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Fundamentals of Marketing Principles
Oct 1, 2024
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Lecture Notes on Principles of Marketing
Introduction to the Course
Lectures will be based on Kotler and Armstrong's book, 17th edition.
Relevant to all editions; examples may differ.
Applicable to global and regional contexts (e.g., Asian markets).
Objective: Topic-by-topic approach with personal insights.
Chapter 1: Creating and Capturing Customer Value
Definition of Marketing
Common Misconceptions:
Marketing equated to direct mail, telesales, kiosks, email offers.
Selling and advertising seen as the entirety of marketing.
Marketing as Defined by Kotler:
Process starts with understanding marketplace and customer needs.
Involves developing customer-driven strategies.
Includes creating integrated marketing programs.
Ends with building customer relationships.
Core Concepts of Marketing
Marketing Process:
Understanding marketplace, customer needs and wants.
Developing customer-driven marketing strategies.
Creating customer value through integrated marketing.
Building strong customer relationships.
Capturing value from customers.
Breaking Down the Process:
Marketing is a circular process with inputs, outputs, and throughputs.
Firms provide solutions (e.g., products) to customer problems.
Customer exchanges financial benefits; relationships are built.
Important Concepts to Remember
Five Core Concepts:
Customer Needs
Customer Wants
Customer Demands
Market Offerings (solutions/products/services)
Value and Satisfaction leading to exchange and relationship building.
Marketing is the heart of business.
Marketing's Role and Impact
Marketing is not just for big corporations.
It is essential for small businesses too.
Key Focus:
Satisfying customer needs.
Managing customer relationships, not just sales promotion.
Reflection Questions
Is marketing the same as advertising and sales?
Answer: It's about satisfying customer needs.
Is marketing about managing customer relationships or sales promotion?
Answer: It's about managing customer relationships.
Conclusion
Understanding these concepts is crucial for any business to thrive.
Marketing strategies should focus on building relationships and satisfying customer needs to ensure success.
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