Core Values

Company values or core values are a collection of guiding principles and essential beliefs

that empower individuals to operate as a team toward a common business goal.

Core values are guiding principles that help shape the company's mission and support its

vision

Goals and Objectives

A goal is a broad aim established to start the business planning process, while an objective

is a specific milestone reached to achieve a goal (Root 2016).

SMART Marketing Objectives

By recalling the previous section, goals have broader aims than objectives. Objectives

organize and operationalize the achievement of goals; therefore, objectives have to be

specific, measurable, achievable, relevant, and time-bound. Organizations typically use the

SMART criteria to determine and design their objectives.

1. Specific: Objectives are clear and detailed, leaving no room for confusion or

misinterpretation. Organizations consider the five Ws (who, what, when, where, and

why) in developing their objectives.

2. Measurable: Objectives specify the metrics to assess the organization’s

performance. Organizations should be able to measure their progress through the

use of units, numbers, and figures.

3. Achievable: Objectives set targets that the team could accomplish. Organizations

consider its resources, opportunities, and capabilities to determine attainable

milestones.

4. Relevant: Objectives align with the individual and organizational goals. Organizations

design worthwhile activities that directly address their current needs and advance
their progress toward achieving their aims.

5. Time-bound: Objectives are set to be accomplished in a given date, timeframe, or

deadline. The time element expresses the long-term and short-term objectives as

well as the priorities at any given time. Through this, organizations can periodically

assess their performance and progress.

Key Performance Indicators (KPIs)

Key Performance Indicators (KPIs) are quantifiable measures that organizations use to

describe their performance and track their progress against a specific objective or target.

Effective planning usually sets five to seven KPIs to oversee and track. Here are some of the

elements that comprise a structured KPI:

 measurement: Quantifiable outcome expected

Common Marketing Goals

Company mission, vision, goals, and objectives are guiding stars for every leader,
department, and employee as they make decisions and take action regularly. Organizations
use KPIs to measure the performance and progress toward achieving the predetermined

objectives.

the overall goal of marketing is to establish and maintain profitable customer relationships

This broad aim is broken down into specific marketing goals:

 acquiring new customers

Customer acquisition is the process of drawing in new customers or clients. This process

aims to create a systematic, sustainable acquisition strategy that evolves with recent trends

and changes.

In acquiring new customers, companies follow a road map called the buyer's journey—the

process in which buyers become aware, consider, and decide to buy a product or avail a

service.

Retain Customers

Customer retention refers to the activities and efforts made by companies and businesses

to increase customer loyalty. Customer-retention programs aim to assist businesses in

retaining as many customers as possible, generally through customer-loyalty and

brand-loyalty activities.

Upsell and Cross-Sell

Also known as suggestive selling, upselling is the activity of persuading customers to buy an

upgraded or more expensive version of a product or service. This sales tactic maximizes

profit and provides better customer experience.

Cross-selling is a sales approach that encourages customers to spend more by

recommending a product related to the one they are already purchasing.

Increase Customer Satisfaction

Bear in mind that the key to increased customer satisfaction is consistency in providing

positive customer value. Although customers perceive value differently, the product or

service performance should consistently exceed their expectations.

Launch New Products

A product launch is a coordinated effort to bring a product to market and announce it to

the public. The marketing plan outlines the messaging and marketing strategy for effectively
convincing customers to adopt the new product.

Improve Product Position

When you're meeting someone for the first time, you need to make the right first
impression. The same idea applies when businesses position their product in the market.
Product positioning is the strategy of deciding and presenting how the market sees, thinks, or feels about
the company’s product compared to the competing ones.

1.3

Marketing concepts are the fundamental philosophies and ideas used by companies to

approach the marketplace. It consists of assumptions that affect how marketing strategies

are designed and implemented to achieve the outlined goals.

Production Concept

The production concept is considered one of the oldest philosophies in marketing. It

assumes that consumers favor products that are widely available and more affordable than

others. For instance, consumers who want to buy an item will go to the nearest convenience

store and choose those products within their budget.

Product Concept

The product concept assumes that consumers prefer and patronize products that offer the

highest quality, performance, and features. For example, consumers who want to buy

gadgets are willing to spend more if it has a faster processor, bigger memory capacity,

functional design, among others.

Selling Concept

The selling concept assumes that consumers will not buy a product unless the company

engages in a large-scale selling and promotion effort. This concept also promotes the idea
that through advertising, customers may be convinced to buy a product they did not have an

interest in before. It holds the principle that if a product is effectively advertised, the

customers would want it. For example, a customer may not be interested in an insurance

policy, but after the sales agent presented the advantages of having one, the customer

eventually decided to buy it.

1.4

Contemporary Approach in Marketing

The traditional approach to marketing is product-based. The concepts associated with this

approach leads companies to focus on product improvement, production and distribution

efficiency, and promotional efforts.

The Marketing Concept

The marketing concept defines the contemporary approach in marketing. The marketing

concept seeks to find the right product for customers.

The marketing concept did not just change the way products are made or promoted; it also

changed the way organizations operate. Companies who have accepted the marketing

concept make the whole company work together to satisfy the customers’ needs.

Other organizations establish a more long-term goal of success, i.e., the triple bottom line.

The triple bottom line refers to the measure of economic, social, and environmental

outcomes. Businesses who aim to achieve this actively seek economic profit while taking

care of their people, the community, and the environment. People, planet and profit.

Contemporary approaches in marketing refer to theories and concepts that stress

the importance of customer orientation versus the traditional market orientation.

● There are different types of contemporary marketing: non-profit marketing, celebrity

marketing, place marketing, cause marketing, event marketing, and green marketing.
○ Non-profit marketing uses tactics and strategies to amplify an organization's

cause and mission, solicit donations, and attract volunteers and supporters.

○ Celebrity marketing uses celebrities or famous people to influence

consumers to feel aspirational about a particular product.

○ Place marketing's purpose is to attract tourists.

○ Cause marketing is aligning a brand with a cause to produce profitable and

societal benefits for both parties.

○ Event marketing is a strategy that includes live and virtual events were

audiences interact with a product or brand.

○ Green marketing is advertising products or services based on them

environmental benefits.

Digital Marketing

With the existence of the internet, there is one type of marketing relevant for marketers

today— digital marketing. It is advertising through search engines, websites, social media,

email, and mobile apps (Marketo, 2021). Once said to be offline, advertisements have now

transitioned online.

Common Digital Marketing Channels

1. Paid and unpaid SEO. According to Search Engine Journal, SEO or Search Engine

Optimization is the process of optimizing a site and its content to establish higher 5

visibility in search engine results (Maryville, 2021). It is an essential tool because people search for
anything through search engines.

2. Social media marketing. It is the use of different social media platforms to market

products or services. According to Smart Insights, about 3.8 billion people used social

media in 2020 — a 9% increase from 2019.

3. Content marketing. It comprises visual and written communication (e.g., blog posts,
memes, and videos) to promote a business, brand, or product (Maryville, 2021).

4. Email marketing. It is a form of marketing that can make the customers on a

business' email list aware of new products, discounts, and other services. It can also

be a way to send any updates and exclusive promos to them.

5. Mobile marketing. It pertains to any advertising activity promoting products and

services via mobile devices, such as tablets and smartphones. It isn't limited to text

brigades, but it can also include notifications that you receive after downloading an

app.

For both online and offline marketing, it is essential to measure the effectiveness of a marketing
campaign. To do this, marketers use marketing analytics — the practice of managing and studying
metrics data to determine the return of investment of different marketing efforts like calls-to-action
(CTAs) , blog posts, and channel performance to identify opportunities for improvement.