Complete Marketing Lecture Notes

Week 1
Lecture 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