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Lesson 1 - Principles of Marketing
Marketing involves creating value for customers through a process of communication, delivery, and exchange. It aims to understand customer needs and meet them profitably. Marketing is not about deception, but rather establishing give-and-take relationships through effective communication to change behavior and achieve objectives. It encompasses identifying and selling products and services to target markets.
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Lesson 1 - Principles of Marketing
- 1. Chapter 1 PRINCIPLES OF MARKETING AFramework of Marketing Lesson 1
- 2. To a layman Marketingis about selling a product
- 3. To a MarketingProfessional Marketing is a Process. Marketing as discipline Marketing is about
- 4. Peter Drucker The aimof marketing is to “make selling superfluous” (Drucker 1973)
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- 7. Definition of Marketing “Marketingis 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” (American Marketing ORGANIZATIONAL FUNCTION SET OF PROCESSES DELIVERING OF VALUE TO CUSTOMERS Marketing is not out to fool customers, to cheat them of their money, or to sell them something that they do not want.
- 8. Give-and-Take Relationship that lies atthe heart of Marketing
- 9. On a broaderscale: Marketing is all about changing behavior through communications in order to achieve objectives.
- 10. Marketing is about meetingneeds profitably (Kotler and Keller 2006)
- 11. PRODUCT Product: anything that isbeing marketed, whether it is a tangible product, an intangible good, a service, a place, or even a person.
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- 15. the coffee, thefood, and the place itself
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- 24. 24 The Marketing System Industry (acollection of sellers) Market (a collection of buyers) Products-service Money Communication Information Environment Figure 1 The Generalized Marketing System (Kotler 2000)
- 25. Group Assignment Sell yourMoney! Present a paper bill from one of your group members. It could be a 20 peso bill, a 50 peso bill, or higher. Your group’s objective is to try to convince your classmates that this peso bill is worth more than its face value.
- 26. Group Assignment Sell yourMoney! Brainstorm on ways to make this possible and then present your “Pitch” in front of the class. You will then give a suggested retail price (SRP) based on how much value you believe the bill actually holds.
- 27. Group Assignment Sell yourMoney! Your group’s objective: after your pitch, the class will be asked for a show of hands on how many of them will actually consider buying your peso bill for your SRP, which should be higher than the face value. Presentation time: an estimate of 5-10 minutes per group
- 28. Post Assessment Criteria Details Total Pts. Your Pts Effectivenessof Pitch Were there any takers for the proposal? 25 Creativity of Pitch How innovative was the sales pitch? 15 Insights What insights did the group gain from the process? 15 TOTAL 50
- 29. Exercises: Discuss in a½ sheet of paper a. Explain in your own words why marketing is principally about communication? b. Explain how a newspaper engages in marketing? What is its market? What is its selling?