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Marketing summary (marketing management)
This is a summary of the lectures for the course marketing.
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MarketingLecture 1 – week 1 (chapters 1,2,3,4)
Marketing process in 5 steps
1. Understand the marketplace and customer needs and wants
2. Design a customer-driven marketing strategy: STP
3. Construct a programme mix that delivers superior value: 4 P’s
4. Build profitable relationships and create customer delight
5. Capture value from customers to create and profits and customer equity
Part 1: Understanding marketing management (ch1+2)
What is marketing?
Marketing: activity, set of institutions and processes for creating, communicating,
delivering and exchanging offerings that have value for customers, clients, partners
and society at large
Marketing: process of planning and executing the conception, pricing, promotion, and
distribution of ideas, goods, and services to create exchanges that satisfy individual
and organizational goals
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: pull strategy
Marketing management philosophies/ orientations
Production concept: production and distribution efficiency (MacDonald)
Product concept: continuous product improvement (Apple)
Selling concept: transactions, not relations (insurance companies)
Marketing concept: customer focus, understanding needs and wants (Harley
Davidson)
Holistic marketing concept: everything matters in marketing, requires a broad,
integrated perspective
What is marketing today?
Product-driven marketing (1.0)
Customer-centric marketing (2.0)
Human-centric marketing (3.0)
Digital marketing (4.0)
Any company that wants to survive has to use social media and digital media to
facilitate their management of their business. Blending traditional and digital.
Marketing should adapt to the changing nature of the customer and the customer’s
paths in the digital economy. The role of marketers is to guide customers throughout
their journey from awareness to advocacy
Trend - more functional marketing at corporate level
Consumers don’t just want to buy staff, they want real relationships with companies
that stand for the shared priorities in their own lives
Corporate & division strategic planning
Corporate mission
Establish SBU
Assign resources to SBUs
o GE/McKinsey matrix
, o BCQ growth-share matrix
Asses growth opportunities
o Intensive growth
Product-market expansion grid
o Integrative growth
Backward/forward/horizontal integration within industry
o Diversification growth
Unrelated diversification
Business unit strategic planning
Business mission
SWOT analysis
o Macro, micro environment: PESTEL, 5 forces
o Resources & capabilities: VRINE, value chain
Goal formulation
o What to achieve?
Strategy formulation
o How to achieve that?
Program formulation
Implementation
Feedback & control
Marketing plan
For individual products, lines, brands, channels, segments
What have we learned about the marketplace?
How will we reach our marketing objectives?
Contents
o Executive summary and table of contents
o Situation analysis
Current target markets, product review, competitors, swot
o Marketing strategy
Mission, marketing and financial objectives, target markets,
positioning, marketing program
o Financial projections (budgeting)
Sales and expense forecast, break-even analysis, risk analysis
o Implementation controls
Goals and budgets per month or quarter are reviewed
Mission statement
What is our business
Who is the customer
What is the value to the customer
What will our business be
What should our business be
Good mission statements
Limited number of goals
Stress major policies & values
Define competitive spheres
Take a long-term view
Short, memorable, meaningful
,Part 2: Capture Marketing Insights (ch3+4)
Marketing information system (MIS): consists of people, equipment and procedures to
gather, sort, analyse, evaluate, and distribute needed, timely and accurate information to
marketing decision makers
1. MIS - Internal record system
Results data: internal reports of orders, sales, prices, costs, inventory levels,
receivables and payables
o Order to payment cycle
o Databases, warehousing, data mining
o Sales information system
2. MIS - The marketing intelligence system
Happenings data: everyday information about developments in the marketing
environment
Hiring external experts: mystery shopping
Customer advisory panels
Internet resources: to research the company’s and competitor’s strengths and
weaknesses
Analysing the macro environment using PESTEL relevant trends?
Analysing the macro environment
Fad: unpredictable, short-lived, without social, economic, political significance (fidget
spinner)
Trend: a sequence of events with momentum and durability (uber)
Megatrend: large social, economic, political and technological change; min 7-10 years
influence (people wanting to eat healthier and live longer)
Fundamental human need: self-improvement (eternal human quest to be better fitter, more
skilled)
Human want: directed to specific objects, innovations driven by artificial intelligence to help
meet this need
Introducing new market offerings
Generating ideas by interacting with others
o Customers: brainstorm sessions, surveys, observe how customer use the
product, ask them about potential problems with current products, their dream
product, brand community
o Employees, creative techniques (brainstorming): allow off-time, monetary,
holiday or recognition awards for submitting ideas
o Scientists, engineers, channel members, top management: open innovation
movement crowdsourcing ideas/ co-creation
o Study competitors
3. MIS – marketing research system
Systematic design, collection, analysis and reporting of data and findings relevant to
a specific marketing situation facing a company
1. Define the problem – what?
2. Develop research plan – how?
Data sources: primary, secondary or both
, Research approach: observation, focus groups, surveys, behavioural research
experiments
Research instruments: questionnaires, qualitative measures, technological
devices
Sampling plan: sampling unit, sample size, sampling procedure
Contact methods: mail, telephone, personal, online
3. Collect information
4. Analyse information
5. Present findings
6. Make decision
RA: Focus group:
Exploratory research approach: listen & observe
6 - 10 people, selected based on demographics, psychographics or others, brought
together to discuss various topics of interest in depth
Professional research moderator
Aim: to discern consumers’ real motivations and why they say and do certain things
Pros:
Emotional & physical reactions additional information
Sensitive materials are not leaked in offline focus groups
Cost-effective and quick
o Cons:
Small and biased sample generalization not possible
Potential response bias: maintaining one’s self-image, social influences by group
members
RA: Observation:
Ethnographic research
Uses concepts and tools from anthropology and other social sciences to provide deep
cultural understanding of how people live & work
Goal: get immersed into consumers lives to uncover unarticulated desires
Nethnography: ethnography focused on social media
RA: Experiments
Captures cause-effect relationships: most scientifically valid method
Individuals assigned to different treatments: do observed responses differ statistically
significantly between these treatment conditions?
RI: Questionnaires: most common instrument
Closed-end questions
Dichotomous: yes-o
Liker scale: strongly disagree – strongly agree
Semantic differential: large --- small
Importance skill: not at all – extremely important
Rating skill: poor – excellent
Multiple choice
Intention-to-buy scale: definitely buy – definitely not buy
Open-end questions
Completely structured
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