M #1 01/13/22 Thursday, 13 January 2022 2:22 pm Principles and strategies Marketing - communicating or promoting value of the product, service or brand to customers - the link between society's material requirements for its needs and wants - creation, communication, delivery of value to customers, and exchange of values Customer Needs and Wants Need- desire of the consumer for a product or service ‘Want - higher level human needs, appeal more to emotions Goals of Marketing 1L Understand the Market and its consumers, and satisfy their changing needs and wants 2. Introduce and Innovate products and services 3. Design and Implement effective customer-driven marketing strategyM #2 01/20/22 Thursday, 20 January 2022 12:50 pm Review Marketing - Creation - Communication - Delivery of Value to Customers - Exchange of Values Company - produce Market - sell Goals of Marketing and their Social Effects 1 Understand the Market and its consumers and satisfy their changing needs and wants 2. Introduce and innovate Product and Services that improves human condition and the quality of life 3. Design and Implement Effective Customer- Driven Marketing Strat Driven, ma engganyo to buy) 4, Develop Marketing Programs that deliver superior value to customers 5. Build and Maintain Mutually Beneficial and Profitable Customer Relationships (ensure quality) 6. Capture Customer Value to Create Profits 7. Promote Value Transactions with full regard to society's well being jes (Customer- * Product or services that serves no purpose or contribute nothing to individual and societal well being should not be marketed. Traditional Concept Marketing - a marketing strategy that is product centered Several inct Approaches, Traditional Approaches (Product Centered) 1. Production Concept - assumes that customers prefer products that are inexpensive, affordable, and widely available. 2. Product Concept- assumes that customers prefer and patronized products of high quality. 3. Sales Concept - emphasizes aggressive and promotional efforts Contemporary Approaches (Customer Centered) 1. Marketing Concept the objective is to provide a solution to the customer's actual or perceived problem. 2, Relationship Marketing Concept- believes that all marketing activities are for the purpose of establishing, maintaining, and strengthening meaningful long-term relationship with customers. 3, Societal Marketing Concept - include considerations that protect the customer's well being and interests, as well as the environment and society. Performance Task - collab with Business Simulation