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Lecture notes the foundations of marketing
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This document includes the lecture noted of the course Foundations of Marketing.
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2019/2020Foundations of Marketing
LECTURE NOTES
LECTURER: MR. HARRIS
BOOK USED (PICTURES): INTRODUCTION TO MARKETING BY GARY ARMSTRONG, PHILIP KOTLER
,Foundations of marketing
LECTURER: MR. HARRIS
BOOK USED (PICTURES): INTRODUCTION TO MARKETING BY GARY ARMSTRONG, PHILIP KOTLER 1
Lecture 1
CHAPTER 1
What is marketing
Marketing is engaging customers and managing profitable customer relations.
Goals of marketing:
Attract new customers by promising superior value
Keep and grow current customers by delivering satisfaction.
Forms of marketing
Traditional Contemporary
Making a sale. Satisfying customer needs.
Abundance of products in the nearby Imaginative Web sites and mobile
shopping centres. phone apps, blogs, online videos, and
Television, magazine and direct-mail social media.
ads. Reach customers directly, personally,
and interactively.
Understanding the Marketplace and Customer needs
Five core customers and marketplace concepts:
o Needs (products that you can’t function without, marketers can’t create this), wants
(Marketers can make you wants, specific satisfier of a need) and demands (a want
supported by buying power (students demand Housing, free transportation, low
interest loans)
o Market offerings, what marketers offer to you in terms of products and services
o Value and satisfaction, one gets from its purchases. It may cause you to keep buying
it.
o Exchanges and relationships, If you keep on buying a certain product or service from
a certain brand you create a relationship with the company. You exchange money or
credit for products or services.
o Markets, is a group of people, people with a comment demand.
Figure 1.2 – A Modern Marketing System
1
Gary Armstrong, Philip Kotler, and Marc Oliver Opresnik, Marketing: An Introduction, Global Edition, 2019.
, Foundations of marketing
Designing a Customer Value-Driven Marketing Strategy
Marketing management orientations
o Production concept, quantity
o Product concept, quality is important
o Selling concept, promotion & advertising, can sell anything
o Marketing concept, looking at the customer before/after making a product
o Societal marketing concept, doing the right thing for society
Figure 1.4 - Three considerations underlying the societal marketing concept
Bad news affects sales
This figure shows that companies should balance three considerations in setting their marketing
strategies: company profits, consumer wants, and society’s interests.
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