Marketing a comprehensive
process that involves creating,
communicating, delivering, and exchanging
offerings that hold value for customers,
clients, partners, and society as a whole.
This definition highlights the multifaceted
nature of marketing
 is a multifaceted process that
involves understanding and meeting
human needs profitably, and it goes
beyond just selling products. It
encompasses product design, customer
understanding, value creation, and
more to ensure that the products or
services offered are aligned with
customer preferences and market
demand.
What is Marketed?
Goods - Physical goods are tangible products
that are produced and marketed
by companies.
Services- As economies advance, a growing
portion of economic activity
revolves around the production of services.
Events- This category refers to time-based
events that are marketed, such as
trade shows, artistic performances, and
company anniversaries.
Experiences: Firms can create, stage, and
market experiences by orchestrating
a combination of services and goods.
Persons: Personal branding and marketing are
relevant for individuals, including
artists, musicians, CEOs, physicians, financiers,
and other professionals.
Places: Cities, states, regions, and countries
compete to attract tourists,
residents, businesses, and company
headquarters.
Properties: Properties refer to intangible rights
of ownership in real estate (e.g.,
land and buildings) or financial property (e.g.,
stocks and bonds).
Organizations: Museums, performing arts
organizations, corporations, and
nonprofits all use marketing to enhance their
public image, compete for
audiences, and secure funding.
Information: Information products are what
books, schools, and universities
produce, market, and distribute.
Ideas: Every market offering is built upon a
fundamental idea or concept.
Who Markets?
A marketer is someone who seeks a response
attention, a purchase, a vote, a donation from
another party, called the prospect. If two parties
are seeking to sell something to each other, we
call them both marketers.
What is a Market?
A “market” was a physical place where buyers
and sellers gathered to buy and sell goods.
Economists describe a market as a collection of
buyers and sellers who transact over a particular
product or product class (such as the housing
market or the grain market). Marketers use the
term market to describe customer groups.
Core Marketing Concepts
Needs: are the fundamental human
requirements necessary for survival and well-
being.
Wants: are desires or preferences that arise
from our needs. When needs are directed
toward specific objects or products that can
satisfy those needs, they become wants.
Demands: refer to wants that are not only
specific but are also backed by an ability to pay
for the desired products or services.
Five types of needs: The New Marketing Realities

1. Stated needs Technology: This force emphasizes the rapid

2. Real needs advancements in technology that have reshaped
3. Unstated needs the marketing landscape.
4. Delight needs
Globalization: This force highlights how the
5. Secret needs
world has become more interconnected and
accessible, leading to changes in consumer
behavior and market dynamics.
‘Various Concepts Related to Marketing’
Social Responsibility: This force underscores the
Target Markets, Positioning, and Segmentation
growing awareness of societal issues and the
- Not everyone likes the same cereal, restaurant,
role of businesses in addressing them.
university, or movie.

Offerings and Brands - Companies address

customer needs by putting forth a value Marketing Concepts
proposition, a set of benefits that satisfy those
Production Concept:
needs.
The production concept is one of the oldest
Marketing Channels - To reach a target market,
concepts in business. It holds that consumers
the marketer uses three kinds of marketing
prefer products that are widely available and
channels.
inexpensive.
Paid, Owned, and Earned Media - We can
The Product Concept
group communication options for interacting
with customers into three categories. It is a proposes that consumers favor products
offering the most quality, performance, or
Impressions and Engagement - Marketers now
innovative features. However, managers are
think of three “screens” or means to reach
sometimes caught in a love affair with their
consumers: TV, Internet, and mobile.
products.
Value and Satisfaction - The buyer chooses the
The Selling Concept:
offerings he or she perceives to deliver the most
value, the sum of the tangible and intangible The selling concept holds that consumers and
benefits and costs. businesses, if left alone, won’t buy enough of
the organization’s products.
Supply Chain - The supply chain is a longer
channel stretching from raw materials to The Marketing Concept: (customer oriented/
components to finished products carried to final satisfaction)
buyers.
The job is to find not the right customers for
Competition -includes all the actual and your products, but the right products for your
potential rival offerings and substitutes a buyer customers.
might consider.

Marketing Environment - The marketing

environment consists of the task environment
and the broad environment.
Marketing Channels
Communication channel
Distribution channel
Service channel
Marketing Management Tasks
Developing and implementing marketing
strategies and plans. The first task is to identify
and plan for the organization’s potential long-
run opportunities, given its market experience
and core competencies.
Capturing marketing insights. Each organization
should closely monitor its marketing
environment, continually assess market
potential, and forecast demand.
Connecting with customers. Management must
decide how to best create value for the firm’s
chosen target markets and how to develop
strong, profitable, long-term relationships with
customers,
Building strong brands. The organization must
divide the market into major market segments,
evaluate each one, and target those it can best
serve
Creating value- At the heart of the marketing
program is the product the firm’s tangible
offering to the market which includes the
product quality, design, features, and packaging.
Delivering value- Based on its products and
services, how can the firm deliver value to its
target market?
Communicating value- Each marketer needs to
communicate to the target market the value
embodied by its offerings.
Managing the marketing organization for long
term success-The marketing strategy should
take into account changing global opportunities
and challenges as well as social responsibility
and ethics. Management must also establish an
appropriate marketing organization.
MARKET ANALYSIS AND MARKET BEHAVIOR
Market segmentation is the process of
categorizing a larger and diverse market into
smaller, more homogeneous groups or
segments. These segments are defined based
on shared characteristics, such as
demographics, psychographics, behaviors, or
geographic location.
Targeting follows market segmentation and
involves selecting one or more of the identified
market segments as the focus of a company's
marketing efforts. It's the process of deciding
which customer segments are most likely to
respond positively to the products, services, or
marketing campaigns of the business. The
objective is to allocate resources effectively and
efficiently by concentrating on the segments
with the highest potential for profitability and
success.
FOUR COMMON CHARACTERISTICS OF
MARKET SEGMENTATION
Demographic Characteristics: divides a market
based on quantifiable attributes of the
population, such as age, gender, income,
education, marital status, and family size.
Demographics provide valuable insights into the
basic characteristics of potential customers and
their purchasing behavior.
Psychographic Characteristics: focuses on the
psychological and lifestyle attributes of
consumers. This includes factors like values,
interests, hobbies, personality traits, and
attitudes. Psychographics help understand the
motivations and aspirations of customers,
allowing for more emotionally resonant
marketing strategies.
Behavioral Characteristics: categorizes
customers based on their behavior and
interactions with products or services. This can
include factors like brand loyalty, usage
frequency, purchase history, and responses to
marketing campaigns.
Geographic Characteristics: divides a market by
location or geography, such as country, region,
city, or climate. This is particularly important for
businesses with location-specific or region-
specific product or service needs. Geographic
characteristics also consider population density,
urban or rural areas, and cultural preferences.
The consumer decision-making process is a
series of steps that individuals go through when
making a purchase, whether it's a small
everyday item or a significant investment.
Understanding this process is essential for
businesses and marketers to tailor their
strategies and influence consumers effectively.
5 five steps in consumer decision-making
process:
1. Problem Recognition: The process begins
when a consumer recognizes a need or
problem.
2. Information Search: Once a need or want
is recognized, consumers start seeking
information about potential solutions. This
may involve researching online, asking for
recommendations from friends and family,
reading reviews, or visiting physical stores.
3. Evaluation of Alternatives: After gathering
information, consumers evaluate various
alternatives.
4. Purchase Decision: Based on the
evaluation of alternatives, consumers
make their purchase decision. This can
involve choosing one product or service
over others and deciding on the specific
brand, model, or store to buy from.
5. Post-Purchase Behavior: After the
purchase, consumers assess their
satisfaction with the product or service. If
they are satisfied, it can lead to brand
loyalty and positive word-of-mouth
recommendations. If they are dissatisfied,
it may result in returns, complaints, or a
decision not to repeat the purchase from
the same brand or store.
Buyer behavior model is a theoretical
framework for explaining why and how
customers make purchasing decisions.
 TRADITIONAL CONSUMER BEHAVIOR
MODELS -understand what customers
purchase based on their wants and
needs.
 Learning Model of Consumer Behavior
buyers are driven to satisfy basic needs
required for survival, like food, and
needs learned from lived experiences,
like fear or guilt.
 Psychoanalytical Model of Consumer
Behavior - individual consumers have
deep rooted motives, both conscious
and unconscious, that drive them to
make a purchase.
 Sociological Model of Consumer
Behavior - purchases are influenced by
an individual‘s place within different
societal groups: family, friends, and
workgroups.
 Economic Model of Consumer
Behavior- consumers try to meet their
needs while spending as few resources
(ex. money) as possible.
MARKET RESEARCH TECHNIQUES
Primary Research
 surveys are a form of
qualitative research that
ask respondents a short
series of open- or closed-
ended questions, which can
be delivered as an on-
screen questionnaire
FOCUS GROUPS - used to collect data from a
small group of people who are often subject
matter experts in the topic of research.
Discussion is initiated between the group
members to discover their thoughts.
Interviews are one-on-one conversations with
members of your target market.
OBSERVATION is carried out impartially, by
simply observing an event and taking organized
notes. In this method, there is no direct
interaction between the researcher and the
subject.
Competitive analysis is the process of
evaluating and analyzing competitors in a
particular market or industry to understand
their strengths, weaknesses, strategies, and
market positioning.
3 Analysis for marketing research
SWOT (internal & external)
Strength, Weaknesses, (internal
environment)
Opportunities, Threats (external
environment)
PESTEL (external)
Political, Economic, Social, Technology, Legal,
Environmental
PORTERS
(5 forces)
- Threat of new entrants
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of substitutes
- Intensity of competitive rivalry
Marketing research provides informed decision
making, systematic design, collection, analysis,
and reporting of data and findings relevant to a
specific marketing situation facing the company.
Marketing Research Process
1. : DEFINE THE PROBLEM AND RESEARCH
OBJECTIVES
Exploratory- it’s goal is to identify the
problem and to suggest possible
solutions.
Descriptive- It seeks to quantify demand
Causal- its purpose is to test a cause-and-
effect relationship.
2. DEVELOP THE RESEARCH PLAN
Data sources
Primary data
Observation. Researchers can gather
fresh data by observing the relevant
actors and settings unobtrusively as
they shop or consume products.
Focus groups gathering of 6 to 10
people carefully selected by researchers
based on certain demographic,
psychographic, or other considerations
and brought together to discuss various
topics of interest at length.
Surveys assess people’s
knowledge, beliefs, preferences, and
satisfaction and to measure
these magnitudes in the general
population.
Behavioral data- Actual purchases
reflect consumers’ preferences
and often are more reliable than
statements they offer to market
researchers.
Experiments- investigates cause and
effect relationships
Secondary data
- Company websites, Government
Statistic, Published
Market Research Reports and etc.
Research Instruments
Questionnaires
Qualitative Measures
 The data should be:
Reliable
Market analysis is the process of assessing and
Relevant
evaluating various factors related to a specific
Valid
market, industry, or business environment. It
involves the systematic examination of data and
Sampling Plan
information to gain insights and make informed
Sampling Unit- Whom should we survey? decisions.
Sampling Size- How many people should we
survey?
Sampling Procedure- How should we choose COMPONENTS OF MARKETING ANALYSIS
the respondents?
1.Market size - the total number of potential
Contact Methods buyers of a product or service.
2. Market growth rate - the change in a
Mail questionnaire
market's size over a given period.
Telephone interview
3. Market trends - is a perceived tendency of
Personal interview
financial markets to move in a particular
Online interview
direction over time.
3. COLLECT THE INFORMATION 4. Market profitability - it takes account of the
Data collection is the process of gathering financial factors that affect your ability to make
data from your respondents. profits.
4. ANALYZE THE INFORMATION 5. Key success factors - state the important
extract findings by tabulating the data and elements required for a company to compete in
developing summary measures. its target markets.
5. PRESENT THE FINDINGS 6. Distribution channels - a chain of businesses
consulting role in translating data and or intermediaries through which the final buyer
information into insights and purchases a good or service.
recommendations for management. 7. Industry cost structure - the aggregate of the
6. MAKE THE DECISION various types of costs, fixed and variable, that
make up a business' overall expenses.

Market research tools are essential for

businesses of all sizes. Metrics For Measuring Marketing Productivity
used to measure the efficiency and
1. Monitor Customer Reactions: These
effectiveness of a marketing team.
tools help track how customers
respond to products and marketing 4 Components
efforts.
1. Input metrics - Track what your team is
2. Measure Marketing Impact: They
actually working on. (includes content,
provide insights into the effectiveness of
backlinks, and traffic on the webpage)
marketing decisions.
2. Output metrics - Measure the deliverable or
3. Foster Communication: Market
result that was achieved. (has engagement,
research tools create an open feedback
conversion rate, and customer lifetime value)
loop with customers
3. Cost measures - How much it actually cost Examples of common marketing metrics
you to get the specific output. (includes
1. Impression share
revenue, social media shares, and leads)
2. Multiple touchpoint attribution
4. Quality - has engagement, conversion rate,
3. Click-through rate (CTR) 12. Company-
and customer lifetime value
focused metrics
4. Lead generation metrics
5. Marketing qualified lead (MQL) to
Marketing Analysis Process
sales qualified lead (SQL) ratio
1. RESEARCH YOUR INDUSTRY 6. Cost per lead (CPL)
to gain an understanding of your 7. Lead-to-customer conversion rate
industry at large so that you know how 8. Cost per acquisition (CPA)
to enter it, can spot trends, and 9. Customer lifetime value (CLV)
compete with other brands. 10. Return on investment (ROI)
2. INVESTIGATE THE COMPETITIVE 11. Action completion
LANDSCAPE - To know who the big
players are and how you can
differentiate your brand.
3. IDENTIFY MARKET GAPS- To find
unsolved problems and unmet desires
in your market.
4. DEFINE YOUR TARGET MARKET- Know
your customers’ unique characteristics
and tailor your offers and marketing
accordingly.
5. IDENTIFY BARRIERS TO ENTRY - you can
devise a strategy to address challenges.
6. CREATE A SALES FORECAST - Estimate
future sales and make confident
business decisions.

Importance To Measure Marketing Metrics

helps marketers know how consumers react to

their campaigns and communications. Based on
these insights, marketers can amplify the efforts
that reap the most benefits, and adjust the ones
that are not producing the desired results.

Metrics also help marketers prove the value

their efforts add to the organization. This helps
them get bigger budgets and better resources to
create a greater impact.