# MARKETING - I PRINCIPLES OF MARKETING MANAGEMENT

## UNIT 1 1.1 - Marketing Mix: 4P's and 4C's

### Marketing Mix
- **Definition**: A thoughtfully designed blend of strategies and practices to drive business and promote products.
  - Set of marketing tools to achieve goals in the target market.
  - Actions or tactics to promote a brand or product.
  - Mixture of controllable marketing variables to pursue sales levels (Philip Kotler).

### Characteristics/Features/Nature
- Base of Marketing Process
- Review and Revise
- Adaptable to changes in external and internal environments
- Applicable to both profit and non-profit entities
- Facilitates market share growth

### 4P's (Jerome McCarthy, 1960)
- **Product**: Physical product, service, experience, or idea.
- **Place**: Availability of the product to target consumers.
- **Price**: Amount charged to customers.
- **Promotion**: Methods used to communicate with consumers.

### 4C's (Robert Lauterborn, 1990)
- **Customer Wants and Needs**
- **Convenience**
- **Cost**
- **Communication**

## UNIT 1 1.2 - Strategic Marketing

### Definition
- Use of marketing disciplines to achieve organizational goals and maintain competitive advantage.
  - Focuses on market targeting, service offerings, pricing, and promotion.
  - Differentiates the organization from competitors by leveraging strengths.

### Key Questions
- Where, how, and when should the business compete?

### Strategic Marketing Management
- Systematic method for establishing business mission, goals, and recognizing opportunities.
- Involves product-market strategies, budgeting, and reconceptualization.

### Definitions by Experts
- **Drucker (1973)**: Process of analyzing market factors, identifying opportunities, and setting objectives.
- **Lambin (1977)**: Leads firms towards attractive economic opportunities.
- **Jain (2000)**: Managing a company’s portfolio to achieve overall goals.

### Process Phases
1. **Planning Phase**: Identify business purpose and goals.
2. **Analysis Phase**: Market research, competitor analysis, and SWOT analysis.
3. **Development Phase**: Create marketing plan and tactics.
4. **Implementation Phase**: Execute the plan and review processes.

### Advantages
- Better market understanding, competitive advantage, increased efficiency, improved brand awareness.

### Limitations
- Can be expensive, time-consuming, and may not always yield results.

## UNIT 1 1.3 - Buyer Behaviour

### Definition
- Study of decision processes and acts of individuals/groups in buying and using products.
  - Involves actions taken before purchasing, such as research and comparisons.

### Types of Buying Behavior
- **Complex Buying Behavior**: Extensive research for expensive items.
- **Dissonance-Reducing Buying Behavior**: Significant research due to brand choices.
- **Habitual Buying Behavior**: Low research for everyday products.
- **Variety-Seeking Behavior**: Switching brands for variety.

### Stages of Consumer Buying Process
1. Problem Recognition
2. Information Search
3. Evaluation of Alternatives
4. Purchase Decision
5. Post-Purchase Evaluation

### Influencing Factors
- Cultural, social, personal, and psychological factors.

### Consumer vs. Organizational Buyers
- **Consumers**: Buy for personal use.
- **Organizational Buyers**: Purchase for businesses or organizations.

## UNIT 1 1.4 - Difference Between Selling and Marketing

### Selling
- Transforms goods into money.
- Focuses on creating products and selling them.
- Less concern for customer satisfaction.
- Influences buyers to purchase.

### Marketing
- Method of serving and satisfying customer needs.
- Broader concept including planning of price, promotion, and distribution.
- Identifies market needs and develops products accordingly.
- Begins before productio