Lecture 1: Principles of marketing

Question 1

What is definition of marketing? (the broader and business one)

Answer 1

• broader: a social or managerial process where individuals and organizations obtain what they want or need by creating and exchanging value with others.
• business: a process where companies create value for customers, build strong customer relationships, and capture value from customers in return.

Question 2

What is the role of marketers?

Answer 2

The role of marketing is to create and capture value through:

1. Marketing strategy: STP process (segmentation, targeting, positioning)
2. Marketing Mix (4 P’s):
   - product: combinations of goods and services offered
   - price: what customers must pay
   - place: how product is made available to customers
   - promotion: activities to communicate product merits and persuade purchase

Question 3

what are the marketing concepts (foundational theories)?

Answer 3

1. Selling concept: focuses on aggressive sales techniques to convince customers. Emphasis on short-term sales.
2. Product concept: prioritizes product quality, performance, and innovation and assumes superior product will attract customers automatically.
3. production concept: focuses on efficiency in production and distribution. Asuumers that customers prefer affordability and widely available products.

Question 4

What is an example of the real world and its promotion strategies?

Answer 4

Star Wars franchise:
- Products: movies and merchandise
- Promotion strategies: social media campaigns, cross-platform (ESPN) and themed products