Principles of Marketing - Full Course Notes
1. Introduction to Marketing
Definition of Marketing:
Marketing is the process of creating, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large.
Core Concepts:
- Needs, Wants, and Demands
- Market Offerings (Products, Services, Experiences)
- Value and Satisfaction
- Exchange and Relationships
- Markets
Principles of Marketing - Full Course Notes
2. Marketing Philosophies (Orientations)
1. Production Concept - Focus on mass production and low cost.
2. Product Concept - Focus on product quality, performance, and innovation.
3. Selling Concept - Focus on aggressive sales techniques.
4. Marketing Concept - Focus on identifying and satisfying customer needs.
5. Societal Marketing Concept - Focus on customer satisfaction + societal well-being.
Principles of Marketing - Full Course Notes
3. The Marketing Environment
Microenvironment: Actors close to the company
- The Company
- Suppliers
- Marketing Intermediaries
- Competitors
- Customers
- Publics
Macroenvironment: Larger societal forces
- Demographic
- Economic
- Natural
- Technological
- Political
- Cultural
Principles of Marketing - Full Course Notes
4. Marketing Research and Information Systems
Marketing Information System (MIS):
A system that provides marketers with relevant, accurate, timely information to make decisions.
Marketing Research Process:
1. Define the problem
2. Develop the research plan
3. Collect information
4. Analyze information
5. Present findings
Types of Data:
- Primary Data (collected firsthand)
- Secondary Data (existing information)
Research Methods:
- Surveys
- Observations
- Focus Groups
- Experiments
Principles of Marketing - Full Course Notes
5. Consumer Behavior
Factors Influencing Consumer Behavior:
- Cultural
- Social
- Personal
- Psychological
Buying Decision Process:
1. Need recognition
2. Information search
3. Evaluation of alternatives
4. Purchase decision
5. Post-purchase behavior
Types of Buying Decisions:
- Complex
- Dissonance-reducing
- Habitual
- Variety-seeking
Principles of Marketing - Full Course Notes
6. Market Segmentation, Targeting, and Positioning (STP)
Segmentation:
- Geographic
- Demographic
- Psychographic
- Behavioral
Targeting:
- Undifferentiated
- Differentiated
- Concentrated
- Micromarketing
Positioning:
- Value Proposition
- Positioning Statement
Principles of Marketing - Full Course Notes
7. Product Decisions
Product Levels:
1. Core Product
2. Actual Product
3. Augmented Product
Product Classification:
- Consumer Products: Convenience, Shopping, Specialty, Unsought
- Industrial Products: Materials, Capital, Supplies
Product Decisions:
- Product Attributes (Quality, Features, Style)
- Branding
- Packaging and Labeling
- Product Line and Mix
Product Life Cycle (PLC):
1. Introduction
2. Growth
3. Maturity
4. Decline
Principles of Marketing - Full Course Notes
8. Pricing Strategies
Pricing Objectives:
- Survival
- Profit Maximization
- Market Share
- Product Quality Leadership
Pricing Approaches:
- Cost-Based Pricing
- Value-Based Pricing
- Competition-Based Pricing
Pricing Strategies:
- Penetration Pricing
- Skimming Pricing
- Psychological Pricing
- Bundle Pricing
- Discount and Allowance Pricing
Principles of Marketing - Full Course Notes
9. Distribution (Place)
Marketing Channels: Paths through which goods flow from producer to consumer
Types of Channels:
- Direct (no intermediaries)
- Indirect (using intermediaries)
Channel Members:
- Wholesalers
- Retailers
- Agents/Brokers
Channel Design and Management:
- Intensive, Selective, Exclusive distribution
- Vertical Marketing Systems
- Horizontal Marketing Systems
Logistics & Supply Chain Management:
- Warehousing
- Inventory
- Transportation
- Information Management
Principles of Marketing - Full Course Notes
10. Promotion (Marketing Communication)
Promotion Mix:
1. Advertising - Paid, non-personal promotion
2. Personal Selling - Direct interaction
3. Sales Promotion - Short-term incentives
4. Public Relations - Building good relations
5. Direct and Digital Marketing - Emails, social media, etc.
Integrated Marketing Communications (IMC):
Coordinating all promotional tools for a consistent message.
AIDA Model:
- Attention
- Interest
- Desire
- Action
Principles of Marketing - Full Course Notes
11. Digital Marketing and E-commerce
Digital Tools:
- Websites
- Social Media
- Search Engine Marketing
- Email Marketing
Benefits:
- Interactive
- Measurable
- Global Reach
E-commerce Models:
- B2B, B2C, C2C, C2B
Principles of Marketing - Full Course Notes
12. Ethics and Social Responsibility in Marketing
Ethical Issues:
- Deceptive Advertising
- Price Fixing
- Exploitation
- Privacy Concerns
Sustainable Marketing:
- Meeting needs now without compromising the future
- Green Marketing
- Cause-Related Marketing
Principles of Marketing - Full Course Notes
13. Global Marketing
Global Market Entry Strategies:
- Exporting
- Licensing
- Joint Ventures
- Direct Investment
Standardization vs. Adaptation:
- Standardization: Same marketing mix worldwide
- Adaptation: Tailoring marketing to each local market
Challenges:
- Cultural differences
- Legal/political systems
- Currency risks
