MGT301: Principles of Marketing
There are four basic marketing strategies called 4Ps or 4P marketing matrix that companies use for their marketing strategy. These four basic principles of Product Marketing, Price, Location, and Promotion are linked and work together; hence, they are also known as Marketing Mix. MGT301 Handouts pdf
MGT301 Handouts pdf
Course Category: Marketing
This course gives the students a comprehensive, innovative, managerial, and practical introduction to marketing. Specifically, how to use the different concepts in developing marketing strategies and performing marketing analysis, Customer analysis, company analysis, and competitor analysis. It also gives the insight to make students familiar with the concept of Marketing Mix (product, pricing, promotion, and distribution strategies).
It also enhances the student’s problem-solving and decision-making abilities by learning how to leverage strategic marketing analysis to inform tactical marketing mix decisions while providing you with a comprehensive framework to evaluate marketing decisions and create successful marketing initiatives. This course also expands your knowledge of the marketing industry while increasing your awareness of the strategic and tactical decisions behind today’s top-performing brands. MGT301 Handouts pdf
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MGT301: Principles of Marketing
What is Marketing?
Marketing is not limited to sales and advertising only as imagined but more than advertising identifies and satisfies customer needs. It works around a wide variety of functions and functions commonly called 4ps-related functions namely product, price, location, and promotion. Sales are:
a. Creating customer value and satisfaction is at the core of modern marketing thinking and practice.
b. The simplest definition of marketing is the delivery of customer satisfaction with profit.
c. Sound marketing is essential to the success of all organizations. Marketing can also be defined as the process of planning and implementing ideas, values, promotions, and the dissemination of ideas, goods, and services to create a trade that satisfies individual and organizational goals.
Understanding Marketing and Marketing Process
The process by which individuals and groups obtain what they need and want by creating and trading products and value with others is called the marketing process.
The marketing process has four steps: analyzing market opportunities; developing marketing strategies; planning marketing plans, including choosing marketing combinations (four product Ps, price, location, and promotions); and planning, implementing, and controlling the marketing efforts. Marketing is the organizational responsibility of defining customer orientation and the best way to satisfy needs and competitive and profitable search.
As buyers and sellers of businesses face a host of suppliers who want to satisfy all their needs, companies and nonprofits cannot survive today by doing good work. They have to do a good job if they want to stay in an increasingly competitive global marketplace. Numerous studies have shown that the key to making a profit is knowing and satisfying the targeted customers with the highest competitive offer. This process is taking place today in a growing global environment, technology, and competition.
CRM – Customer Relationship Management
“CRM is a global process for building and maintaining profitable customer relationships by delivering high customer value and satisfaction.” CRM customer relationship management can be defined: as a strategy focused on increasing customer satisfaction, reliability, and profitability through the superior customer information obtained, stored, and used with the help of information technology.
The basic principles of CRM are:
Customer marketing provides the key to customer retention and involves providing financial and social benefits as well as structural relationships with customers. Companies must determine how many relationship markets will be invested in different market segments and individual customers, from standards such as basic, effective, accountable, efficient, and full-fledged partnerships.