Session 1 Marketing definition

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The Value of Marketing
• Financial success often depends on marketing
ability
• Successful marketing builds demand for products
and services, which, in turn, creates jobs
• Marketing builds strong brands and a loyal
customer base, intangible assets that contribute
heavily to the value of a firm

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The meaning of marketing
• Marketing is engaging customers and managing
profitable customer relationships.

• The aim of marketing is to create value for

customers in order to capture value from
customers in return.

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Exchange
• Marketing occurs when people decide to satisfy their
needs and wants through exchange relationships.
• Exchange is the act of obtaining a desired object from
someone by offering something in return.
• In the broadest sense, the marketer tries to bring about a
response to some market offering. The response may be
more than simply buying or trading products and
services.
• A political candidate, for instance, wants votes; a church
wants membership and participation; an orchestra wants an
audience; and a social action group wants idea acceptance.
•

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Exchange and marketing
•Marketing consists of actions taken to
create, maintain and grow desirable
exchange relationships with target
audiences involving a product, service, idea
or other object. Companies want to build
strong relationships by consistently
delivering superior customer value.

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Leaders definition of marketing
mix

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Marketing Management

The art and science of choosing

target markets and getting, keeping,
and growing customers through
creating, delivering, and
communicating superior customer
value

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Activity 1

• Which companies do marketing

well?

• Why?

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Session 2 Who does it?

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Who Markets?

A marketer is someone who seeks a

response—attention, a purchase, a vote,
a donation—from another party, called
the prospect

More than ever we…...?

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So what we do?

• We do the tasks related to creating,

promoting, and delivering goods
and services to
• consumers and businesses.

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What marketers should confirm? Use Ten
rules of radical marketing

The CEO must own the marketing function.

Ø

ØMake sure the marketing department starts small and

flat and stays small and flat.
Get face to face with the people who matter most –
Ø

the customers.
Ø Use market research cautiously.

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Rules Continued
Ø Hire only passionate missionaries.
Ø Love and respect your customers.
Ø Create a community of consumers.
Ø Rethink the marketing mix.
Ø Celebrate common sense.
Ø Be true to the brand.

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Session 3 Marketing Scope

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The Scope of Marketing
• Marketing is about identifying and meeting
human and social needs
• AMA’s formal definition: Marketing is the
activity, set of institutions, and processes
for creating, communicating, delivering,
and exchanging offerings that have value
for customers, clients, partners, and
society at large

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What is Marketed? (1 of 2)
• Goods
• Services
• Events
• Experiences
• Persons

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What is Marketed? (2 of 2)
• Places
• Properties
• Organizations
• Information
• Ideas

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Activity 2

• Provide various examples of

marketing scope of various
firms

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Session 4 New economy challenges

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Covid-19 Pandemic

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The New Economy and need for
marketing1
Ø Substantial increase in buying power
Ø A greater variety of goods and services
ØA greater amount of information about practically
anything
A greater ease in interacting and placing and receiving
Ø

orders
Ø An ability to compare notes on products and services
Websites can provide companies with powerful new
Ø

information and sales channels.

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The New economy 2
• Companies can collect fuller and richer information about
markets, customers, prospects and competitors.
• Companies can facilitate and speed up communications
among employees.
• Companies can have 2-way communication with customers
and prospects
Companies can send ads, coupons, samples, information to
targeted customers.
•

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The New economy 3
Ø Various Consumer and business trends
Ø Companies can customize offerings and services to
individual customers.
Ø The Internet can be used as a communication channel
for purchasing, training, and recruiting.
Ø Companies can improve logistics and operations for
cost savings while improving accuracy and service
quality.
Ø Firms developing their packages of value

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Activity 3 Discussion with examples

• The three major challenges faced by businesses today are

globalization, advances in technology, and deregulation.
• Which of these affords the greatest opportunity for established
businesses?
• Which affords the greatest opportunities for new businesses? Why?

• Give examples on different businesses

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8 Demand States
• Negative
• Nonexistent
• Latent
• Declining
• Irregular
• Unwholesome
• Full
• Overfull
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Core Marketing Concepts (1 of 10)
• Needs: the basic human requirements such as for air,
food, water, clothing, and shelter
• Wants: specific objects that might satisfy the need
• Demands: wants for specific products backed by an
ability to pay

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Types of Needs
• Stated
• Real
• Unstated
• Delight
• Secret

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Core Marketing Concepts (2 of 10)
• Target markets
• Positioning
• Segmentation

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Core Marketing Concepts (3 of 10)
• Value proposition: a set of benefits that satisfy those
needs
• Offerings: a combination of products, services,
information, and experiences
• Brands: an offering from a known source

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Core Marketing Concepts (4 of 10)
• Marketing channels
– Communication
– Distribution
– Service

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Core Marketing Concepts (5 of 10)
• Paid media: TV, magazine and display ads, paid
search, and sponsorships
• Owned media: a company or brand brochure, web
site, blog, facebook page, or twitter account
• Earned media: word of mouth, buzz, or viral marketing

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Core Marketing Concepts (6 of 10)
• Impressions: occur when consumers view a
communication
• Engagement: the extent of a customer’s attention and
active involvement with a communication

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Core Marketing Concepts (7 of 10)
• Value: a combination of quality, service, and price
(qsp: the customer value triad)
• Satisfaction: a person’s judgment of a product’s
perceived performance in relationship to expectations

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Core Marketing Concepts (8 of 10)
• Supply chain: a channel stretching from raw
materials to components to finished products carried
to final buyers
Figure 1.3 The Supply Chain for Coffee

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Core Marketing Concepts (9 of 10)
• Competition: all the actual and potential rival
offerings and substitutes a buyer might consider

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Core Marketing Concepts (10 of 10)
• Marketing environment
– Task environment
– Broad environment

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The New Marketing Realities
• Technology
• Globalization
• Social responsibility

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A Dramatically Changed
Marketplace (1 of 6)
• New consumer capabilities
– Can use the internet as a powerful information and
purchasing aid
– Can search, communicate, and purchase on the move
– Can tap into social media to share opinions and
express loyalty

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A Dramatically Changed
Marketplace (2 of 6)
• New consumer capabilities
– Can actively interact with
companies
– Can reject marketing
they find inappropriate

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A Dramatically Changed
Marketplace (3 of 6)
• New company capabilities
– Can use the internet as a powerful information and
sales channel, including for individually differentiated
goods
– Can collect fuller and richer information about markets,
customers, prospects, and competitors
– Can reach customers quickly and efficiently via social
media and mobile marketing, sending targeted ads,
coupons, and information

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A Dramatically Changed
Marketplace (4 of 6)
• New company capabilities
– Can improve purchasing, recruiting, training, and
internal and external communications
– Can improve cost efficiency

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A Dramatically Changed
Marketplace (5 of 6)
• Changing channels
– Retail transformation
– Disintermediation

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A Dramatically Changed
Marketplace (6 of 6)
• Heightened competition
– Private brands
– Mega-brands
– Deregulation
– Privatization

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Marketing in Practice
• Marketing balance
• Marketing accountability
• Marketing in the organization

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Company Orientation Toward the
Marketplace
• Production
• Product
• Selling
• Marketing

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Figure 1.4 Holistic Marketing
Dimensions

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Relationship Marketing
• Customers
• Employees
• Marketing partners
• Financial community

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Integrated Marketing
• Devise marketing activities and programs that create,
communicate, and deliver value such that “the whole
is greater than the sum of its parts.”

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Internal Marketing
• The task of hiring, training, and motivating able
employees who want to serve customers well

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Performance Marketing
• Financial accountability
• Environmental impact
• Social impact

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Figure 1.5 Marketing Mix
Components (4 Ps)

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Modern Marketing Management
• People
• Processes
• Programs
• Performance

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Figure 1.6 The Evolution of Marketing
Management

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Marketing Management Tasks (1 of 2)
• Developing market strategies and plans
• Capturing marketing insights
• Connecting with customers
• Building strong brands

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Marketing Management Tasks (2 of 2)
• Creating value
• Delivering value
• Communicating value
• Creating successful long-term growth

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Copyright

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