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Summary MarketingLecture 1 (11-04-23)
Introduction to the course
The biggest myths about marketing is:
- Marketing = advertising
- Marketing = the way to pursue people to purchase things they do not want to
purchase
- Marketing = selling people things they do not need
- Marketing is evil, advertising etc.
Definitions of marketing:
AMA (2007): Marketing is the activity and process for creating,
communicating, delivering and exchanging offerings that have value for
customers, clients, partners and society at large
Kotler & Armstrong (2021): Marketing is the process by which companies
engage customers, build strong customer relationships, and crate customer
value in order to capture value from customers in return
Marketing enables the parties to engage in exchanges of products and manages
those exchanges to create value
What is value?
- To a manufacturer: value = profit revenues – costs
- To a consumer: value = benefits – sacrifices
- Good profit: earned from creating value that leads to customer loyalty, repeat
purchase, cross-selling etc has economic, function, and psychological
benefits
- Bad profit: earned at the customer’s expense costs expected to incur
when evaluating, obtaining, using, and disposing of market offerings
Guest lecture: Julia Velder
How can you add value?
- Increase my taste experience
- Make it affordable (and make me feel smart)
- Make me feel better
- Make me feel healthy
Marketing is all about identify and address of customers
Focus on brand growth:
- Consumer and trade activation
- New products and limited editions
- Strengthen iconic brand assets
- Objective: profitable growth
Focus on brand building:
- ATL communication
- Build and protect brand positioning and assets
- Objective: increase brand relevance
,Process of market research (Targo Bank):
Create test material qualitative study optimize quantitative study
Production process (Targo Bank):
Define partner and calculate costs prepare shooting shooting
postproduction
Things to keep in mind:
- Brands are substitutional
- Keep it simple, do not take yourself too seriously
- Maintain balance between preserving and renewing
- Move forward and take consumer with you
- Do what you love and keep a broad perspective
Lecture 2 (13-04-23)
Marketing environment & buyer behaviour
Why do companies have mission and vision statements?
- To help guide the different departments in a company
- Without the mission/vision statement, how will the company develop its
offering to the customer?
- It is like a ship with no destination
The objectives of an organization are important since it helps direct the efforts a
company takes across its offerings and market
Ansoff’s Matrix (1988):
,Porter’s five forces framework:
1. Threat of new entrants (economies of scale, specialized knowledge, cost of
entry)
2. Bargaining power of buyers (number of customers, size of order, prize
sensitivity, cost of changing)
3. Bargaining power of suppliers (number of suppliers, size of suppliers, ability to
substitute)
4. Threats of substitute products (cost of change, substitute performance)
5. Rivalry among existing competitors (number of competitors, quality
differences, customer loyalty)
How do managers decide their strategies?
Tools and frameworks to address and view different aspects of the marketing strategy
direction
- Bird’s eye view (internal/external)
SWOT (strengths, weaknesses, opportunities, threats)
- Marketing environment (external)
PESTLE (political, economic, social, technological, legal, environmental)
Porter’s five forces model
- Growth share across offerings (offering level)
BCG matrix
There are many more out there depending on the objective
SWOT analysis:
Strengths (internal):
- Things your company does well
- Qualities that separate you from competitors
- Internal resources such as skilled, knowledgeable staff
- Tangible assets such as intellectual property, capital etc.
Weaknesses (internal):
- Things your company lacks
- Things your competitors do better than you
- Resource limitations
- Unclear unique selling proposition
Opportunities (external):
- Underserved markets for specific products
- Few competitors in your area
- Emerging need for products
- Press/media coverage of your company
Threats (external):
- Emerging competition
- Changing regulatory environment
- Negative press/media
- Changing customer attitudes towards your company
PESTLE analysis (external macro):
- Political: stability, corruption, taxes, labour laws, government policy
- Economic: growth, rates, interest rates, inflation, unemployment rates
- Social: population growth, age distribution, health, career attitudes
- Technological: level of innovation, technological change and awareness
, - Legal: laws, consumer protection laws, health laws, patent laws
- Environment: climate change, weather, environmental policies
Growth matrix: developed by Bruce D. Henderson in 1970
- To give direction to a brand along with products and services a growth matrix
can help
- Products/services are placed in quadrants
- Can be done internal or external
What makes customers buy?
Maslow’s hierarchy of needs:
Buyer behaviour model:
- The environment: marketing stimuli > product, price, place, promotion
- Buyers black box: buyer’s characteristics, buyer’s decision process
- Buyer responses: buying attitudes and preferences, purchase behaviour,
brand engagements and relationships
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