DBA303 Philosophy of Business (Marketing (Imperative and Practices).pptx

Marketing is the process of creating and delivering value-based arguments for your offerings. It involves getting people interested in your company's product or service through market research, analysis, and understanding your ideal customer's interests. Marketing encompasses various aspects of a business, including product development, distribution methods, sales, and advertising. The goal of marketing is to design, position, promote, and distribute a product or service in a way that consumers perceive its value. Marketers aim to increase brand awareness and loyalty, attract new customers, and retain existing ones to drive more sales revenue for their company.

1.   Presented By : Michael B. Pelagio CHAPTER 9 : Marketing (Imperative and Practices DBA303 Philosophy of Business

2. Marketing is the process of creating and delivering  value-based arguments  for your offerings. It involves getting people interested in your company's product or service through market research, analysis, and understanding your ideal customer's interests. Marketing encompasses various aspects of a business, including product development, distribution methods, sales, and advertising. The goal of marketing is to design, position, promote, and distribute a product or service in a way that consumers perceive its value. Marketers aim to increase brand  awareness and loyalty , attract new customers, and retain existing ones to drive more sales revenue for their company. The marketing process involves a series of steps and activities that organizations undertake to promote, sell, and distribute products or services to customers. It typically includes market research, product development, pricing, promotion, distribution, and customer engagement to meet the needs and preferences of target markets and achieve business objectives.

3. The Marketing Substratum (The Marketing Mix) The core of the marketing process remains fundamentally a process of exchange , the economic activity where goods change hands from seller to buyer through the marketing substratum called the marketing mix. The mix is the foundation of the whole marketing process . Advertising , for instance, may be reformatted by suit the needs of the changing market character, from a mass market format to databased market format, form the market monolithic need to the market’s diversified requirements, but the core of advertising will still be inform and persuade. Back-to-back option The product introduced (inside out) The need is created (outside in) Price Levels (Product offering) The marketing mix remains a set of marketing tools and strategies that a firm systematically utilizes to achieve its marketing objectives. Each element is a set of complementary strategies to enable the marketer to penetrate the target market and bring the product to the consumer, outpacing and outdoing the competitors in the process.

4. Marketin g Objectives “ Marketing objectives are specific, measurable goals that a company aims to achieve through its marketing efforts. These objectives guide the overall marketing strategy and help align activities towards achieving desired outcomes. Common marketing objectives include increasing brand awareness, generating leads, driving sales, improving customer retention, and enhancing market share. By setting clear and achievable marketing objectives, businesses can track their progress, evaluate the effectiveness of their campaigns, and make informed decisions to optimize their marketing strategies.”

5. How can businesses align their marketing objectives with their overall strategy? To align their marketing objectives with their overall strategy, businesses can follow a systematic approach that involves several key steps. One crucial step is defining clear goals that are in line with the broader business objectives. Additionally, gaining deep insights into the target audience helps in tailoring marketing strategies to meet specific business goals. Collaboration across departments is essential to ensure that marketing efforts are synchronized with overall business strategies. By integrating marketing objectives with the organization's goals and values, businesses can create a cohesive and effective marketing strategy. It's important for businesses to continuously evaluate and adjust their marketing objectives to stay aligned with the evolving overall strategy. Regular monitoring, feedback mechanisms, and data analysis play a significant role in ensuring that marketing objectives remain in sync with the company's overarching goals. Ultimately, the key lies in maintaining a strategic mindset, fostering alignment between departments, and adapting marketing strategies to support the fulfillment of broader business objectives. What are some examples of successful marketing objective alignment in real-world businesses? Some examples of successful marketing objective alignment in real-world businesses include: Nike  - Nike's marketing objectives are aligned with their overall strategy of promoting athletic performance and lifes t yle. Their campaigns focus on inspiring and empowering athletes, which resonates with their target audience and reinforces their brand image. Apple  - Apple's marketing objectives align with their strategy of innovation and premium products. Their marketing efforts emphasize product features, design, and user experience, reflecting their commitment to quality and customer satisfaction. Coca-Cola  - Coca-Cola's marketing objectives are aligned with their strategy of building a strong brand presence globally. Their marketing campaigns focus on creating emotional connections with consumers, promoting happiness and unity, which aligns with their mission and values. These examples demonstrate how successful businesses align their marketing objectives with their overall strategies to create impactful and cohesive marketing campaigns that drive business growth and reinforce brand positioning.

6. The following is a brief overview of the basic concepts of the elements of the mix. A. The Product in the Marketing Mix The product plays three basic roles in business philosophy. First, it is the material cause of business The Product is the direct object of the business process, serving as the end point or output of production, the input of marketing, the object that is finally five to the recipient of the business, which is the consumer. Third, the product is an element of the marketing mix where it has its own mix (the product mix) which consist of (a) the set or combination of goods and services offered to the target market, (b) the set of product presentation, i.e , the product quality (utility and benefits), the product design (looks, shape and size, and the product identity (brand, package, label and differentiation) which are all intended to appeal to the customers. Basic to the product strategies are the mode through which a product is introduced into the market stream either By Application of an existing one from another market By innovation on an existing one in the same market; or By create of a new one within the market

7. Example of a Product Mix Products classified as soft drinks are Coca-Cola, Fanta, Sprite, Diet Coke, Coke Zero, and products classified as Minute Maid juice are Guava, Orange, Mango, and Mixed Fruit . The product (mix) consistency of Coca-Cola would be high, as all products within the product line fall under beverage.

8. B. Price in the Marketing Mix Price is the income component of the marketing mix, and as such is major determinant of profit. The Concept of Value Value is the worth of a thing as man perceives that worth, depending on his needs for it and on his personal value system as qualified by his idiocomplex . This value is both intrinsic and extrinsic. Intrinsic value is the value of thing in itself, e.g. what it is worth based on the material of which it is made, or by virtue of the very nature of the things, called the core vale. Extrinsic value , on the other hand, is the value of a thing as occasioned by factors external to but pertinent to its essence. Some of these are the following. The face value. Market Value Assessed Value Utility value

9. The Determinants of Price In a free enterprise economy, there are factors that determine price, which be categorized as direct price factors and indirect factors. The direct price factors cost of production, cost of marketing, cost of money. availability, (e) personal value, and (f) profit level. The Indirect price factors Nature -induced forces. Suprastructural price factors Political Price determinants Economic price determinant . Sociocultural factors The technological price determinants . Media

10. B. Pricing Strategies Manufacturers and marketer have their own approaches to pricing, depending on what is convenient, economical and efficient form them in ways that the can better address the customers’ needs, interest and capacity to pay. Value-related pricing. Competition-related pricing Cost-related pricing It takes various forms. Cost plus Target pricing Economy-related pricing Break-even pricing

11. C. Promotion Promotion is the motivation component of the marketing mix towards customer acceptance. More specifically, the promotion mix may be describe in the following. Advertising Advertising is the company principal medium of communicating with the consumers and is commonly defined as any paid of non-personal presentation and promotion of ideas, goods and services by an identify sponsor. Public Relation Public relations is basically planned effort to influence public for the purpose of promoting rapport and goodwill between a person or institution and other persons and institution or the community at large. The PR-building tools. The company must perform well. The company must communicate its good performance

12. Sales Promotion Sales Promotion is often referred to as push strategy because it brings (pushes) the product closer to the customers, and as tactical because it use direct short-term objectives to gain customers. There are two main categories: Trade promotion projects to traders. Customer promotion projects to customers. Merchandizing Merchandizing is a special form of marketing strategy C. The Place of Place in Marketing Product movement is the basic function of the place in the marketing mix by moving the product to the target market’s place. It is also called the distribution function of the marketing mix.

13. C. The Place of Place in Marketing (Continue) They are different concepts and must be treated differently in order to better achieve the objectives of place or placement. As a Channel Distribution as a channel consist of two major channels: 1. From the producer direct to the consumer, 2. from the producer through a middleman or a series of middlemen (wholesalers and retailers) or industrial users to other traders to the ultimate consumer. As a Movement within the Channel Distribution as the activities taking place within the channel involves two level of movement of the goods, namely: The physical movement of the product The movement of title or ownership of the product through the actual exchange or selling activities between the producer and the consumer, between the producer and wholesales, between wholesaler and retailer, between retailer and consumer

14. The sad plight of distributors "The sad plight of distributors" refers to the challenging or unfavorable conditions faced by distributors in the business world. This phrase indicates the difficulties, hardships, or struggles that distributors may encounter in their operations, such as competition, market fluctuations, supply chain disruptions, pricing pressures, or other challenges that affect their profitability and sustainability. It underscores the tough circumstances and obstacles that distributors may have to navigate in their roles within the distribution network. The Mix and The Exchange Process Marketing mix consists of the traditional 4s of marketing (product, price, promotion and place) The exchange process consists of the stages of ( a) creating customer dissatisfaction (b) creating satisfaction

15. The stages in the exchange process are illustrated in the following Competitors introduce their competing products to the market (Quality and price) The competitors pull the prospect The competitors push their product to the consumer to put a pressure on his decision The competitors vie for the final action of purchase the product The Mix and the Idiocomplex The marketing mix strategies ca be successful only if they adequately address the consumer’s idiocomplex (perception, perspective, priority and potential discussed elsewhere in this work)

16. The concept of market may be viewed in three ways: Market is a locus or a place . It is where (anywhere) sellers and buyers meet. Market is a community of people . It is all the actual and potential customer sharing particular need and engage or willing to be exchange in the exchange process, anywhere in exchange process takes place. Market is a set of economic forces. Known specifically as the market forces or the market environment. Types of Market According to degree of completion Purely competitive market Monopolistic market Oligopolistic market B. According to marketing power Seller’s market The Buyer’s market C. According to area served Demographic market Geographic market D. According to Commodity offered Need Market Product market E. According to the size of the target market Mass market Segment market

17. Competition The Market Players Within the broad field of the business game is the highly charge battle in the market arena where the specific marketing game is being played. A seller is either a producer himself who choose to distribute his product, or the middle man who effect the sales. As a middle man the seller, contributes to the manipulate of prices in the market, although his influence depends on the type of seller he is and where he is in the price-manipulation continuum. The competition game The competition results where are more product than what the consumer can buy, and when funds are limited which the customer can spend. Under a democratic setting it becomes very keen under the following conditions: When there is very large number of producers making the same goods. When the consumer and the producers are both well informed. When there is no differentiation between product. When there is no collusion or any special arrangement among buyers and sellers.

18. The customer in the competition game The customer is either a final consumer who buys for personal or institutional use, or is a producer who buys for purposes of further production, or is a middleman who buys for purposes of exchange. He dictates the mode of the game The customer is the price the marketer wins as he competes with other marketers for customer satisfaction and the consequently profitability. As an element of the market, competition is the direct consequence of the free enterprise economy which allows anyone to engage in economic activities and vie against everyone for a position of superiority in the market. Types of Competition 1.Price competition is where one seller sells at lower prices than those of the competitors for the same kind and quality of commodities. 2. Non-Price competition has several form. One is competition is quality The competition for availability is accomplished By Selling the same product as those of the competitors in the same area, or By going to another area ahead of other competitors.

19. The New Face of Marketing Marketing has gone a long way in history in its development as a process and in the development of its strategies and practices. Changes in family composition, in community profiles, and in almost all aspect of national and global demographies and environmental supra-and infrastructure have contributed to the shaping and reshaping of the marketing concept. Marketers generally understand marketing on its practical level at the time they are the player in the marketing game, adapting product current in the market and employing strategies from those that are being employed by existing strategies from those that are being employed by existing players. The Marketing Objective As in production, the direct object of marketing is product which directly receives the marketing act or that of the exchange process. The objective of marketing is the same as that of production on the level of ultimate and general ends, and are complementary to those of production on the level of immediate ends. . Marketing address the consumer’s needs by bringing the available goods to him .

20. K ey takeaways in the marketing mix Product : Understand your target market's needs and preferences to develop products that meet their demands. Continuously innovate and improve your products to stay competitive in the market. Price : Set pricing strategies based on market research, competitor analysis, and perceived value. Consider factors like cost, pricing objectives, and customer willingness to pay when determining prices. Place : Choose distribution channels that reach your target audience effectively. Ensure your products are available where and when customers want them. Promotion : Develop integrated marketing communication strategies to reach and engage your target market. Utilize a mix of advertising, public relations, sales promotions, and personal selling to communicate your value proposition. People : Train and empower your employees to deliver exceptional customer service. Ensure your staff embodies your brand values and provides a positive customer experience. Process : Streamline your business processes to enhance efficiency and improve customer satisfaction. Focus on delivering a seamless and consistent experience throughout the customer journey. Physical Evidence : Use tangible elements like packaging, store layout, and branding to reinforce your brand identity. Create a visually appealing and trustworthy brand image through physical evidence. Partnerships : Collaborate with strategic partners to expand your reach and offer complementary products or services. Build mutually beneficial relationships with suppliers, distributors, and other stakeholders in the marketing ecosystem. Performance : Monitor and measure the performance of your marketing mix elements to assess effectiveness. Use key performance indicators (KPIs) to track progress, identify areas for improvement, and optimize your marketing strategies. Personalization : Tailor your marketing mix to individual customer preferences through personalized experiences. Leverage data analytics and customer insights to segment your market and deliver targeted messages and offerings. These key takeaways in the marketing mix can help businesses develop comprehensive and effective strategies to meet customer needs, drive sales, and achieve sustainable growth in competitive markets.