Principles of Marketing M1

PRINCIPLES OF MARKETING

Marketing Principles
and Strategies

12 - ABM
What is Marketing?
It is defined as the meeting of the minds between the seller and the
buyer to satisfy human needs and wants with profit on the part of the
marketer and the satisfaction of the buyer for the money he spent.
Goal of Marketing Two Interacting
Components of
Attract new customer by Marketing
promising superior value
• COMPANY
and keep and grow current • MARKET
customers by delivering
satisfaction.
Customer Needs
and Wants
Customer’s Needs Examples

Need is one important component in the • Foods

marketing of products. It is the consumer’s desire • Clothing
for a product or service. The product or service
must have specific benefits that satisfy the
• Shelter
functional or emotional needs. We cannot live
without them and marketers must be able to
provide them to human population.
Customer’s Wants Examples
Wants are higher-level human needs as they • Gadgets

appeal more to the emotions. These are the social • Jewelry
needs for recognition and the development of
higher social satisfaction is limitless. The
• Automobiles
development of technology and different
electronic gadgets are more of human wants. The
marketers must continuously improve
technological inventions to sustain customer
wants.
According to Garovillas (2004), he stated
that the marketing concept is a business
Concept of philosophy, which holds that the key to
achieving organizational goals consists of
Marketing determining the needs and wants of target
markets and delivering the satisfaction more
effectively and efficiently than competitors
do.
The philosophy of doing business is developed as people realized that
marketing is vital to the success of any marketing organization. The
marketing concept emphasizes customer orientation and coordination
of marketing activities to achieve the marketing goals and objectives.
The philosophy that “The customer is the boss”, rings over the minds
of the marketing people that customer satisfaction which is of
paramount consideration. While it is important to satisfy customer
wants and needs, this could only be achieved under the following
marketing concepts:
1. Marketing must be Customer Oriented
The planning and operation must be directed

towards customer orientation. The whole
marketing organization and its operating staff must
be focused on determining what will satisfy the
needs and wants of the target customers, the
important link in the business operation.
2. Marketing must be Coordinated Activities
Coordination activities must start in the product planning

process, the process. The product is the key element that the
customer wants to buy that is worth his money. Price is
another important component as customers would like to get
his money’s worth. The place of distribution must be within
his reach and the promotional activities must be appealing
for him to decide which product to purchase.
3. Marketing must be able to achieve the
Performance Target Goals and Objectives
Customer-oriented and coordinated marketing aims

to achieve its profit, objectives and goals. These
goals and objectives hinge on the increase in sales
volume and customer’s patronage. When product
planning, price, promotion and distribution and
properly coordinated, it will result in the most
effective way of satisfying the customer’s needs and
wants. The sales volume and profit objective will be
realized.
Awareness
makes your target market know you
Goals of Availability
Marketing make your products available according to purchase pattern
Trial
provide a low risk initial experience to allow target consumers and

customers to form positive impression
Repeat Purchase
continuous satisfaction of needs and wants of target consumers

The Goals of
Marketing and
their Social
Effects
1. Maximize the Consumption of Goods
- The Aggressive marketing strategies and policies had

increased the consumption of goods and services. The demand
of the market is tremendous. Sellers face many challenges on
what products to offer. Buyers want quality products at
reasonable price and t the most convenient location.
2.Maximize Consumer Satisfaction
- The market demand is varied, and customer satisfaction is the

challenge of the marketing organization. Measurement of
customer satisfaction is difficult. It embraces careful analysis of
the market demand which varies with the time and the social
development of society.
3. Maximize Choice of Goods or Service
- Some marketers believe that the goal of marketing is to

maximize the variety of the product in the market and provide
consumers a wide assortment of choices. The main objective is
for customers to find the goods that will satisfy their biological
needs as well as their emotional and social wants. Development
of new products needs research but that will mean time and
costs.
4.Maximize the Quality of Life
- The improvement of the quality of life is the target of

marketing people. New hand phones are created to
communicate with various sectors of society, friends and
families. Easy communications access satisfies not only social
needs but also business requirements. Compu0terss and others
electronic gadgets bring pleasures to homes and enjoyment of
the comfort of living.
Marketing
Philosophies
1.PRODUCTION CONCEPT
• An assumption that consumers prefer a product
which is inexpensive and available
• Increase in the production of the product makes the
companies get the advantage of economies of scale
• Low price may attract new customers, but the focus
is just on production and not on the product quality
• Other factors may influence customer buying
decision, not just inexpensive price.
2.PRODUCT CONCEPT
• An assumption that customers prefer products of
‘greater quality’ and ‘price and availability’ doesn’t
influence their purchase decision
• Companies often lose or fail to appeal to customers

whose demands are driven by other fact
3.SELLING CONCEPT
• Focuses on making an actual sale of the product,
regardless of the quality
• Companies following this concept may even try to

deceive the customers to make them buy their
product
4.MARKETING CONCEPT
• An assumption that consumers buy products which
fulfil their needs as a result of research better than
the competitor
• Establishes a relationship with the customer and

generate profits in the long run
Do you have any
questions?
If none, thanks for listening!

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PRINCIPLES OF MARKETING

Need is one important component in the • Foods

Wants are higher-level human needs as they • Gadgets

The planning and operation must be directed

Coordination activities must start in the product planning

Customer-oriented and coordinated marketing aims

makes your target market know you

Marketing make your products available according to purchase pattern

provide a low risk initial experience to allow target consumers and

continuous satisfaction of needs and wants of target consumers

- The Aggressive marketing strategies and policies had

- The market demand is varied, and customer satisfaction is the

- Some marketers believe that the goal of marketing is to

- The improvement of the quality of life is the target of

• Companies often lose or fail to appeal to customers

• Companies following this concept may even try to

• Establishes a relationship with the customer and

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