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This document contains notes from lectures, class notes, readings, and compulsory textbook chapters.
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MARKETINGTable of Contents
Week 1......................................................................................................................................................... 2
Week 2....................................................................................................................................................... 16
Week 3....................................................................................................................................................... 28
Week 4....................................................................................................................................................... 41
Week 5....................................................................................................................................................... 66
Week 6....................................................................................................................................................... 83
Week 7....................................................................................................................................................... 91
EXPLANATION OF COLOR CODING:
Yellow = Textbook Chapter Titles
Blue = Presented in the lectures for each chapter – important exam material!
Pink = important concepts, terms, definitions
Green = Weekly Articles, readings
Underlined bold = textbook chapter subheading 1
Bold = textbook chapter subheading 2, important points, quotes, or definitions
,WEEK 1
Scope of Marketing for New Realities
- Marketing = identifying and meeting human and social needs
o 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 (definition by the American Marketing Association, 2013)
- The aim of marketing is to make selling superfluous […] to know and understand the customer so
well that the product or service fits him and sells itself” (Peter Ducker, management theorist)
- Creating customer value = understanding latent customer needs and wants
o We need to think further beyond what the customer tells us
- Market = term used by marketers to describe customer groups
o Four key customer markets are consumer, business, global, and nonprofit.
Misconceptions about Marketing:
- Value is always created and captured by business
o Initiated by business B2B, B2C (traditional marketing)
o Initiated by consumer C2C, C2B
Airbnb, Uber, BlaBlaCar, Peerby
- Marketing always ends with the sale of products and services
o Linear economy: take make dispose
o Circular economy: make use recycle
- Contrary to popular belief, marketers do not create NEEDS. What marketers CAN change, on the
other hand, are the WANTS.
- Marketers market 10 main types of entities: goods, services, events, experiences, persons, places,
properties, organizations, information, and ideas.
- A marketer is someone who seeks a response—attention, a purchase, a vote, a donation—from
another party, called the prospect.
- Marketing – Upsides and downsides:
+ Positive force that contributes to uplifting the world by creating services of value for organizational
stakeholders, individuals, and society.
- Emerging marketing ideologies and practices that seem to produce more problems for consumers
and their environments than they solve.
Marketing process in 5 steps
1. Understand the marketplace and customer needs and wants
o Marketing insights
2. Design a customer-driven marketing strategy
o STP! Segmenting, Targeting, Positioning
3. Construct a programme/mix that delivers superior value
o The 4 Ps
4. Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity
Core Marketing Concepts
- Needs = basic human requirements such as for air, food, water, clothing, and shelter. Humans also
have strong needs for recreation, education, and entertainment. These needs become wants when
directed to specific objects that might satisfy the need. Our wants are shaped by our society.
Demands are wants for specific products backed by an ability to pay.
,- Five types of needs
o Stated needs = The customer wants an inexpensive car.
o Real needs = The customer wants a car whose operating cost, not initial price, is low.
o Unstated needs = The customer expects good service from the dealer.
o Delight needs = The customer would like the dealer to include an onboard GPS system.
o Secret needs = The customer wants friends to see him or her as a savvy consumer.
- Target markets = distinct segments of buyers by identifying demographic, psychographic, and
behavioral differences between them (segments)
- Market offering = positioned in target buyers’ minds as delivering some key benefit(s)
- Value proposition = a set of benefits that satisfy customers’ needs. The intangible value proposition is
made physical by an offering, which can be a combination of products, services, information, and
experiences. A brand is an offering from a known source.
- Marketing channels:
o Communication channels (media) = deliver and receive messages from target buyers
Paid media – TV, display ads, magazine, paid search, sponsorships, showing a brand
for a fee
Owned media – a blog, website, Instagram account; communication channels
marketers actually own
Earned media – streams in which consumers, the press, or other outsiders
voluntarily communicate something about the brand via word of mouth, buzz, or
viral marketing methods
o Distribution channels (display, sell or deliver the product)
o Service channels (used to carry out transactions with potential buyer) = transportation
companies, warehouses
- Impressions = occur when consumers view a communication; are a useful metric for tracking the
scope or breadth of a communication’s reach that can also be compared across all communication
types. The downside is that impressions don’t provide any insight into the results of viewing the
communication.
- Engagement = the extent of a customer’s attention and active involvement with a communication,
which is more likely to create value for the firm. Some online measures of engagements are Facebook
“likes,” tweets, comments on a blog or Website, and sharing of video or other content.
- Value = the sum of the tangible and intangible benefits and costs
o primarily a combination of quality, service, and price, called the customer value triad. Value
perceptions increase with quality and service but decrease with price.
- Supply chain = a longer channel stretching from raw materials to components to finished products
carried to final buyers.
- Competition = all the actual and potential rival offerings and substitutes a buyer might consider
- Marketing environment = task environment + broad environment
o task environment includes the actors engaged in producing, distributing, and promoting the
offering
o broad environment consists of six components: demographic environment, economic
environment, social-cultural environment, natural environment, technological environment,
and political-legal environment.
- Systems thinking
o Linear economy
Flows like a river
Ownership + liability for risks and waste pass to the buyer, at point of sale
efficient in overcoming scarcity; - wasting resources (in saturated markets)
o Circular economy
, Flows like a lake
New jobs through reprocessing of materials and goods, energy savings
o Performance economy = selling goods as services / “product as a service” renting
Ownership remains with manufacturer
The New Marketing Realities
- Three transformative forces in marketing: technology, globalization, and social responsibility
- New Capabilities in the changed marketplace
o New customer capabilities = can use the internet to find information, search, communicate,
and purchase on the move, can engage with a brand on social media, actively interact with
companies, but can also reject marketing they find inappropriate
o New company capabilities = can use the internet as a sales, communication, or distribution
channel, can collect information about markets, consumers, prospects, competitors, can
reach consumers quickly via social media, mobile marketing, can improve purchasing,
recruiting and training of sales force, can improve cost efficiency
- Marketing 3.0 = Its three central trends are increased consumer participation and collaborative
marketing, globalization, and the rise of a creative society.
o the future of marketing will be consumer-to-consumer. They say the recent economic
downturn has not fostered trust in the marketplace and customers are increasingly turning
to one another for credible advice and information when selecting products.
Marketing management philosophies
- The production concept: focusing on production and distribution efficiency (“the cheapest product”);
consumers prefer products that are widely available and inexpensive. Managers of production-
oriented businesses concentrate on achieving high production efficiency, low costs, and mass
distribution
- The product concept: continuous product improvement; proposes that consumers favor products
offering the most quality, performance, or innovative features.
- The selling concept: transactions, not relations, aggressive selling; consumers and businesses, if left
alone, won’t buy enough of the organization’s products
- The marketing concept: customer focus, understanding needs and wants; emerged in the mid-1950s
as a customer-centered, sense-and-respond philosophy. The job is to find not the right customers for
your products, but the right products for your customers. creating customer value
- The holistic marketing concept: everything matters in marketing (all of the above, etc.); is based on
the development, design, and implementation of marketing programs, processes, and activities that
recognize their breadth and interdependencies.
o Requires a broad, integrated perspective
o Responsible marketing
o 4 Ps
Holistic Marketing comprises of:
- Integrated Marketing = Occurs when the marketer devises activities and programs to create,
communicate, and deliver value for consumer such that "the whole is greater than the sum of its
parts"
o Two key themes: (I) Many different marketing activities can create, communicate, and
deliver value, (II) Marketers should design and implement each marketing activity with all
other activities in mind
o Communications, products & services, channels, price
- Internal Marketing = Is the task of hiring, training, and motivating able employees who want to serve
customers well
o Marketing department, senior management, other departments
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