PRINCIPLES OF MARKETING marketing world now features advanced marketing skills

and improved marketing mix.

Here are some of types of marketing:
GOALS OF MARKETING 1. Business to Business - B2B Marketing
- GOALS - broad aims used to shape strategy. 2. Business to Consumer - B2C Marketing
- OBJECTIVES - Used to track performance against 3. Brand Marketing
targets. SMART 4. Cloud Marketing
- KEY PERFORMANCE INDICATORS - Check 5. Telemarketing
marketing activities to keep them on track. Specific 6. Guerrilla Marketing
objectives that track performance to meet specific 7. Push Marketing
objectives. 8. Influencer Marketing
Examples of noteworthy marketing goals: Emerging Types of Marketing and their Applications:
1. Identifying the target market Kleiner Perkins Caulfield and Byers (2017) - 3.4 billion
2. Increasing sales and profits people use the internet.The internet has become an easy
3. Increasing brand awareness and quick way to research, reach and engage
4. Increasing market share customers.
5. Countering competitive strategies 1. Search engine optimization is majorly concerned
6. Reputation with increasing a business’ visibility and rankings on
7. Increasing distribution channels search engine result pages. It is a simple way of
attracting organic traffic of potential customers to a
TRADITIONAL MARKETING website. SEO can be maximized with paid adverts
- Umbrella term for advertising we see daily. Examples (Google AdWords), strategic content marketing and
are print media, billboard and TV advertising, flyer and social media networks.
poster campaigns and radio broadcast advertising. 2. Pay per Click advertising: This is advertising
- Not necessarily outdated but most companies presented on search engine result pages or web pages
abandoned it for contemporary marketing. where the advertiser is only charged based on the
- Pull customers to the product. number of times someone clicks on the ads to go to the
- Does not consider the customer. advertiser's targeted website.
- Concerned with the market or industry in which the 3. Email marketing is a type of marketing based on the
company operates. distribution of messages through emails. Email marketing
- There are however channels that have developed from provides direct contact with customers and allows
traditional marketing, including digital, that aim for the businesses to create relationships with their customers.
same goal, however, use more subtle and approachable Updates, exciting news, and calls to actions can be sent
mediums so as to capture their target audience. This directly to customers.
may include Pay-Per-Click campaigns, social media 4. Referral marketing: is a type of marketing where an
posts, search engine optimization and email marketing. individual or customer pleased with the results gotten
❖ ANSOFF’S MATRIX THEORY from a product refers the product to another person. It's a
- Proposed that products/services fall into one of four very subtle form of marketing that can provide great
categories. results especially when the person referring is an
- Diversify products to spread risk. Influencer in that industry.
- New product = New market 5. Affiliate marketing: is a prominent type of internet
- Example when iPhone was released in 2007. Apple marketing where a third party promotes a product and
benefited from this. earns commission, or a piece of the profit gotten from
❖ MARKETING MIX every sale made through that referral.
- Product, Place, Promotion, Price, Packaging, 6. Video marketing: Videos act as one of the most
Positioning, Process, People. These components can interactive types of online marketing and can prove to be
create a solid marketing proposal. a great way to raise awareness about a business or
- Can be improved with contemporary marketing. product. In fact, according to Mushroom networks,
YouTube is the second biggest search engine. Therefore,
CONTEMPORARY MARKETING video marketing can prove to be a great way to pass
- Marketing strategy focused on consumers. messages to target customers.
- Products and services based on market desires. 7. Inbound marketing is a very powerful contemporary
- Traditional = company focused. marketing strategy that focuses on different tactics to
Contemporary = consumer focused. draw consumers in and convince them to buy goods. It is
- Contemporary marketing aims for customer satisfaction one the result-oriented types of marketing that uses
in order to build a relationship with them. content to drive results. A key subset of Inbound
- Concerned with the needs of customers. marketing is Content marketing which the Content
Marketing Institute refers to as "a strategic marketing
Since it first emerged as a distinct business and approach focused on creating and distributing valuable,
management phenomenon, marketing has evolved relevant, and consistent content to attract and retain a
significantly with new types of marketing to address clearly defined audience."
changing trends in the market. Our contemporary
Green marketing refers to the process of selling - SERRANO - Activities aimed at developing and
products and/or services based on their environmental managing trusting and long-term relationships with larger
benefits. Companies are selling products and/or services customers.
by first promoting its benefit that is environmentally CHARACTERISTICS:
friendly or produced in an environmentally friendly way. 1. It focuses on the long-term rather than the short-term.
For green marketing to be effective, there are three 2. It focuses on partners and customers rather than on
things that needs to be done: the company’s products.
1. Being genuine 3. It puts more emphasis on customer retention and
a. The company is doing what it claims to be growth than on customer acquisition.
doing in its green marketing campaign and; 4. It relies on cross-functional teams rather than on
b. The rest of the business policies are consistent departmental-level work.
with whatever the firm is doing that’s environmentally 5. It relies more on listening and learning than on talking.
friendly. BENEFITS IN DEVELOPING AND IMPLEMENTING
2. Educating the customers isn’t just a matter of letting CUSTOMER RELATIONSHIP:
people know that the company is doing whatever it is 1. Consistent customer experience
doing to protect the environment, but also a matter of 2. Customer Feedback
letting them know why it matters. 3. Customer Profitability
3. Giving customers an opportunity to participate means 4. Customer advocate
personalizing the benefits of the company’s 5. Innovation
environmentally friendly actions, normally through letting BENEFITS OF RELATIONSHIP MARKETING:
the customer take part in positive environmental action. - Retaining customers has eight times less cost than
acquiring new ones.
RELATIONSHIP MARKETING A. Understanding Customer Characteristics; - the
- Gilaninia et al. (2011) - creating, maintaining and company can segregate its customers into groups based
enhancing strong relationships with customers and other on their characteristics like purchasing power, frequency,
stakeholders. and volume of sale transactions. It also helps the
- Marketing is moving away from individual transactions company get valuable feedback from its customers and
and towards value-laden relationships and marketing understand their needs and expectations.
networks. B. Delivery and Meeting Expectations - if the company
- Long term oriented. knows what its customers’ needs are, it will help reduce
- Goal = Long-term value to customers. wastage due to trial and error methods. It is easier to
- Measure = Long-term customer satisfaction. create a product if the features and specifications of the
- All the company’s departments work together. product are known.
- It involves building relationships at many levels – C. Repeat Business - Sellers should maintain a good
economic, social, technical, and legal – resulting in high attitude toward the buyers. By doing this, buyers will feel
customer loyalty. that they do not need to switch sellers.
D. Prevents Negative Transition. - Trust and loyalty go
hand in hand and it is super beneficial for all businesses.
It will help prevent customers from turning to competitors.
LEVELS OF RELATIONSHIP:
1. BASIC - Transaction. No follow ups.
2. REACTIVE - Seller urges customers to ask. E. Word-of-Mouth Marketing
3. ACCOUNTABLE - Seller calls to check if expectations - Increasing customer base - satisfied existing customers
are met. Solicits suggestions and disappointments. are 100% more likely to recommend a product/service to
4. PROACTIVE - Calls from time to time with a prospective customer. Apart from customer referrals,
suggestions about improved products. there are several other ways to increase customer
5. PARTNERSHIP - Works together with customers to satisfaction by employing methods of utilizing social
deliver better value. networking websites, blogs, informal surveys, benefits on
loyalty cards, timely responses to complaints and
CONCEPT OF RELATIONSHIP MARKETING
requests as a constant reminder of its presence around,
- FORBES.COM - Relationship marketing is a strategy
and retention equity is improved by enhancing customer
designed for customer loyalty, interaction, and long-term
satisfaction.
engagement to be fostered. It is designed to develop
F. Reduced Marketing Cost - benefits also include
strong connections with customers by providing them
lesser marketing costs and more value creation. This can
with information directly suited to their needs and
be explained by stating the following statistics: every 5%
interests by promoting open communication.
increase in customer retention can increase a company’s
- Development of ongoing connection.
annual profits from at least 25% to as much as 125%,
- Big part of marketing.
while simultaneously leading to a reduction of 10% in
- Interaction with current and potential customers.
marketing costs. An existing customer will spend 33%
- Relationship involves marketing communications, sales
more than a new customer to buy a company’s
support, technical assistance, and customer service.
product/service.
G. Identification with the company - the benefits are
reaped both by the company and the customers. It helps
customers identify more with the company. Keeping your 4. Build a Brand Identity - A memorable brand will
communication lines open and keeping in touch with the make it easy for customers to find you and your
customers makes them feel like they are being valued. It product(s). Customers will gravitate toward what they
will keep customers coming in and build brand equity for find that is memorable.
the company in the long run. 5. Give Your Customers Free Information - What’s
H. Product Market Expansion - the company’s better than free? Not much. Your customers are seeking
employees must be ready to deliver beyond the information about your product(s). They have questions.
company’s boundaries on customer demand. Give them answers! Identify the topics and interests your
customers have.
CUSTOMER VALUE 6. Loyalty Rewards - Loyalty programs encourage
- Customer Value is the relationship between benefits shoppers to return to stores where they frequently make
and costs including money, stress, and time to sacrifice purchases.
that is necessary to get those benefits. Or simply stated 7. Communicate Often - Relationships are based on
in a mathematical equation: communication. Your customers and users want to
Benefits – Cost = Customer Value. communicate with you, so be sure to communicate with
IMPORTANCE OF CUSTOMER VALUE: them often. Relationship marketing works well when you
1. Designing and providing superior customer value are strive to be there for your customers.
the keys to successful business strategy in the 21st 8. Special Events - Holding a special event for your
century. existing or prospective customers is a great way to build
2. Value reigns supreme in today’s marketplace and relationships.
marketspace. 9. Face-To-Face Time - Like a lot of what we’ve been
3. Customers will not pay more than a product is worth mentioning, it comes back to interactions. While
and will reward excellence. electronic communication is great, and often preferred,
4. A customer-centric culture provides focus and having a face-to-face meeting can help the customer feel
direction for the organization, ensuring that exceptional valued.
value will be offered to customers. CUSTOMER SERVICE
5. Designing and delivering superior customer value - Act of taking care of the customer's needs by providing
propels organizations to market leadership positions in and delivering professional, helpful, high-quality service
today’s highly competitive global markets – an absolute and assistance before, during, and after the customer's
advantage. requirements are met.
6. Providing outstanding customer value has become a - Meeting the needs and desires of any customer.
mandate for management. CHARACTERISTICS OF GOOD CUSTOMER
CUSTOMER RELATIONSHIP MARKETING - will make SERVICE:
earlier agents of change look inadequate. The key • Promptness: Promises for delivery of products must
facilitator is the technology available to marketers. be on time. Delays and cancellations of products should
- CRM weds the individual customer and technology in be avoided.
unique ways. These fourth-wave relationships, propelled • Politeness: Politeness is almost a lost art. Saying
by a confluence of technological advances, will 'hello,' 'good afternoon,' 'sir', and 'thank you very much'
themselves change at geometric rates. are a part of good customer service. For any business,
(1) One-to-one marketing using good manners is appropriate whether the customer
(2) Database marketing makes a purchase or not.
(3) Integrated marketing • Professionalism: All customers should be treated
(4) Interactivity. professionally, which means the use of competence or
9 RELATIONSHIP MARKETING STRATEGIES AND skill expected of the professional. Professionalism shows
TOOLS the customer they're cared for.
1. Networking - Networking, online and off, can be a • Personalization: Using the customer's name is very
powerful relationship marketing technique. This isn’t just effective in producing loyalty. Customers like the idea
for job seekers! Think about the interests that you have that those they do business with know them on a
as a business, and then join groups that share your personal level.
affinities.
2. Cherish Each Customer - Not just in the way that
every company says that they do. Make sure that every
interaction you have with your customers shows them
that they are valued.
3. Listen to Your Customers - Listen to your customers!
Every business says they do, but not all follow through or
apply what they’ve heard. Even listening and responding
to compliments can be beneficial. People love knowing
they’ve been heard. Even complaints can be a blessing
in disguise. People often just want someone to share
their concerns with.