Principles of Marketing: Synthesis

Principles
of
Marketing
SYNTHESIS
SUBMITTED TO:
MA’AM MARICRIS TOTTO DOMINGO
SUBMITTED BY:
PASAJOL, JAN ZYMON M.
The subject “Principles of Marketing” in our Second Semester has been a very interesting yet
challenging journey for me. I’ve encountered many new lessons since this is my first time learning
this subject. The modules are very substantial and the activities are very effective because it greatly
challenges my knowledge about certain topics relating to marketing. Studying marketing principles is
very essential to me because it provides me with the skills I need to maintain a positive relationship
with clients in a business partnership and in any company environment I may encounter in the near
future. A full understanding of marketing principles can help me land a job in business management,
other related fields, or even as a teacher.
For my first week in answering my modules, the highlight of the study was about the
definition of Marketing and the traditional approaches to marketing. Marketing is the activity, set of
institutions, and procedures for developing, conveying, delivering, and exchanging value-added
offerings for customers, clients, partners, and society as a whole. Marketing raises product
recognition, establishes brand legitimacy, fosters buyer trust, and provides information, entertainment,
and inspiration to your target audience. Marketing strategies and approaches evolved with the times,
as technology and lifestyle changed. Traditional approaches focus on production, product, selling
methods, and the market, while contemporary approaches focus on relationships, social awareness,
and content.
In the second week, the module’s lessons I encountered were Goals of Marketing and the
Definition of relationship marketing. Marketing goals may be divided into five categories: increasing
brand awareness, generating high-quality leads, growing and maintaining thought leadership,
increasing customer value, and empowering your workforce to become brand ambassadors.
Relationship marketing aims to foster long-term consumer relationships. Its purpose is to encourage
shoppers to build personal attachment with your business as well as increase engagement. When done
correctly, the benefit are increased client lifetime value and more consistent sales.
For the next week, the main focus of my study in the modules was about the value of
customers and the difference between strategic and marketing planning in terms of objectives and
processes. Customer value is the result of an interaction between a salesperson and a customer in
which the salesperson is able to understand the consumer's needs and goals and explain how a
particular product would satisfy those requirements while providing advantages to the customer.
Strategic marketing is solely about your company's objectives. Market knowledge and customer
behavior are combined in the strategic marketing plan. It combines a variety of strategies to assist you
in achieving your objectives. Tactical strategies, on the other hand, are the day-to-day decisions that a
firm makes to improve its market share, competitive pricing, and customer service. Developing tactics
to support your marketing strategies requires accurate consumer profiles. You can only choose the
correct advertising media and identify which marketing channel is most effective if you know your
target population.
With my fourth week of answering my modules in this subject, I learned about marketing
research, its importance to a business enterprise and identifying the steps in marketing research.
Marketing research is a method or set of methods for gathering data that connects producers,
customers, and end users in order to assist a marketer in making data-driven decisions in evaluating
marketing actions, monitoring marketing performance, and expanding our understanding of marketing
as a process. The process includes (1) Identification and Defining the Problem, (2) Statement
of Research Objectives, (3) Planning the Research Design or Designing the Research Study, (4)
Planning the Sample, (5) Data Collection, (6) (6)Data Processing and Analysis, (7) Formulating
Conclusion, Preparing and Presenting the Report:
As for the last and final week, the highlight of the study in the module was about
Differentiating the buying behavior and decision making of individual/household .The study of
customer buying habits is referred to as consumer behavior. Marketers must comprehend consumers'
buying habits in order for their products to succeed. It is critical for marketers to understand what
motivates customers to buy a product and what prevents them from doing so. The consumer decision-
making process involves consumers becoming aware of and recognizing their wants, gathering
information on how to best meet those requirements, weighing various available options, making a
purchasing decision, and assessing their purchase.

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Principles

MA’AM MARICRIS TOTTO DOMINGO

PASAJOL, JAN ZYMON M.

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