Key Marketing Concepts Every Student Should Know Marketing SS 1 First Term Lesson Notes Week 6 and 7

Subject:
Marketing

Topic:
Key Marketing Concepts

Class:
SS 1

Term:
First Term

Week:
6 & 7

Learning Materials:

• Whiteboard/Chalkboard
• Explanatory posters/pictures

Instructional Materials:

• Lagos State Scheme of Work
• Online resources
• Relevant textbooks

Previous Knowledge:
The students have been introduced to the basics of marketing concepts.

Behavioral Objectives:
By the end of this lesson, students should be able to:

1. Define key marketing concepts.
2. Explain different levels of customer relationship building in marketing.
3. Understand profit orientation and its role in business marketing decisions.

Content

Key Marketing Concepts

Modern marketing concepts focus on understanding that marketing activities should be customer-oriented. This approach prioritizes the needs and satisfaction of the customer, which ultimately helps in building a loyal customer base and ensuring business profitability. The key assumptions of modern marketing include:

1. Customer Awareness of Needs:
   Customers are aware of what they need, and successful marketing focuses on identifying and meeting those needs effectively.
2. Consumer-Oriented Marketing:
   Marketing strategies should prioritize consumer needs and preferences to create value and retain customer interest.
3. Role of Marketing Research:
   Conducting marketing research helps determine customer needs precisely, which allows for the development of products that meet these requirements.
4. Customer Satisfaction:
   Satisfied customers are more likely to make repeat purchases, which enhances the brand’s reputation and customer loyalty.
5. Competitive Differentiation:
   Competitive advantage is crucial in helping customers identify and choose products based on their unique benefits.

Levels of Customer Relationship Building

Successful companies build relationships with their customers through various approaches:

• Basic Marketing:
  The seller’s main focus is on selling the product without much engagement with the customer.
• Reactive Marketing:
  The seller provides contact details for customer feedback, questions, or complaints after the purchase.
• Accountable Marketing:
  After the sale, the seller contacts the customer to check if the product met their expectations and gathers feedback for improvement.
• Proactive Marketing:
  The seller periodically contacts customers with suggestions on how to maximize the product’s benefits.
• Partnership Marketing:
  The company actively collaborates with customers, seeking to continuously improve performance and customer experience. By building a database and maintaining interactive communication, businesses foster loyalty and trust.

Profit Orientation

Profit orientation recognizes that a primary objective for any business is to maximize profits and increase returns for shareholders. However, decisions made with a profit-oriented approach should also consider competitors, government regulations, and public opinion. Marketing managers must ensure that their strategies focus on both customer satisfaction and profit growth, balancing these elements to sustain business success.

Presentation

The topic will be presented as follows:

Step 1:

Review Previous Topics
The teacher briefly reviews the previously covered marketing concepts to establish a connection.

Step 2:

Introduction of New Topic
The teacher introduces key marketing concepts, emphasizing customer-centered and profit-oriented approaches.

Step 3:

Student Engagement
Students provide examples from real-life scenarios, which the teacher discusses and corrects as necessary.

Evaluation

Classwork

1. Define “marketing concept.”
2. Explain the following concepts:
   • Product concept
   • Production concept
   • Selling concept
   • Marketing concept
   • Profit orientation

Assignment

Define “products” and explain their role in meeting customer needs.

Evaluation Questions

1. The main focus of the marketing concept is the ______.
   a) Product
   b) Customer
   c) Profit
   d) Employee
2. Marketing research helps in determining ______ needs.
   a) Employee
   b) Customer
   c) Product
   d) Profit
3. The concept that emphasizes low-cost products is known as the ______ concept.
   a) Selling
   b) Product
   c) Production
   d) Partnership
4. ______ marketing involves sellers contacting customers from time to time with product benefits.
   a) Basic
   b) Proactive
   c) Reactive
   d) Partnership
5. In ______ marketing, companies continuously work to improve customer performance.
   a) Partnership
   b) Accountable
   c) Basic
   d) Reactive
6. The ______ concept assumes customers will choose the highest quality for the price.
   a) Selling
   b) Production
   c) Product
   d) Partnership
7. Satisfied customers are likely to make ______ purchases.
   a) Fewer
   b) Repeat
   c) New
   d) Expensive
8. ______ marketing encourages customers to contact if they have questions.
   a) Reactive
   b) Basic
   c) Accountable
   d) Partnership
9. The marketing concept that sees customer satisfaction as the main goal is the ______ concept.
   a) Selling
   b) Production
   c) Customer-oriented
   d) Product
10. Profit orientation emphasizes maximizing ______.
    a) Production
    b) Quality
    c) Sales
    d) Profits
11. Basic marketing involves simply ______ the product.
    a) Selling
    b) Developing
    c) Researching
    d) Promoting
12. ______ concept focuses on the efficient production of goods.
    a) Product
    b) Selling
    c) Production
    d) Marketing
13. In the selling concept, companies aim to sell products through ______ and personal selling.
    a) Advertising
    b) Research
    c) Quality
    d) Storage
14. Accountable marketing involves sellers calling customers to check if the product met their ______.
    a) Costs
    b) Expectations
    c) Sales
    d) Storage
15. Partnership marketing is mainly concerned with building strong ______ relationships.
    a) Product
    b) Customer
    c) Profit
    d) Employee

Class Activity Discussion

1. What is the primary focus of the marketing concept?
   The primary focus is the customer.
2. How does marketing research help in modern marketing?
   It helps in understanding customer needs precisely.
3. Why is customer satisfaction essential for businesses?
   It increases customer loyalty and leads to repeat purchases.
4. What is meant by ‘basic marketing’?
   Basic marketing focuses solely on selling the product without much customer interaction.
5. What role does proactive marketing play in customer relationships?
   It involves reaching out to customers periodically to discuss product benefits.
6. How does the product concept view customers?
   It assumes customers prioritize quality and seek value for money.
7. What is profit orientation?
   It’s a focus on maximizing profits and returns for shareholders.
8. Define ‘reactive marketing.’
   It involves providing customers with a contact option for questions or complaints.
9. How does the production concept differ from the marketing concept?
   The production concept focuses on efficiency, while the marketing concept centers on customer satisfaction.
10. Why is competitive differentiation important?
    It helps customers distinguish between different brands and products.
11. What does ‘accountable marketing’ entail?
    It involves follow-up contact to confirm customer satisfaction and gather feedback.
12. Why might a business use the selling concept?
    To push products and increase sales without necessarily focusing on customer needs.
13. How does partnership marketing foster customer loyalty?
    By continuously working to improve customer performance and satisfaction.
14. Explain ‘customer-oriented marketing’.
    Marketing that prioritizes customer needs and aims to create lasting value.
15. What’s a key assumption of the marketing concept?
    That customers know what they need, and businesses should strive to fulfill those needs.

Evaluation

1. Define the marketing concept.
2. What is the primary objective of profit orientation?
3. List the five levels of relationship-building with customers in marketing.
4. How does reactive marketing encourage customer interaction?
5. Why is customer satisfaction important in the marketing concept?
6. Differentiate between basic marketing and partnership marketing.
7. What is the main assumption of the product concept?
8. How does the selling concept approach customer needs?
9. Explain the significance of marketing research in understanding customer needs.
10. What is the main goal of proactive marketing in customer relations?

Conclusion

The teacher will summarize the lesson, reinforcing the importance of customer-focused strategies and profit orientation in marketing. The teacher provides a summarized note on the board and moves around to mark and correct students’ work.