Introduction to Marketing || Principles of Marketing || Quarter 1/3 Week 1

Introduction

This tutorial serves as an introduction to the principles of marketing, aimed at senior high school students in the Accountancy, Business, and Management (ABM) track. Understanding the basics of marketing is essential for anyone looking to engage effectively in business. This guide will help you grasp key concepts and frameworks that are foundational to marketing.

Step 1: Understand the Definition of Marketing

• Marketing involves activities that create value for customers and build strong customer relationships.
• It encompasses various functions, including research, promotion, distribution, and sales.
• Practical advice: Reflect on how businesses in your community use marketing to attract customers.

Step 2: Learn About the Four P's of Marketing

• The Four P's are Product, Price, Place, and Promotion. They are critical components of a marketing strategy.
  • Product: What you are selling (goods or services).
  • Price: The cost consumers pay for the product.
  • Place: Where the product is sold and how it is delivered to the market.
  • Promotion: The methods used to communicate information about the product to consumers.
• Practical advice: Create a simple product concept and apply the Four P's to it.

Step 3: Explore Market Segmentation

• Market segmentation divides the broader market into smaller, more manageable groups of consumers with similar needs or characteristics.
• Common types of segmentation include:
  • Demographic (age, gender, income)
  • Geographic (location)
  • Psychographic (lifestyle, values)
  • Behavioral (purchasing behavior)
• Practical advice: Choose a product and identify potential market segments for it.

Step 4: Understand the Importance of Targeting and Positioning

• Targeting involves selecting which market segments to focus on.
• Positioning refers to how you want your product to be perceived in the minds of consumers relative to competitors.
• Practical advice: Develop a positioning statement for your product, considering the target segment you identified.

Step 5: Familiarize Yourself with Marketing Research

• Marketing research is crucial for understanding consumer needs and market dynamics.
• It involves collecting data through surveys, interviews, and focus groups.
• Practical advice: Consider a simple survey you could conduct among your peers to gather opinions on a product or service.

Step 6: Explore Digital Marketing Trends

• Digital marketing has become increasingly important, with strategies such as social media marketing, email marketing, and SEO (search engine optimization).
• Staying updated on digital trends can enhance your marketing effectiveness.
• Practical advice: Follow a few marketing blogs or social media accounts to keep up with current trends.

Conclusion

In this tutorial, we've covered the fundamental principles of marketing, including its definition, the Four P's, market segmentation, targeting and positioning, marketing research, and digital marketing trends. As you move forward, consider how these concepts apply to real-world scenarios and think about a product you could market using these principles. Keep observing marketing strategies around you, and apply what you learn in practical situations for a deeper understanding.