and services that improve human condition and the quality of
life
 Design and implement effective customer-driven marketing strategies
 Develop marketing programs that deliver superior value to customers
 Build and maintain mutually beneficial and profitable customer relationships
 Capture customer value to create profits
 Promote value transactions with full regard to society’s well-being
 Marketing Process
1.) The Situation Analysis
a. Environment (Microenvironmental and macroenvironment)
b. The market
c. Customers
d. Competition
e. SWOT analysis
2.) Market Strategy Formulation
a. Market Segmentation
b. Target Market Selection
c. Value Proposition
d. Product Positioning
3.) Marketing Mix Decisions
a. Product
b. Price
c. Place
d. Promotion
4.) Implementation and Control
a. Implementation
b. Monitoring
c. Marketing Mix Adjustment
 Product Levels
1.) Core or generic product- product which houses a core or generic function
2.) Formal Product- factors that could effectively differentiate a product produced by one company
compared to those created by different companies with the same core or generic function
3.) Augmented Product- types of goods/or products, particularly those that are very expensive and have
long service lives
 Classifications of Products/Goods
 According to Use
1.) Consumer Goods- are goods that are purchased for consumption
2.) Industrial Goods- are purchased in order to make other goods, to serve as a raw material or input in
the production of other goods
 According to Differentiation
1.) Undifferentiated goods- are products whose physical characteristics are so identical, that it would be
difficult, if not impossible, to distinguish one purchased from one vendor or another
2.) Differentiated products- are varied in their characteristics and features that they are readily
distinguishable from one another
 Branding- ability of manufacturers to successfully distinguish their products from other competitors
 Brand equity- appreciation in a brand’s value from the point of view of customers
 According to Durability
1.) Consumable- is a product whose benefit can only be used by a consumer for only a short period of
time, sometimes only a few minutes
2.) Semi-durables- provide benefits to consumers for a longer period of time, usually spanning several
months
3.) Durables- are products that are manufactured to last a long time
 According to Type
1.) Convenience goods- are products that are purchased frequently, are usually inexpensive, and do not
require much purchase effort and evaluation
2.) Shopping goods- are purchased less frequently than convenience foods, are relatively more
expensive, and require some amount of information search and evaluation prior to purchase
3.) Specialty goods- are goods that require unusually large effort on the part of consumers to acquire
4.) Unsought goods- are goods that consumers seldom actively look for, and are usually purchased for
extraordinary reasons, such as fear or adversity, rather than desire