marketing principles

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marketing principles marketing principles marketing is not just about selling; it is about creating, communicating, delivering, and exchanging value to satisfy customer needs. economics sees markets as demand and supply; marketing focuses on shaping demand and meeting consumer needs efficiently. definition of marketing core concepts of marketing 01 02 needs, wants, and demands need → basic human requirement (food, shelter). want → shaped by culture/preferences (pizza instead of just food). demand → want + purchasing power.(links to microeconomics demand theory.) market offerings products, services, experiences that satisfy needs. 03 value and satisfaction customers choose what maximizes utility (value). economics: utility maximization → marketing: customer satisfaction. exchange and transactions core of marketing is exchange, same as economics’ market transactions. 04 product what to offer (quality, features, branding). price how much to charge (relates to demand elasticity in economics). where/how to distribute (channels, logistics). place promotion how to inform and persuade (advertising, …

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opoly/oligopoly → heavy reliance on marketing to maintain market power. income, purchasing power & consumer spending higher incomes → luxury consumption. low incomes → focus on necessities. marketing aligns with economic class and purchasing patterns. macroeconomic environment inflation, unemployment, gdp growth all affect consumer demand and marketing strategies. 3. social foundations of marketing marketing must adapt to human and social dimensions: culture and traditions influence product design, food habits, clothing, advertising style. social class and status marketing uses status symbols (luxury brands, premium pricing). reference groups & family friends, family, and social networks affect purchase decisions. lifestyle and values healthy lifestyle trend → rise of organic food and fitness markets. digital lifestyle → rise of e-commerce and social media marketing. demographics age, gender, education, occupation shape consumption patterns. 4. integration of socio-economic foundations marketing is where economics meets sociology. example: economics says: demand for smartphones rises with income. sociology says: …

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overnight — it evolved through different stages based on changes in society, industry, and consumer behavior. the production concept (1800s – early 1900s) focus: mass production & efficiency. belief: consumers prefer products that are affordable and available. companies emphasized scale of production and low cost. example: henry ford’s model t – “you can have any color, as long as it’s black.” 2. the product concept (early 1900s – 1930s) focus: quality, performance, and innovation of products. belief: consumers will choose products with best quality and features. risk: companies ignored what customers actually wanted (marketing myopia). example: kodak focused on film quality but ignored the rise of digital cameras. 3. the selling concept (1930s – 1950s) focus: aggressive selling & promotion. belief: consumers will not buy enough unless persuaded by sales & advertising. often applied to unsought goods (insurance, encyclopedias, door-to-door sales). example: telemarketing, high-pressure sales tactics. 4. the marketing concept …

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on target market consumer marketing – directed at individuals/families. business-to-business (b2b) marketing – directed at organizations, firms. 3. types of marketing (b) based on approach/method traditional marketing – face-to-face, physical stores. digital marketing – online channels (social media, websites, seo, email). direct marketing – direct contact with customers (phone, mail, sms). relationship marketing – building long-term relationships with customers. (c) based on scope domestic marketing – within a country. international/global marketing – across national borders. local/regional marketing – specific areas or communities. (d) specialized types green marketing – eco-friendly products. social marketing – promoting ideas/social causes (e.g., health campaigns). service marketing – marketing of services (banks, hospitals, education). non-profit marketing – used by ngos, charities. visual comparison chart that links together the functions, principles, and types of marketing image2.png image3.png image4.png image5.png image17.png image13.png image6.png image18.png image7.png image19.png image20.png image10.png image11.png image12.png image14.png image15.png image8.png image9.png image16.png image21.png image1.jpg er …

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marketing principles marketing principles marketing is not just about selling; it is about creating, communicating, delivering, and exchanging value to satisfy customer needs. economics sees markets as demand and supply; marketing focuses on shaping demand and meeting consumer needs efficiently. definition of marketing core concepts of marketing 01 02 needs, wants, and demands need → basic human requirement (food, shelter). want → shaped by culture/preferences (pizza instead of just food). demand → want + purchasing power.(links to microeconomics demand theory.) market offerings products, services, experiences that satisfy needs. 03 value and satisfaction customers choose what maximizes utility (value). economics: utility maximization → marketing: customer satisfaction. exchange and transa...

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