Principles of Marketing
SUBJECT TAKEAWAY
Marketing is all about creating
value through the exchange
process.
WHAT IS MARKETING?
It is a process that begins
right at the moment when an
aspiring entrepreneur or
business development
manager realizes that there
is an opportunity to build up
a business.
It is an integrated field that
needs the involvement and
support of all the other fields
of management.
It is all about
communication.
PETER DRUCKER
He said that the aim of
marketing is to make selling
superfluous.
DEFINITION OF
MARKETING
1. It is the activity, set of
institutions, and processes
for creating, communicating,
delivering, and exchanging
offerings that have value for
customers, clients, partners,
and society at large.
2. It is an organizational
function because it is a core
task that is expected of a
modern organization,
whether it operates for profit
or not.
3. It is a set of processes.
4. It is delivering of value to
customers.
5. It is a give and take
relationship.
EXAMPLE OF EXCHANGE
TRANSACTIONS:
Politicians offer promises
and hope to potential voters
in exchange for their votes
that bring them to office.
TV stations broadcast operas
to homes in exchange for
viewers watching the ads
that in turn would provide
profit for the stations.
Facebook offers its services
to its millions of users for
free in return for the users
allowing paid ads to
occasionally show up in their
feeds.
KOTLER AND KELLER
Marketing is about meeting the
needs profitably.
EXAMPLE PRODUCTS OF:
Amusement Parks
Applications on Smartphones
Banking Services
Coffee Shop
Hotel Accommodations
Legal Advice
Musical Bands
Pet Care
Radio Stations
