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MSc Markets and MarketingTopic 1: An Introduction To Marketing1BPP BUSINESS SCHOOLBPP BUSINESS SCHOOL1Educational Aims of this module This module aims to:Provide a solid foundation in the common language of managerial economics and marketing.Provide you with the skills and knowledge to analyse decisions taken in organisations from a managerial and marketing perspective.Enhance your comprehension of the dynamics of market interactions and regulatory frameworks that form the business environment.Strengthen your appreciation of the importance of an economic, sociological and political analytical lens through which to derive appropriate strategic responses within a regulated marketplace.2BPP BUSINESS SCHOOL2Timetable MAY 20143TopicWc DateContent126.05.14THE MARKETING ENVIRONMENT202.06.14MARKETING STRATEGY309.06.14ANALYSING THE MARKETING ENVIRONMENT416.06.14UNDERSTANDING THE CONSUMER523.06.14PRICE AND DELIVERING CUSTOMER VALUE30.06.14READING WEEK607.07.14FORMATIVE GROUP PRESENTATIONS714.07.14BRANDING AND BUILDING CUSTOMER VALUE821.07.14MARKETING CHANNELS AND DELIVERING VALUE928.07.14COMMUNICATING CUSTOMER VALUE1004.08.14SUMMATIVE WORKSHOPSADVERTISING MANAGEMENT TOPIC 1BPP BUSINESS SCHOOL34The keys to successPresentationEvaluationApplicationConceptBPP BUSINESS SCHOOL45The keys to successConceptApplicationEvaluationFormat and presentationUndergrads80%10%0%10%1st Yr Grad45%30%15%10%2nd Yd Grad30%30%30%10%Masters Level15%30%45%10%BPP BUSINESS SCHOOL56Course Digital Text book

BPP BUSINESS SCHOOL7Its vital you use the VLE Regularly!

BPP BUSINESS SCHOOL8TITLE HERE 00 MONTH 0000Research and the Library

BPP BUSINESS SCHOOLWeekly sessionsCase studies and discussionsTasks and group workingResearchVideosWeekly Test 9

BPP BUSINESS SCHOOL10A typical week 6 hours study

BPP BUSINESS SCHOOLAs part of your Formative assessment you are required to make a group presentation based on one of the concepts or frameworks from the courseThe presentation should be by use of up to a maximum of 10 power point slides and last approximately 10 minsDate for these presentations to be agreed with your course tutor

11Formative assessment

BPP BUSINESS SCHOOL11You are a specialist marketing consultant and have been retained by an organisation of your choice to carry out an analysis of their business and to make marketing recommendations to address the challenges you have identified.

12The 2500 Word Summative Assessment:

BPP BUSINESS SCHOOLRecognise that this is a tough postgraduate qualification and will require your commitmentRegular attendanceRead around the subject and apply to real lifeGet involved in classroom discussions and activitiesCarryout the pre session and post session tasks.Enjoy the course

13The keys to successBPP BUSINESS SCHOOL1314Post Graduate skillsPlanningThinking strategicallyPrioritisingContingency planningEvaluatingDecision making

Communicating Thinking creatively Balancing options, competing interests and needs Influencing Leading Strategic Implementation

BPP BUSINESS SCHOOL1415Digital Distractions

BPP BUSINESS SCHOOL16Timekeeping!

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THEMARKETINGENVIRONMENTBPP BUSINESS SCHOOL17What Is Marketing?Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return. Marketing Myopia is focusing only on existing wants and losing sight of underlying consumer needs

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19What is Marketing?BPP BUSINESS SCHOOLThe marketing environment includes the actors and forces outside marketing that affect marketing managements ability to build and maintain successful relationships with customers

20The Marketing EnvironmentBPP BUSINESS SCHOOL21The Companys Macroenvironment

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The Companys MicroenvironmentActors in the Microenvironment

Copyright 2014 by Pearson EducationBPP BUSINESS SCHOOLMarketing managements job is to build relationships with customers by creating customer value and satisfaction. However, marketing managers cannot do this alone. Figure 3.1 shows the major actors in the marketers microenvironment. Marketing success requires building relationships with other company departments, suppliers, marketing intermediaries, competitors, various publics, and customers, which combine to make up the companys value delivery network.

22Not-for-profit marketing growthRapid GlobalizationSustainable marketing

The Changing Marketing Landscape

BPP BUSINESS SCHOOL23marketing has also become a major part of the strategies of many not-for-profit organizations, such as colleges, hospitals, museums, zoos, symphony orchestras, and even churches. The nations not-for-profits face stiff competition for support and membership. So marketing can help them attract membership, funds, and support.

As they are redefining their customer relationships, marketers are also taking a fresh look at the ways in which they relate with the broader world around them. Today, almost every company, large or small, is touched in some way by global competition. American firms have been challenged at home by the skillful marketing of European and Asian multinationals. Companies are not just selling more of their locally produced goods in international markets; they are also sourcing more supplies and components abroad.Thus, managers in countries around the world are increasingly taking a global, not just local, view of the companys industry, competitors, and opportunities. They are asking: What is global marketing? How does it differ from domestic marketing? How do global competitors and forces affect our business? To what extent should we go global?

Marketers are reexamining their relationships with social values and responsibilities and with the very Earth that sustains us. As the worldwide consumerism and environmentalism movements mature, todays marketers are being called on to develop sustainable marketing practices. Corporate ethics and social responsibility have become hot topics for almost every business. And few companies can ignore the renewed and very demanding environmental movement. Every company action can affect customer relationships. Todays customers expect companies to deliver value in a socially and environmentally responsible way.The social-responsibility and environmental movements will place even stricter demands on companies in the future. Some companies resist these movements, budging only when forced by legislation or organized consumer outcries. Forward-looking companies, however, readily accept their responsibilities to the world around them. They view sustainable marketing as an opportunity to do well by doing good. They seek ways to profit by serving immediate needs and the best long-run interests of their customers and communities.

Marketing Management Orientations

Designing a Customer-Driven Marketing StrategyCopyright 2014 by Pearson EducationBPP BUSINESS SCHOOL24Marketing management wants to design strategies that will build profitable relationships with target consumers. But what philosophy should guide these marketing strategies? What weight should be given to the interests of customers, the organization, and society? Very often, these interests conflict.There are five alternative concepts under which organizations design and carry out their marketing strategies: the production, product, selling, marketing, and societal marketing concepts.

Production concept consumers will favor productsthat are available and highly affordable

Marketing Management Orientations

Designing a Customer-Driven Marketing StrategyBPP BUSINESS SCHOOL25The production concept holds that consumers will favor products that are available and highly affordable. Therefore, management should focus on improving production and distribution efficiency. This concept is one of the oldest orientations that guides sellers.The production concept is still a useful philosophy in some situations. However, although useful in some situations, the production concept can lead to marketing myopia. Companies adopting this orientation run a major risk of focusing too narrowly on their own operations and losing sight of the real objectivesatisfying customer needs and building customer relationships.

Product conceptconsumers favor products that offer the most quality, performance, and features. Focus is on continuous product improvements.Marketing Management Orientations

Designing a Customer-Driven Marketing StrategyCopyright 2014 by Pearson EducationBPP BUSINESS SCHOOL26Product quality and improvement are important parts of most marketing strategies. However, focusing only on the companys products can also lead to marketing myopia. For example, some manufacturers believe that if they can build a better mousetrap, the world will beat a path to their doors. But they are often rudely shocked. Buyers may be looking for a better solution to a mouse problem but not necessarily for a better mousetrap. The better solution might be a chemical spray, an exterminating service, a house cat, or something else that suits their needs even better than a mousetrap. Furthermore, a better mousetrap will not sell unless the manufacturer designs, packages, and prices it attractively; places it in convenient distribution channels; brings it to the attention of people who need it; and convinces buyers that it is a better product.Selling concept consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effortMarketing Management Orientations

Designing a Customer-Driven Marketing StrategyCopyright 2014 by Pearson EducationBPP BUSINESS SCHOOL27The selling concept is typically practiced with unsought goodsthose that buyers do not normally think of buying, such as insurance or blood donations. These industries must be good at tracking down prospects and selling them on a products benefits.Such aggressive selling, however, carries high risks. It focuses on creating sales transactions rather than on building long-term, profitable customer relationships. The aim often is to sell what the company makes rather than making what the market wants. It assumes that customers who are coaxed into buying the product will like it. Or, if they dont like it, they will possibly forget their disappointment and buy it again later. These are usually poor assumptions.

Marketing Management Orientations

Designing a Customer-Driven Marketing StrategySocietal marketing make good marketing decisions by considering consumers wants and long-term interestscompanys requirementssocietys long-run interests

Copyright 2014 by Pearson EducationBPP BUSINESS SCHOOL28Discussion QuestionsWhat companies can you identify with social Marketing?What do these companies do that ties to the societal marketing concept?

Students might be familiar with many different companies that practice societal marketing through their Corporate Social Responsibility (CSR) initiatives. Students might be familiar with local retailers who are also involved in societal marketing. (Target, TOMS shoes). They will note that these companies donate, contribute, or offer services to charities and not-for-profit organizations.The societal marketing concept holds that marketing strategy should deliver value to customers in a way that maintains or improves both the consumers and societys well-being. It calls for sustainable marketing, socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. Even more broadly, many leading business and marketing thinkers are now preaching the concept of shared value, which recognizes that societal needs, not just economic needs, define markets.

Marketing Management Orientations

Designing a Customer-Driven Marketing StrategyMarketing concept knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do

Copyright 2014 by Pearson EducationBPP BUSINESS SCHOOL29Under the marketing concept, customer focus and value are the paths to sales and profits. Instead of a product-centered make and sell philosophy, the marketing concept is a customer-centered sense and respond philosophy. The job is not to find the right customers for your product but to find the right products for your customers.contrasts the selling concept and the marketing concept. The selling concept takes an inside-out perspective. It starts with the factory, focuses on the companys existing products, and calls for heavy selling and promotion to obtain profitable sales. It focuses primarily on customer conquestgetting short-term sales with little concern about who buys or why.In contrast, the marketing concept takes an outside-in perspective. As Herb Kelleher, the colorful founder of Southwest Airlines, once put it, We dont have a marketing department; we have a customer department. The marketing concept starts with a well-defined market, focuses on customer needs, and integrates all the marketing activities that affect customers. In turn, it yields profits by creating relationships with the right customers based on customer value and satisfaction.Implementing the marketing concept often means more than simply responding to customers stated desires and obvious needs. Customer-driven companies research customers deeply to learn about their desires, gather new product ideas, and test product improvements. Such customer-driven marketing usually works well when a clear need exists and when customers know what they want.In many cases, however, customers dont know what they want or even what is possible. As Henry Ford once remarked, If Id asked people what they wanted, they would have said faster horses. For example, even 20 years ago, how many consumers would have thought to ask for now-commonplace products such as tablet computers, smartphones, digital cameras, 24-hour online buying, and GPS systems in their cars? Such situations call for customer-driving marketingunderstanding customer needs even better than customers themselves do and creating products and services that meet both existing and latent needs, now and in the future. As an executive at 3M put it, Our goal is to lead customers where they want to go before they know where they want to go.Henry Ford, Faster Horses and Market Research, Research Arts, January 25, 2011, www.researcharts.com/2011/01/henry-ford-faster-horses-and-market-research/.

Marketing Process

BPP BUSINESS SCHOOLInternationalisation drivers Drivers of internationalisationSource: Adapted from G. Yip, Total Global Strategy II, Financial Times Prentice Hall, 2003, Chapter 2

BPP BUSINESS SCHOOLCultural frames of referenceCultural frames of reference

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33The European Marketing EnvironmentBPP BUSINESS SCHOOLActivity (1)Working in groups on your case studyWhat pressures is your organisation under?How have these affected their business?What changes have they made?What changes do they need to make?BPP BUSINESS SCHOOL

SESSION 1-WEEKLY TASK

In preparation for your session next week familiarise yourself with Chapter 2 of your course book headed "Company and Marketing Strategy"Send your tutor 100 words introducing yourself and the reasons why you are on the courseBPP BUSINESS SCHOOL35