Principles of Marketing

:Q1) Differentiate between the following

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Services are intangible wares that can't be touched,
felt, tasted, etc. Meanwhile goods are considered
tangible objects. Let's take AT&T company as an
example, it offers cell phones as goods, and it
offers as well internet subscriptions, whether pre.paid or post-paid ones, as services for customers
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A Customer need is a generic desire or problem that
consumers seek to fulfill or solve e.g.
.Transportation
A want is the concrete form in which a need is
.being shaped e.g. flashy motorcycle
A demand is the want backed by the money to
.achieve it e.g. a customized automobile
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Customers and consumers are used frequently to
define the same individual but there is a difference.

The difference between a customer and a consumer

is determined by the path of the product after it is
purchased. If the individual purchasing an item is
the one who will use it, they are the consumer. If
the customer is giving the product as a gift or
purchasing it for someone else for any reason, the
person who will use the product or benefit from its
.purchase is the actual consumer
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Marketing is the management process through which goods and services move from concept to the
customer. It includes the coordination of four
:elements called the 4 P's of marketing
Identification, selection and development of a (1)
.product
.Determination of its price (2)
Selection of a distribution channel to reach the (3)
.customer's place
Development and implementation of a (4)
.promotional strategy
Marketing concept is the management philosophy according to which a firm's goals can be best
achieved through identification and satisfaction of
the customers' stated and unstated needs and
.wants
Marketing

:Q2) State the elements of promotional mix

An organization develops an effective promotional
mix which is a combination of strategies and a costeffective allocation of resources to reach its
.promotional goals
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Advertising is a form of nonperson promotion. It is

when companies pay to promote ideas, goods, or
services in a variety of media outlets. It can be
found everywhere. With advertising, a company
engages in a one-way communication to the
.prospect or customer
Examples: magazines, newspapers, television,
.websites, city buses, etc
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Personal selling is one-to-one communication
between seller and prospective purchaser. It
generates direct contact with prospects and
customers. It is one of the most expensive forms of
.promotion
Examples: personal meetings, telemarketing, e.mails, and correspondence
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Sales promotion represents all marketing activities
other than personal selling, advertising, and public
relations. Sales promotions are used to stimulate
purchasing and sales and the objectives are to
increase sales, inform potential customers about
new products, and create a positive business or
.corporate image
Examples: coupons, product samples, point-of.purchase displays
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Publicity is a non-personal stimulation of demand
for a product, service or business unit by
generating commercially significant news about it
in published media or obtaining favorable
.presentation of it on radio, television or stage
Examples: Magazine and Newspaper
articles/reports, radio and television presentations,
charitable contributions, speeches, issue
.advertising, and seminars
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Corporate image: It is important to create a good

image in the sight of general public as the Image of
an organization is a crucial point in marketing. If
the reputation of a company is bad, consumers are
less willing to buy a product from this company as
they would have been, if the company had a good
.image
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Direct marketing is reaching the customer without
using the traditional channels of advertising such
as radio, newspaper, television etc. This type of
marketing reach the targeted consumers
with techniques such as promotional letters, street
.advertising, catalogue distribution, fliers etc
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Exhibitions provide a chance to try the product by
the customers. It is an avenue for the producers to
get an instant response from the potential
.consumers of the products

:Q3) Define the following

Market: An actual or nominal place where forces of demand and supply operate, and where buyers and
sellers interact (directly or through intermediaries)
to trade goods, services, or contracts or
.instruments, for money or barter
Strategic plan: A broadly-defined plan aimed at creating a desired future. See also long term plan,
.short term plan, and strategic business plan
Marketer: A person whose duties include the identification of the goods and services desired by
a set of consumers, as well as the marketing of
.those goods and services on behalf of a company