Class notes
Complete Marketing Lecture Notes
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6 weeks in total, which includes both lectures during the week.
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Week 1Lecture 1: Marketing
Aim of course:
- Understand what marketing is about breadth rather than depth
- Learning how to write a marketing plan
Chapter 1: Scope of Marketing for New Realities
Marketing. Process. In 5 steps:
1. Understanding the marketplace: Understanding what the customer needs
2. Design a customer driven marketing strategy
3. Construct program mic (price, promotion, place)
4. Building profitability (keeping the customers
5. Capture value from customers to create profit and customer equity
Definition: Distribution -> pricing and promotion -> communicating
- Marketing is the performance of business activities that direct the flow of goods and
services from producers to consumers (AMA 1935)
o Marketing is about efficient distribution
- Marketing was seen as a conception, pricing, promotion and distribution of ideas,
goods and services to create exchange that satisfied individuals and organisation
(AMA. 1985)
- Marketing is processes from creating, communicating, delivering and exchanging
offerings that have value for customers (2013)
History:
- Era 2: Traditional approach in america after industrial revolution
- Era 3:Pradign shift (development of the 4 Ps)
o Selling surplus after the second world war
- Era 4: Paradigm broadening (physiology enters)
Macromarketing thought:
- Concept of micromarketing emerged in 1970s (Micro Macro)
Marketing management philosophy:
- Saturation in the market = differentiation
- Product concept (Apple)
o Don’t focus too much (too many features)
- Selling concept
o Aggressive selling (things people don’t really need or want)
- Marketing concept = Marketing reseach
Holistic or societal marketing concept:
- Performance (selling) = NOW (people and sustainability impact)
,Misconception 1: values is always created and captured by business
- Customers create their own value
o Main value is created by consumers
o Ex. Etsy, Airbnb, uber
Misconception 2: Marketing always ends with the sale of products and services
- Linear to Circular economy
o Make, use, recycle
o No longer ends at the point of sale
- Responsibility is no longer on the consumer but on the corporations
o Ex. Ikea renting our funiture
System thinking
- Performance economy (SHARING economy)
o Selling goods as services
o Ownership remains with manufacturer
Ex. You don’t need a car you need mobility
Chapter 2: Marketing strategies plans
- VRINE, resources & competences, corporate and business strategic planning, SWOT,
PESTEL, porters generic strategies, mission statement, etc.
- Corporate level strategic planning
o Ex. L’oreal mission
Offering woman and men worldwide the best of cosmetic innovation
in terms of quality, efficacy and safety.
Different brands can reach out to different customers with different
products
IDENTIFY A POSITION AND TARGET GROUPS
o Mission statement is important! To see which customers they target
- Business Uni strategic plan
o For individual products, lines, brands, channels, segments
o Start up
o Marketing plans have a LOT of variety
o Facebook mission stamen analysis
2004: Product focused
2009: Customer focused (social utility “connecting”)
2017: Power (Marketing/value focus)
- Mission: Who we now are now and what do we do?
o What is our business?
o Who is the customer?
o What is the value to the customers?
o What will our business be?
o What should our business be?
- COPERATE VS. PRIDUCT MISSION STAMENTS (good mission statement)
, o Limited number of foals
o Stress major polices and values
o Define competitive spheres
o Take a long-term view
o Short, memorable, meaningful
- Vision: Who do we want to be and what would we like to do?
- Purpose: What do we do to benefit the greater good? How do we want to make the
world a better place?
o Mission, vision and purpose provide an important guide, both internally and
externally, as to what a firm seeks to accomplish with a brand today and
tomorrow.
Chapter 3: Marketing research and analysis
- What kind of information do marketers need?
o Customer needs
o Demographic
o Competetors
- About whom
o Identify potential customers or existing
- Where they get that information
o Run surveys
MIS- Internal records
- Records data: reports on orders, sales, prices, costs, inventory levels
o Problem: too much information (gotta distinguish what's important)
o Sales info system
Ex. Zara enhanced customer experience
Take customer info and suggestions in store
o Databases, warehousing, datamining
Ex. Tags on clothing to track sales and stoke
o Order to payment cycle
o Blockchain
Tracking sales and products
MIS- Marketing intelligence
- Happening data: everyday information about development in the marketing
environment
o Newspapers, books, trade publications
Gathering info to stop opportunities and new development or even
threats
Back up the sharing economy trends
Borrowers
o Access at a cheaper rate
o Sharing economy is growing!
o
o Training sales force, distributors, intermediaries
Need to incentivise intermediaries to give information
o Networking internally and externally
Marketing managers need to keep in touch with different
departments
, External = spying on competitors
Purchase competitors' products
o Hiring external experts >> mystery shopping
Ex. Assess cleanliness of facilities, product quality and the way
employees treat customers
o Customer advisory panels
Sending products to customers and asking for feedback
Exploratorily research
o Internet resources
Free information available
To research the company’s and competitors' strengths and
weaknesses
Independent customer review forums
Distributor feedback sight
Public blogs and social media
- Tool for analysis and macro environment
o Major macro-environment forces
Opportunities and threats
PESTEL
- Analysing the macro economy
o Fad? Ex. Fidget spinners
o Trend?
Momentum and durability
o Megatrend? Air fryer, yoga
- Marketing challenge
o H&M introducing clothing rental
Moving towards sustainability consumer awareness
MIS- Marketing research
- Systematic design, collection, analysis and reporting of data and finding relevant to a
specific marketing situation facing a company.
o Define the research problem
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