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Principles of Marketing Notes

Marketing is defined as the process of creating and exchanging offerings that provide value to customers and society. Key concepts include understanding needs, market offerings, customer value, and the marketing mix (4Ps: Product, Price, Place, Promotion), along with extended elements like People, Process, and Physical Evidence. Effective marketing involves segmentation, targeting, positioning, and understanding consumer behavior to foster relationships and drive business growth.

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Aira Pearl Nicolas
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73 views1 page

Principles of Marketing Notes

Marketing is defined as the process of creating and exchanging offerings that provide value to customers and society. Key concepts include understanding needs, market offerings, customer value, and the marketing mix (4Ps: Product, Price, Place, Promotion), along with extended elements like People, Process, and Physical Evidence. Effective marketing involves segmentation, targeting, positioning, and understanding consumer behavior to foster relationships and drive business growth.

Uploaded by

Aira Pearl Nicolas
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Document 2: Class Notes - Principles of Marketing

Definition of Marketing: Marketing is the process of creating, communicating, delivering, and exchanging
offerings that provide value to customers, clients, and society at large.

Core Concepts of Marketing: 1. Needs, Wants, and Demands – Needs are basic human requirements,
wants are needs shaped by culture and personality, and demands are wants backed by purchasing power. 2.
Market Offerings – Goods, services, or experiences offered to satisfy customer needs. 3. Value and
Satisfaction – Customers evaluate benefits versus costs before deciding to purchase. 4. Exchanges and
Relationships – Marketing is built on exchange processes that foster long-term customer relationships.

Marketing Mix (4Ps): 1. Product – Tangible and intangible attributes that satisfy needs. 2. Price – The
amount a customer pays; reflects perceived value. 3. Place – Distribution channels that make products
accessible. 4. Promotion – Communication strategies to inform and persuade customers.

Additional Ps (Extended Marketing Mix): - People – Employees and customers. - Process – Mechanisms
delivering the product or service. - Physical Evidence – Tangible cues like store layout, packaging, or
branding.

Market Segmentation, Targeting, and Positioning (STP): 1. Segmentation – Dividing the market based
on demographics, psychographics, geography, and behavior. 2. Targeting – Selecting segments to serve. 3.
Positioning – Designing offerings and messaging to occupy a distinctive place in customers’ minds.

Consumer Behavior: - Influenced by cultural, social, personal, and psychological factors. - Decision-making
process includes problem recognition, information search, evaluation of alternatives, purchase decision,
and post-purchase behavior.

Importance of Marketing: - Creates awareness and demand. - Enhances customer loyalty. - Drives
business growth and profitability.

Key Takeaway: Marketing is more than selling products—it’s about building relationships and delivering
long-term value.

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