GROUP 1:
BAJANDE
(LEADER) AQUINO ARGUEZA BAJARIAS BALUYO BARTOLOME BAUTISTA
Chapter 1: Marketing in the Millennium Age
BALUYO BARTOLOME BAUTISTA BAJARIAS
Marketing is important for your
business because it raises customer
awareness of your products or
services, engages them, and assists
IMPORTANCE them in making a purchasing decision.
OF • Marketing means a broad term that
encompasses a wide range of
activities aimed at
MARKETING increasing public awareness of your
products and services and
persuading them to purchase
them.
1. Effective consumer engagement: Businesses must engage
customers, and herein, marketing
proves to be an effective tool.
2. Building and maintaining reputation: The reputation of
your business depends on how it grows
and what its lifespan is.
3. Building relationships between customers and business:
For any business to grow, it must build
Marketing and
its importance
a long-lasting relationship with its customers.
4. Boosting sales: Since marketing utilizes different ways
to promote products or services, it helps
in increasing the likelihood of better sales.
5. Staying relevant: Marketing helps a business to remain
relevant to the customers and in its
domain.
for business
6. Making informed decisions: The basic questions that
every business has are around the how’s
and why’s of producing products or delivering services.
• goods
• services
• events
• experiences
• persons
• places
-to make goods
available to buyers in
a planned way that
encourages people to
buy more of them
Core Concepts in Marketing
Exchange – The act/process of obtaining a
Need – It is a state of Physical Good Value – The product’s capacity to satisfydesired product from someone by offering
deprivation of some basic needs/wants as per consumer’s perception
satisfaction. Service something in return. For exchange
or estimation. potential to exist, the following conditions
Want – Desire for specific Idea Cost – Price of each product. must be fulfilled.
satisfier of need.
Satisfaction – Satisfaction means fulfillment Transaction – Event that happens at the
Demand – Want for a
specific product backed up of needs. Satisfaction is possible when buyer end of an exchange. Exchange is a process
perceives that product has more value towards an agreement. When an agreement
by ability and willingness to
compared to the cost paid for. is reached, we say a transaction has taken
buy.
place
Core Concepts in Marketing
Relationship marketing – It’s Market Size – Number of people Working with markets to actualize
a pattern of building long who have need/want; have potential exchanges for the purpose of
term satisfying relationship resources that interest others, satisfying needs and wants. One party
with customers, suppliers,
willing or able to offer these seeks the exchange more actively, called
and distributors in order
resources in exchange for what
to retain their long term as “Marketer“, and the other party is
performances and business they want
called “Prospect“.
Major Marketing Decisions
You should first Most organizations sell Place in the When you make promotional
consider what the products for different marketing sense decisions, you must consider
product or prices to different types of what you view as the most
refers to the
products you offer consumers. You need to
or plan to offer in decide what these prices will distribution of effective means available to
the near future will be. the product. communicate to others about
be the product.
New Realities and Trends in
Marketing in the Millennium Age
Influencer Marketing Virtual Reality Becoming Normality
Millennials are looking to YouTubers and Your business may not have the funds
Bloggers to help make purchasing
decisions.
or the technology to create virtual
reality ads at
present, but be prepared to adapt to
this growing trend in the future.
New Realities and Trends in
Marketing in the Millennium Age
Live Streaming Everything
Periscope, Meerkat and Facebook Live are Talking To Strangers
the most notable apps fuelling the live Anonymous social talking apps are on
stream
revolution.
the verge of popularity.
New Realities and Trends in
Marketing in the Millennium Age
Collaboration
Young people are, now more than ever, The Experience Economy
willing to contribute to creating user 78% of Millennials would rather
generated
purchase an experience than a
content for the brands they like.
product.
New Realities and Trends in
Marketing in the Millennium Age
Collaboration
Young people are, now more than ever, The Experience Economy
willing to contribute to creating user 78% of Millennials would rather
generated
purchase an experience than a
content for the brands they like.
product.
New Realities and Trends in
Marketing in the Millennium Age
Social Good What Does This Mean For Creative Businesses?
This socially conscious generation is keen to make a There are huge consumer and lifestyle trends emerging
positive difference in the world. They amongst the millennial generation.
cite equal rights, protection of the environment Marketing and the way people consume products are
and access to healthcare as the most important
about to be revolutionized by the world’s
issues.
largest demographic. For creative businesses, this
means it’s hugely important to ensure that their
marketing remains relevant for younger generations.
The Nature of Strategy
Strategy is an action that managers take to attain one or more of the
organization’s goals. Strategy can also be defined as “A general
direction set for the company and its various components to achieve a
desired state in the future. Strategy results from the detailed
strategic planning process“.
• Due to its dependence on environmental variables, strategy may
involve a contradictory
action. An organization may take contradictory actions either
simultaneously or with a gap
of time.
• Strategy is future oriented. Strategic actions are required for
new situations which have not
arisen before in the past.
• Strategy requires some systems and norms for its efficient
adoption in any organization.
• Strategy provides overall framework for guiding enterprise
thinking and action.
.
Features of Strategy
Strategy is significant because it is not possible to foresee the future. Without a perfect foresight, the firms
must be ready to deal with the uncertain events which constitute the business
environment.
The Importance of Strategy
Having a clear and focused strategy is critically important to the success of your business,
and without a well-defined strategy, yours may stall or even fail
A successful strategic plan does the following:
1. Provides Direction and Action Plans
It establishes in a clear, concise and strategically sound way the direction for the organization how this
will be achieved, including detailed action plans
2. Prioritizes and Aligns Activities
• Strategic planning is about making choices, establishing priorities, allocating
resources to
strategic initiatives and coordinating to achieve desired results.
3. Defines Accountabilities
• It defines clear lines of accountability and timelines for achieving expected results on the
agreed strategic initiatives.
4. Enhances Communication and Commitment
• In clarifying the vision and accountabilities, the strategic plan increases the
alignment of
all organizational activities and fosters commitment at all levels.
5. Provides a Framework for Ongoing Decision
Making
• Since all decisions should support the
strategy, the strategy and the strategic
initiatives are
the reference point for decision-making.
Corporate strategy takes a portfolio approach to strategic decision making by looking
across all of a firm's business to determine how to Create the most value
Components of corporate strategy
There are several important components of corporate strategy that leaders
of organizations focus on. The main tasks of corporate strategy are.
1. Allocation of Resources
2. Organizational design
3. Portfolio Management
4. Strategic Tradeoffs
Marketing strategy- is a process that can allow an
organization to concentrate its limited resources
on the greatest opportunities to increase sales and
achieve a sustainable competitive advantage.
The marketing mix in marketing strategy: Product,
price, place and promotion
The marketing mix- is the set of controllable,
tactical marketing tools that a company uses to
produce a desired response from its target market.
It consists of everything that a company can do to
influence demand for its product. It is also a tool
to help marketing planning and execution.
A budget- is a plan you write down to decide how
you will spend your money each month. A budget
helps you make sure you will have enough money
every month. Without a budget, you might run out of
money before your next paycheck. A budget shows
you: how much money you make.
Controls -in marketing plans are metrics that allow
you to measure how a company is performing with
the strategies and goals detailed in the marketing
plan. Having controls to observe helps you ensure
the company is on track with meeting its goals.
Marketing Plan
-Marketing Plan
The marketing plan is a summary of what the
company or firm wants and plans to do before
launching a new product, or before re-
launching product/service. It is composed of the
following elements
Executive Summary Present
market Situation SWOT
ANALYSIS Marketing
Objectives Marketing
Strategies Marketing
Programs in the Marketing
Mix
Present Market Situation- it is an
Present Market Situation-it is a rundown
account of the firm’s present
of the programs and recommendations
standing in the market and current
particular to a product/service under
or potential competitors.
study.
•Executive Summary-it is a rundown
of the programs and
recommendations particular to a
SWOT analysis-this analysis
product/service under study.
includes the company’s strength,
Marketing Objectives
weaknesses, opportunities and
should be SMART
threats
