Marketing 101

TABLE OF CONTENTS

DEFINITION OF MARKETING 2

7P’S OF MARKETING 2

MARKETING STRATEGIES 4

Marketing Vocabulary List 5

INTEGRATED MARKETING COMMUNICATIONS 5
COMMONLY USED TERMS 5
FOR BUYERS AND SELLERS 6
PRODUCT 9
PRICE 9
PLACE 10
PROMOTION 11

OVERVIEW OF IMCs 12
General Parts of an IMC 12
Why are IMCs important? 12
Example of IMCs 12

SOURCES 13
 DEFINITION OF MARKETING
● Activities by which individuals and groups
obtain what they need and want through
creating and exchanging products and
value with others
○ Involves researching, promoting,
selling and distributing your
products or services
● Applied social science that examines and
influences how humans exchange
7P’S OF MARKETING
The 7Ps are used to review and assess issues that can affect the marke.ting of a product or
service.
PRODUCT
PRICE
OBJECTIVE
● “The twofold goal of marketing is to attract
new customers by promising superior
value and keep and grow customers by
delivering satisfaction”
○ We need to create value for the
consumers which will create value
for the company through a
long-lasting relationship between
them and the consumer
● The perfect product or service must
provide value for the customer
○ Giving the customers what they
actually want and/or need, not
what they think they want
○ Think if the product is appropriate
and suitable
● The successful enterprise will find out
what the customer needs first before
developing the right product
● Consider if there are processes that allow
you to monitor any changes in customer
and/or needs to see if innovations on the
product are necessary
● A product or service is only worth what
customers are willing to pay for it
● Pricing must also be appropriate;
sometimes there is a need to either lower
or raise prices
● Pricing competitively does not always
mean pricing cheap
 ○ As long as the price you give your
product is justified by the value it
gives your customer, and also
exceeds the value the competing
product or service gives your
customer, you are pricing
competitively
○ Ex: Extra services or add-ons to
your product
● The more you charge, the more
customers will expect better value for their
money relatively to other products or
services
● Perhaps terms and conditions of sale may
also change accordingly

PLACE
● The place where the customer buys the
product, and the means of distribution for
the product or service must be convenient
and accessible to the customer
● Product or service must be available at
the right time, right place, and in the right
quantity
● Place also means ways of displaying your
product or service to customer groups

PROMOTION
● Promotion is the way that a company
communicates what it does and what it
offers to their customers
● It must gain attention, be appealing, tell a
consistent message, and give the
customer a reason to get your product or
service and not the competitors
● Good promotions communicate the
benefits the customer gets from the
product, and provides an avenue for
dialogue with the customer
● Often, what works today may not work
some other time; promotion must be
updated accordingly
 PEOPLE
● Anyone who comes into contact with your
customers will make an impression
● Important to have these people trained
and fit for the job
● The level of after–sales support adds
value to the product (e.g. Apple Care)
● Look for gaps within the people

PROCESS
● The process of giving a service is crucial
to customer satisfaction and retention
● Do customers have to wait? Are they
informed constantly? Is your service
efficiently carried-out?

PHYSICAL EVIDENCE
● Usually more applicable to service
products
● There must be evidence to back–up how
well a service is delivered (e.g. a picture
of a tidy facility after being cleaned by
your cleaning service)
● Ask if customers are reassured through
services like websites, infrastructure or
facilities, and staff

MARKETING STRATEGIES
Solve a new problem ● Requires some risk & innovation
● But in the same way, revolutionizes
market in said innovation
● e.g. Smartphone (how to integrate my
work and personal tools into one device?)

Solve the same problem in a ● Focuses on rational benefits

different way ● Introduces costs and convenience
● e.g. Uber (how to get to places in a
private, vehicle-for-hire in a safer and
more convenient way as compared to the
usual taxis?)
 Solve the same problem in the ● Establishes emotional relevance
same way, with different emotions ● Builds stronger consumer relationships
● e.g. Coca-Cola (red, refreshment +
happiness) vs. Pepsi (blue, vigor + youth)

Marketing Vocabulary List

INTEGRATED MARKETING COMMUNICATIONS

DEFINITION
● Integrated Marketing Communications (IMC) is the process of changing mindsets
about a brand through relevant communication channels to influence a favorable
change in behavior.
● An approach to achieving the objectives of a marketing campaign, through a
well-coordinated use of different promotional methods that are intended to reinforce
each other.

COMMONLY USED TERMS

TERM DEFINITION
Key Performance Indicator (KPI) ● A type of performance measurement
companies use to evaluate an
activity's success
● Marketers look at KPIs to track
progress toward marketing goal
○ Can be based on existing
industry benchmarks or
standards

Call to Action (CTA) ● The next step a marketer wants its

audience or reader to take

Budget, Authority, Needs Timeline ● Helps in determining whether the

(BANT) target market has the budget,
authority, need, and right timeline to
buy what they sell

Social Media Marketing (SMM) ● Social Media Marketing

● people use social media to market
 their business to customers, potential
customers, journalists, bloggers,
employees, potential employees, and
anyone else in the social universe

FOR BUYERS AND SELLERS

TERM DEFINITION
Purchase Habit ● How you buy products or services of any
brand
○ Often, annually, impulsively, etc.

Purchase Motivation ● internal and external factors that stimulate

buying in people

Corporate Image ● the way society views a company

Consumer ● end user of the product; not necessarily

the customer

Target Market ● Who do I promote to exactly? Who needs

my product?
● Based on the reach and objectives of the
brand
● Includes current and desired consumer
mindset and behavior

Consumer Insight ● Statement of a general need gap that

motivates category use
● Guides and inspires brand to fulfill an
ownable role in consumers’ lives

Discount ● a reduction in price; one of the most

common marketing words

Competitive Advantage ● refers to factors that allow a company to

vf produce goods or services better or
more cheaply than its rivals
● attributed to a variety of factors including
cost structure, branding, the quality of
product offerings, the distribution network,
intellectual property, and customer service

Competitor Analysis ● a strategy where you identify major

competitors and research their products,
sales, and marketing strategies.
 ● helps you learn the ins and outs of how
your competition works
● It also helps you identify what they're
doing right and opportunities where you
can easily one-up them by using a
strategy they haven't taken advantage of.

E-marketing ● promotion of products and services over

the Internet

Market Niche ● small but profitable segment of a market

in which a company is a specialist; a very
specific form of target marketing

Marketing Segmentation ● process of defining and dividing a market

into different segments that have distinct
needs, wants, or demand characteristics

Market Share ● percentage of sales of a particular product

or service in a market captured by a
brand, product, or firm
● Example: In the fiscal year 2015, the total
sales for the pharmaceutical industry
reached $1.3 trillion. During the same
period, the revenues of pharmaceutical
company X were $47.4 billion.
The market share of pharmaceutical
company X is calculated as follows:

Market share = $47.4 billion / $1.3 trillion

= 3.6%

Given that pharmaceutical companies

face huge research & development (R&D)
costs, and it takes a long time until a drug
is approved by the FDA, generating
almost $50 billion in sales is a great
achievement

Market Size ● the number of buyers and sellers in a

particular market

Marketing Strategy ● written plan which includes product

development, promotion, distribution, and
pricing approach, and indicates the
marketing goals; marketing strategy
 explains how marketing goals will be
achieved within a stated period of time

Marketing Mix ● four basic marketing strategies; known as

the four Ps: product, price, place and
promotion; now there are seven Ps: the
three others being people, process, and
physical evidence

Positioning ● developing a specific image of the brand

in the minds of consumers relative to
other brands in the industry

Unique Selling Proposition (USP) ● the factor or consideration presented by a

seller as the reason that one product or
service is different from and better than
that of the competition

Positioning Map ● type of visual that allows marketers to

compare their product or service with
those of their competitors

●
 PRODUCT
TERM DEFINITION
Product Catalogue/Mix/Portfolio ● a company’s products as a group; one of
the most used marketing words

Product Range/Line ● products of a particular type manufactured

and/or sold by a company
● Products under a product line can be
related by functionality, target market,
price range, or brand.

Product Positioning ● consumer perception of a product as

compared to its competition

PRICE
TERM DEFINITION
Price Boom ● prices are rising quickly

Price Cut ● a reduction in price

Price Hike ● an increase in price

Price War ● companies cut prices in response to each

other

Price Leader ● a company whose price and price

changes are followed by the rest of the
industry
 PLACE
TERM DEFINITION
Distribution Channel ● a way of selling a company’s product
either directly or via distributors

Consumer Location ● wherever a consumer is located

E-commerce ● buying and selling of products or services

over electronic systems such as the
Internet; one of the most used marketing
words.
 PROMOTION
TERM DEFINITION
AIDA ● Stands for Attention/Awareness, Interest,
Desire, Action
● The four steps of the now somewhat
outdated Purchase Funnel, wherein
customers travel from consideration to
purchase

Advertising ● form of communication which purpose is

to inform potential customers about
products and services and to persuade
them to take some action

Public Relations ● a promotion intended to create goodwill

for a person or institution with the public

Personal Selling ● face-to-face communication between the

seller and buyer

Sales Promotion ● activities, materials, and techniques used

to supplement or coordinate advertising;
sales promotion includes coupons, sales,
discounts, premiums, sweepstakes and
contests
 OVERVIEW OF IMCs

General Parts of an IMC

Throughout the Marketing Education Program, your group will be tasked to create an IMC.
This section serves as an overview of the next two segments.

Background ● Analysis of the brand’s customers,

competitors, and communications
● Where is the brand now?
● Customers- take a look at the current
customers as well as potential new
customers (target market)
● Competitors- Analysis of competitors will
aid in product positioning, brand
positioning, etc.
● Communications- platforms, social media,
etc. In order to know which channel of
communication is most effective for a
certain target market.

Target Market ● Who do I promote to exactly? Who needs

my product?
● Includes current and desired consumer
mindset and behavior
● Includes a segmentation of the market
and a detailed analysis of the said
segmentations.

Big Idea ● In a line, what’s MY campaign about?

● It is the campaign theme – a narrative that
unites all the planned executions.
● The Big idea encapsulates the key
message
● A clear, impactful, and differentiated
concept that helps the campaign
stand out among competition.

Executions ● Proposed plans to be done after

careful analysis and research
● Covers everything from traditional
media, digital presence (social media
infographics, videos), and on-ground
activations.
 KPIs ● Used to monitor and measure the
effectiveness of executions
● Intrinsically linked to a firm's strategic
goals
● Used to assess whether they're on target
as they work toward those goals (e.g.
CTR, Reach, Impressions from social
media posts).

Why are IMCs important?

The IMC becomes the “face” of the brand, organization, or company. An IMC plays a crucial
role in delivering a unified message, which gives companies/organizations a better chance of
attracting and retaining their customers.

Example of IMCs
Apple at Work (from Apple Australia)
Burger King's 1 Cent Whopper
SOURCES
Hanlon, A. (2020, August 10). How to use the 7Ps Marketing Mix. Retrieved October 11, 2020, from
https://www.smartinsights.com/marketing-planning/marketing-models/how-to-use-the-7ps-marketi
ng-mix/

Kotler, P., & Armstrong, A. (2012). Principles of Marketing. Pearson Education: Prentice Hall

Module 1: Fundamentals of Marketing [PDF]. (n.d.). UP JMA Embassy.

Tracy, B. (2004, May 17). The 7 Ps of Marketing. Retrieved October 11, 2020, from
https://www.entrepreneur.com/article/70824

Reh, F. (n.d.). How Key Performance Indicators Work. Retrieved October 15, 2021, from
https://www.thebalancecareers.com/key-performance-indicators-2275156

Importance of Integrated Marketing Communications. Retrieved October 15, 2021, from

https://www.managementstudyguide.com/importance-of-integrated-marketing-communication.htm

Llewellyn, G. (2018, July 9). Four steps to developing a big idea for your campaign [belVita Case Study]
Retrieved October 15, 2021, from
https://www.smartinsights.com/traffic-building-strategy/campaign-planning/four-steps-developing-big-
idea-campaign/