MARKETING
Mr. Charlie Sibonga | Midterm | 2nd Semester
- In 1960, American E. Jerome McCarthy
TRADITIONAL VS CONTEMPORARY introduced the four Ps classifications of product,
price, promotion and place to refine this concept.
TRADITIONAL
- Emphasis is on selling and promoting, and the 1. Price - is the amount the consumer must
objective is maximization through sales volume exchange to receive the offering.
- Focus more on selling promoting/profit 2. Place - includes company activities that make
the product available to target consumers.
CONTEMPORARY 3. Product - means the goods-and-services
- Stresses on the customers, their specific needs combination the company offers to the target
and perceptions about the product and services. market.
4. Promotion - includes all of the activities
GOALS OF MARKETING marketers undertake to inform consumers about
their products and to encourage potential
● Regardless of product the marketing objective is customers to buy these products.
to reach the intended audience with a message
and delivery. BENEFIT OF MARKETING MIX, MARKETING MIX
● Are specific objectives described in a marketing DECISIONS, BEST MARKETING MIX
plan. RELATIONSHIP MARKETING
● Set key performance indicators (KPI’s) which ● Creating value by generating higher profits for
provide metrics to evaluate success factors. the company and generating a better experience
for the customer.
CORPORATE GUIDING PRINCIPLES ● Involves the improvement of internal operations
● Cultivating, maintaining, and growing strong
● Product Productivity (SKU productivity) - business relationship
measure of financial success
● Customer-Centricity - centered on making it IMPORTANCE RELATIONSHIP MARKETING
easier for the customer ● Provides the key to retaining customers.
● Operational Efficiency - focuses on cutting ● Also involves the relationships with supplier,
through the clutter and changing the way we recruitment markets, internal markets, referral
operate in order to be as efficient as possible markets, influence markets.
from both a system and logistics stand point. VALUE OF CUSTOMERS IN MARKETING
● Relationship Marketing - is all about building ● Benefit that a customer will get from a product
healthy and long lasting relationships using or service in comparison with its cost.
suitable marketing techniques.
● Business Marketing - takes place between RELATIONSHIP DEVELOPMENT STRATEGIES
businesses or organizations. ● Important part of the learning and development
● Social Marketing - more emphasis is put on process.
complying with existing social norms and ● It is about learning from others and knowing
abstaining from any activities that might be how to connect with people.
detrimental to society.
EVOLUTION AND CONCEPT OF MARKETING MIX
4Ps MARKETING MIX: Product, Place, Promotion, Price
- The marketing mix is a term coined by Neil
Borden in a 1948 article called, "The Concept of
the Marketing Mix." It describes the various
elements that together make up the strategic
marketing plan for a product.
RELATIONSHIP BUILDING STRATEGIC MARKETING PROCESS AND PHASES
● COMMUNICATE FREQUENTLY ● Is a planning process that seeks to establish a
● OFFER CUSTOMER REWARDS clear direction and unified purpose for all
● HOLD SPECIAL EVENTS marketing efforts
● BUILD TWO WAY COMMUNICATION Mission
● ENHANCE YOUR CUSTOMER SERVICE ● The first step in strategic marketing is to
● LAUNCH MULTICULTURAL PROGR ,F,JF,AMS articulate the reason why the enterprise exists
● VISIT THE TRENCHES and how it can benefit target consumers over the
long term.
MARKETING STRATEGY DEVELOPMENT
● Involves the isolation of a target market Situation Analysis
segment, a set of clear-cut goals, a fair amount ● SWOT analysis.
of consumer research, and the implementation of ● Helps managers understand the resources they
the initiatives aimed at getting the word out. can build on and the challenges they face.
Target Markets Strategy and Evaluation
● Are those segments of the population that the ● This involves selecting a target market, a distinct
small business owner deems to be potential group of consumers who are likely to buy the
customers. firm’s product.
● Should be specific to your type of business and
should be discerned through market research PHASES OF STRATEGIC MARKETING PROCESS
experience. ● Planning Phase - it analyzes internal strengths
Goals and weaknesses, external competition, changes
● An essential part of marketing strategy in technology.
development. ● Implementation Phase - action portion of the
● Should be based on customer research, starting process
with the past performance and factoring in the ● Evaluation or Control Phase - is the checking
changes that additional marketing efforts and phase
promotions will bring.
Guidelines for Effective Strategic Marketing
Research
Process
● Sometimes surveying your own clients is the best
● Set measurable, achievable goals.
way to get a firm handle on who your marketing
● Base plans on facts and validated assumptions
targets should be.
through market research.
● Use simple, clear and precise plans to detail what
Evaluation and Adjustment
benefits you will offer to your clients.
● Marketing Strategies in order to be successful,
● Have a feasible plan
they must remain in a state of constant
● Ensure Control and Flexibility.
evolution.
