BU8501 Introduction Marketing Overview

BU8501 Marketing for the 21st Century Marketing overview Special Term - 2016

Lecture sessions

3. The environment, market & customer driven marketing 4. Consumer & business buyer behaviour

5. Product management 6. Pricing management

Intro - Marketing overview

7. Channel management 8. IMC: advertising, public relations, personal selling, sales promotion, direct & online marketing

2. Marketing strategy & customer value

BU8501 Special Term 2016 - Intro 2

1. Sustainable global marketing

Learning objectives for overview:

What is marketing?

The marketplace and customer needs

Customer driven marketing


Learning outcomes for overview:

You should be able to: Define marketing and explain its core

concepts ◦ Customer needs, wants, and demands ◦ Market offerings ◦ Value and satisfaction ◦ Exchanges and relationships ◦ Markets

Explain the marketplace and customer needs


Learning outcomes for overview:

You should be able to:

Describe customer driven marketing ◦ Marketing management and the five

orientations ◦ Integrated marketing program and the

marketing mix


What 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


What Is Marketing?

The Marketing Process


Understanding the Marketplace and Customer Needs

Customer needs, wants, and demands Market offerings Value and satisfaction Exchanges and relationships Markets

Core Concepts



What is a need? What is a want? What is demand?

Core Concepts



• States of deprivation • Physical—food, clothing, warmth, safety • Social—belonging and affection • Individual—knowledge and self-expression

Needs

• Form that needs take as they are shaped by culture and individual personality

Wants

• Wants backed by buying power Demands

Customer Needs, Wants, and Demands



Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want ◦ Products – shoes, cameras, jeans, property, …. ◦ Services – legal, medical, dental, financial, … ◦ Information – data, trends, behavior, … ◦ Experiences – holidays, movies, amusement parks, … ◦ Places – countries, cities, for investment or holiday … ◦ Events – Earth Day, Mother’s day, music festivals, … ◦ Persons – celebrities, politicians, … ◦ Organisations – charities, NGO’s, … ◦ Ideas – speak Mandarin, “Drink responsibly”, … BU8501 Special Term 2016 - Intro

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Team Activity

Choose any product or service you are familiar with

Can you identify any “marketing activities” done by the company?

Make a list of these “marketing activities”



Customer Value and Satisfaction Expectations

BU8501 Special Term 2016 - Intro

Customers • Value and

satisfaction

Marketers • Set the right level of

expectations • Not too high or low

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An Example: A serving of noodles (or laksa)


Price/ Value

Supermarket Coffee shop Restaurant Club/ Hotel

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Exchange is the act of obtaining a desired object from someone by offering something in return


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Markets are the set of actual and potential buyers of a product


Designing a Customer-Driven Marketing Strategy

Marketing management is the art and

science of choosing target markets and building profitable relationships with them ◦ What customers will we serve? ◦ How can we best serve these customers?



Market segmentation refers to dividing the markets into segments of customers

Target marketing refers to which segments to go after

Selecting Customers to Serve



Choosing a Value Proposition


The value proposition is the set of benefits or values a company promises to deliver to customers to satisfy their needs

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Production concept

Product concept

Selling concept

Marketing concept

Societal concept

Marketing Management Orientations





Marketing concept is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do

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Societal marketing concept is the idea that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-term interests, and society’s long-run interests

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BU8501 Special Term 2016 - Intro 23 23

The Changing Marketing Landscape

Digital Age: Online, Mobile, and Social Media Marketing

Digital and social media marketing involves using digital marketing tools such as web sites, social media, mobile ads and apps, online videos, e-mail, and blogs that engage consumers anywhere, at any time, via their digital devices.


Team Activity

Is it possible to design a “customer-driven marketing strategy”?

What problems or conflicts do you foresee?


Preparing an Integrated Marketing Plan and Program

The marketing mix is the set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and place.

Integrated marketing program is a comprehensive plan that communicates and delivers the intended value to chosen customers.


So, What Is Marketing? Pulling It All Together


Is marketing different from selling? Find examples of companies (not mentioned in lectures) that practice marketing and those that practice selling.


Additional Questions

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Summary

1. 2. 3. 4. 5.

BU8501 Special Term 2016 - Intro 29 29

Review lecture Make your summary or update

outlines Please be punctual Read the relevant chapters of text

and lecture materials before class


Reminders:

30

Thank you


BU8501 Introduction Marketing Overview

Documents

Transcript of BU8501 Introduction Marketing Overview