Principles of Marketing Summary

Give me the most important notes of principles of marketing for bcom hons semester 3

Here are the key notes for Principles of Marketing tailored for B.Com (Hons) Semester 3:

1. Introduction to Marketing

Definition: Marketing is the process of creating, communicating, delivering, and exchanging

offerings that have value for customers, clients, and society.
Core Concepts:
Needs, Wants, and Demands: Basic human requirements; shaped by culture and
personality.
Value, Satisfaction, and Quality: Delivering superior value to customers.
Exchange, Transactions, and Relationships: The essence of marketing is exchange.
Markets: A collection of buyers and sellers.

2. Marketing Environment

Microenvironment: Factors directly affecting a company’s ability to serve customers (e.g.,

suppliers, customers, competitors, intermediaries).
Macroenvironment: Broader forces (e.g., economic, technological, political, cultural, and social)
influencing the microenvironment.

3. Marketing Mix (4Ps)

1. Product:
Product Levels: Core, Actual, Augmented.
Product Lifecycle: Introduction, Growth, Maturity, Decline.
Branding, Packaging, and Labelling.
2. Price:
Pricing Strategies: Penetration, Skimming, Psychological Pricing.
Factors Affecting Pricing: Costs, Competition, Customer Perception.
3. Place:
Distribution Channels: Direct and Indirect.
Types: Wholesalers, Retailers, Agents.
4. Promotion:
Promotion Mix: Advertising, Sales Promotion, Public Relations, Personal Selling.
Integrated Marketing Communication (IMC).

4. Segmentation, Targeting, and Positioning (STP)

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 Segmentation:
Dividing a market into smaller segments.
Basis: Geographic, Demographic, Psychographic, Behavioral.
Targeting:
Selecting specific segments to serve.
Strategies: Undifferentiated, Differentiated, Niche Marketing.
Positioning:
Creating a distinct image of the product in the customer’s mind.
Tools: Positioning Map, Unique Selling Proposition (USP).

5. Consumer Behavior

Definition: Study of how individuals or groups buy, use, and dispose of goods/services.
Influencing Factors:
Cultural: Culture, Subculture, Social Class.
Social: Reference Groups, Family, Roles and Status.
Personal: Age, Occupation, Lifestyle.
Psychological: Motivation, Perception, Learning, Beliefs, and Attitudes.

6. Product and Brand Management

New Product Development (NPD):

Steps: Idea Generation, Screening, Development, Commercialization.
Branding:
Importance: Identification, Differentiation.
Strategies: Brand Extension, Co-Branding, Rebranding.

7. Digital Marketing

Overview: Marketing through digital channels like websites, social media, search engines.
Tools:
SEO (Search Engine Optimization).
SEM (Search Engine Marketing).
Social Media Marketing.
Email Marketing.

8. Marketing Research

Definition: Systematic process of collecting and analyzing information to solve marketing

problems.
Steps:
Define the Problem.
Develop a Research Plan.
Collect Data (Primary and Secondary).
Analyze Data and Present Findings.

9. Ethics and Social Responsibility in Marketing

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 Ethical Marketing:
Transparency, Fairness, Honesty.
Social Responsibility:
Corporate Social Responsibility (CSR) and sustainable practices.

10. Emerging Trends in Marketing

Green Marketing.
Experiential Marketing.
Rural Marketing.
Artificial Intelligence in Marketing.
Omni-Channel Marketing.

This structured overview provides a comprehensive summary of essential topics in Principles of

Marketing for Semester 3. Let me know if you want detailed notes on any specific section!

Give me detailed notes as per units

Here are detailed notes for Principles of Marketing for B.Com (Hons) Semester 3, organized unit-
wise:

Unit 1: Introduction to Marketing and Marketing Environment

1.1 Meaning and Definition of Marketing

Definition: Marketing is the process of planning and executing the conception, pricing, promotion,
and distribution of ideas, goods, and services to create exchanges that satisfy individual and
organizational goals.
Key Features:
Customer-focused.
Value creation and delivery.
Continuous process.

1.2 Core Concepts of Marketing

Needs, Wants, and Demands:

Needs: Basic requirements (e.g., food, shelter).
Wants: Specific forms of needs (e.g., pizza, laptop).
Demands: Wants backed by purchasing power.
Exchange and Transactions: The act of obtaining a desired product by offering something in
return.
Value and Satisfaction: Delivering superior value to meet customer expectations.

1.3 Marketing Environment

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 Microenvironment:
Factors: Suppliers, Competitors, Customers, Intermediaries, Publics.
Direct impact on business operations.
Macroenvironment:
Factors:
Economic: Inflation, income levels.
Technological: Innovations, automation.
Political and Legal: Regulations, policies.
Social and Cultural: Demographics, values.
Environmental: Sustainability concerns.

Unit 2: Marketing Mix and Consumer Behavior

2.1 Marketing Mix (4Ps)

1. Product:
Types: Consumer Goods (convenience, shopping, specialty, unsought), Industrial Goods.
Product Lifecycle: Introduction, Growth, Maturity, Decline.
Branding: Name, symbol, design to identify products.
Packaging: Protection and promotion of products.
2. Price:
Strategies: Cost-based, Value-based, Competition-based.
Factors Affecting Pricing: Costs, customer demand, competitor prices, legal constraints.
3. Place (Distribution):
Channels: Direct (manufacturer to consumer) or Indirect (through intermediaries).
Types: Wholesalers, Retailers, E-commerce.
4. Promotion:
Tools: Advertising, Sales Promotion, Public Relations (PR), Personal Selling, Direct Marketing.

2.2 Consumer Behavior

Definition: Study of how individuals, groups, or organizations select, buy, use, and dispose of
goods and services.
Factors Influencing Consumer Behavior:
Cultural: Culture, subculture, social class.
Social: Family, roles, status.
Personal: Age, occupation, lifestyle.
Psychological: Motivation, perception, learning, beliefs, and attitudes.

Unit 3: Segmentation, Targeting, and Positioning (STP)

3.1 Market Segmentation

Definition: Dividing a market into distinct groups of buyers with different needs or behaviors.
Bases for Segmentation:
Geographic: Region, city size.
Demographic: Age, gender, income, education.
Psychographic: Lifestyle, personality.
Behavioral: Usage rate, loyalty status.

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3.2 Targeting

Definition: Selecting specific segments to serve.

Strategies:
Undifferentiated Marketing: Targeting the entire market with one offer.
Differentiated Marketing: Different offers for different segments.
Niche Marketing: Focusing on one or a few segments.

3.3 Positioning

Definition: Establishing a unique image of the product in the consumer’s mind.

Tools:
Positioning Map: Visual representation of consumer perceptions.
USP (Unique Selling Proposition): A distinct benefit of the product.

Unit 4: Product, Brand, and Pricing Strategies

4.1 Product Strategies

Product Mix:
Width: Number of product lines.
Length: Total products within the lines.
Depth: Variants offered in a line.
New Product Development (NPD):
Steps: Idea generation → Screening → Concept development → Testing → Commercialization.

4.2 Branding

Definition: A name, term, sign, symbol, or design used to identify and differentiate products.
Types of Branding:
Individual Branding.
Family Branding.
Private Labels.
Brand Equity: Value derived from consumer perception of the brand.

4.3 Pricing Strategies

Penetration Pricing: Low initial price to capture market share.

Skimming Pricing: High initial price to maximize profits.
Psychological Pricing: Using pricing tactics to influence perception.

Unit 5: Marketing Research and Emerging Trends

5.1 Marketing Research

Definition: Systematic collection, analysis, and interpretation of data to solve marketing problems.
Steps in Marketing Research:
1. Problem Definition.
2. Research Design.

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 3. Data Collection (Primary and Secondary).
4. Data Analysis and Interpretation.
5. Report Preparation.

5.2 Emerging Trends in Marketing

Digital Marketing: SEO, SEM, Social Media Marketing, Influencer Marketing.

Green Marketing: Promoting eco-friendly products.
Rural Marketing: Strategies for rural consumers.
AI in Marketing: Personalization, predictive analytics.
Experiential Marketing: Creating memorable customer experiences.

5.3 Ethical Marketing

Principles: Honesty, transparency, fairness.

Social Responsibility: Practices that contribute to societal well-being, like Corporate Social
Responsibility (CSR).

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Here’s a brief overview of each topic from all units:

Unit 1: Introduction to Marketing and Marketing Environment

1.1 Meaning and Definition of Marketing

Marketing focuses on creating, delivering, and exchanging offerings that satisfy customer needs.
Emphasizes customer value, satisfaction, and long-term relationships.

1.2 Core Concepts of Marketing

Needs, Wants, Demands: Needs are basic, wants are specific, and demands are backed by
purchasing power.
Value and Satisfaction: Delivering superior value to customers.
Exchange: A process of obtaining desired products by offering something in return.

1.3 Marketing Environment

Microenvironment: Includes suppliers, competitors, intermediaries, and customers.

Macroenvironment: Broader forces like economic, technological, political, social, and
environmental factors.

Unit 2: Marketing Mix and Consumer Behavior

2.1 Marketing Mix (4Ps)

1. Product: Includes product lifecycle, branding, and packaging.

2. Price: Factors include cost, demand, and competition; strategies include skimming and penetration
pricing.
3. Place: Distribution channels like direct selling and e-commerce.
4. Promotion: Advertising, sales promotion, and public relations.

2.2 Consumer Behavior

Influences:
Cultural (culture, subculture), social (family, roles), personal (age, lifestyle), and psychological
(motivation, perception).
Decision-making Process: Need recognition → Information search → Evaluation → Purchase →
Post-purchase behavior.

Unit 3: Segmentation, Targeting, and Positioning (STP)

3.1 Market Segmentation

Dividing the market into smaller groups based on geographic, demographic, psychographic, and
behavioral factors.

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3.2 Targeting

Selecting segments to focus marketing efforts. Strategies:

Undifferentiated (mass marketing), Differentiated (multiple segments), and Niche Marketing
(specific segment).

3.3 Positioning

Establishing a unique image of a product in the consumer’s mind using tools like USP (Unique
Selling Proposition).

Unit 4: Product, Brand, and Pricing Strategies

4.1 Product Strategies

Product Mix: Refers to the width, length, and depth of product lines.
New Product Development: Steps include idea generation, screening, and commercialization.

4.2 Branding

Differentiating products through names, symbols, and designs.

Types of Branding: Individual, family, and private label branding.

4.3 Pricing Strategies

Methods include penetration pricing (low initial price) and skimming pricing (high initial price).
Factors affecting pricing: demand, competition, and production costs.

Unit 5: Marketing Research and Emerging Trends

5.1 Marketing Research

Collecting and analyzing data to solve marketing problems. Steps include problem definition, data
collection, and report preparation.

5.2 Emerging Trends in Marketing

Digital Marketing: SEO, social media marketing.

Green Marketing: Promoting eco-friendly products.
AI in Marketing: Predictive analytics and personalization.
Experiential Marketing: Creating memorable customer experiences.

5.3 Ethical Marketing

Principles: Honesty, transparency, and fairness.

Social Responsibility: Corporate Social Responsibility (CSR) for societal welfare.

Let me know if you want further elaboration on any topic!

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