Principles of Marketing 101

MAR1011 Principles of Marketing

What is Marketing?

Dictionary Definition:

• “Selling of products or services: the business activity of presenting products or services to

potential customers in such a way as to make them eager to buy. Marketing includes such

matters as the pricing and packaging of the product and the creation of demand by

advertising and sales campaigns. ” – retrieved from Encarta on the Net

Marketing Mix Variables are Product, Price, Distribution, Promotion

Marketing Strategy

A plan of action for identifying and analyzing a target market and

developing a marketing mix to meet the needs of that market

Reflects overall direction of organization

Coordinated with firm’s functional areas

Contributes to achievement of:

– Marketing objectives

– Organizational goals

Marketing Strategy

 Components of marketing strategy

• Target Market Selection

• Creating the Marketing Mix

• Sustainable Competitive Advantage

SWOT analysis • Strengths • Weaknesses • Opportunities • Threats

Core Competencies Things a firm does extremely (or relatively) well, which give it an advantage over competition

Market Opportunity A combination of circumstances and timing that permits an organization to take action to reach a particular target market

Competitive Advantage The result of a company’s matching a core competency (superior skill or resources) to opportunities in the marketplace

Customer Lifetime Value

May include an individual’s purchases and his or her word-of-mouth communication about products 


  • Defection Rate 
  • Average #sales 
  • Average $ Sale 
  • Net Present Values of Discounted Cash flows- revenue stream over time

Benefits of Marketing Research

  •  Facilitates strategic planning
  •  Assesses opportunities/threats
  •  Ascertains potential for success
  •  Helps determine feasibility of a strategy
  •  Improves marketer’s ability to make decisions

The Marketing Research Process

  • Step 1: Locating & Defining Problems or Research Issues
  • Step 2: Designing the Research Project
  • Step 3: Collecting Data
  • Step 4: Interpreting Research Findings
  • Step 5: Reporting Research Findings (“How to”)

The AIDA–I Consumer Buying Decision Making Model

  • Attention
  • Interest
  • Desire
  • Action
  • Interaction

E-Marketing, Digital Media, & Social Networking

Characteristics of E-Marketing

Top 13 Best Social Networking Sites in 2023

Facebook, YouTube, Instagram, Twitter, What’sApp, Pinterest, Reddit which is going IPO this year, Tumblr, Flickr, Snapchat, Linkedin, Tagged, Meetup

Blogs is a web-based journals through which authors can editorialize and interact with other Internet users  2/3 of Internet users read blogs.

Podcasts are audio or video files that can be downloaded from the Internet via a program that delivers content to listening devices (MP3 player) or personal computers

Digital marketing differs from more traditional marketing in

five key ways

1. Addressability

2. Interactivity

3. Accessibility

4. Connectivity

5. Control

Stages of the Product Life Cycle: 

Introduction, Growth, Maturity, Decline

A brand can be a name, term, design, symbol, or other feature that identifies the marketer’s product is different from those of other marketers. 

Trump, Just Google it, Pepsi cans, Nike logo.

Brand Loyalty is A customer’s favorable attitude toward a specific brand

 Degrees of Brand Loyalty

  • Brand Recognition: Buyer is aware that the brand exists and

considers it as an alternative if the preferred brand unavailable

  • Brand Preference: Buyer prefers the product over competitive

offerings and will purchase if available

  • Brand Insistence: Product is strongly preferred; buyer will accept

no substitute

Four elements of Brand Equity

1. Brand-name awareness

2. Brand loyalty

3. Perceived brand quality

4. Brand associations

Leave a Reply

Your email address will not be published. Required fields are marked *