MKT101: Principles of Marketing & Consumer Behavior
Course Code: MKT101
Subject: Marketing
Introduction
Marketing is more than just advertising or selling products it is the process of understanding what people need, creating value, and building relationships with customers. Principles of Marketing covers the core concepts, strategies, and tools businesses use to reach their goals. Consumer Behavior explains why and how people buy, use, or choose products and services. Together, these two topics form the foundation of all successful marketing activities.
Part 1: Core Principles of Marketing
1. Definition of Marketing
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Key Goal: To satisfy customer needs profitably and build long-term loyalty.
2. The Marketing Concept
There are 5 key philosophies that guide how companies market:
– Production Concept: Focus on efficiency and low cost; assumes customers prefer affordable, widely available products.
– Product Concept: Focus on quality, features, and performance; assumes customers want the best product regardless of price.
– Selling Concept: Focus on promotion and sales; assumes customers wont buy enough unless pushed.
– Marketing Concept: Focus on customer needs first deliver value better than competitors.
– Societal Marketing Concept: Balance company profit, customer needs, and social well-being (ethical and sustainable practices).
Best Approach Today: Societal Marketing Concept because consumers now care about ethics, environment, and social responsibility.
3. The Marketing Mix (4Ps)
This is the core framework every marketer uses:
– Product: What you sell goods, services, ideas, or experiences. Includes design, quality, features, branding, packaging, and warranties.
Example: Smartphone with unique features, brand name, and warranty.
– Price: The amount customers pay. Includes list price, discounts, payment terms, and credit options. Must match the value perceived by the customer.
Example: Premium pricing for luxury brands; budget pricing for mass-market items.
– Place (Distribution): How and where customers can access your product. Includes channels, locations, logistics, inventory, and delivery.
Example: Selling online, in retail stores, or through distributors.
– Promotion: How you communicate value. Includes advertising, sales promotions, public relations, personal selling, and digital marketing.
Example: Social media ads, TV commercials, or discounts.
Modern Update: Sometimes extended to 7Ps adding People, Process, and Physical Evidence especially for services.
4. Segmentation, Targeting, and Positioning (STP)
– Segmentation: Divide the total market into smaller groups with similar needs (by age, location, income, lifestyle, etc.).
– Targeting: Choose which segment(s) to serve based on potential profit and fit.
– Positioning: Shape how your product is seen in the customers mind compared to competitors.
Example: The most affordable phone vs. The most advanced camera phone.
Part 2: Consumer Behavior
1. What is Consumer Behavior?
It is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.
Why it matters: If you know why people buy, you can design better products, set the right price, and create messages that connect.
2. Factors Influencing Buying Decisions
Cultural Factors (Most Fundamental)
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