Week 1: Marketing is the process of communicating the value of a product or service to customers, for

the purpose of selling the product or service. It is a critical business function for attracting customers. Marketing is about creating value for customers, so businesses must understand their customers and the marketplace in which it operates Marketing management is the art and Market offerings are goods, services, and experiences which satisfies customers needs, wants and demands Exchange is the act of obtaining a desired object from someone by offering something in return. Customer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Core marketing concepts: Needs, wants demands Market offerings Value, satisfaction and quality Exchange, transactions, and relationships Markets The marketing process. Create value and build relationships Understand the marketplace and customer needs/wants Design a customer driven marketing strategy Construct an integrated marketing program that delivers superior value Build profitable relationships (create value from customers) Customer value and satisfaction: Customer perceived value is the difference of the customers evaluation of the benefits and costs compared to alternatives. Customer satisfaction Designing a customer driven market Selecting customers to serve Choosing a value proposition Marketing management orientations Marketing management orientation The selling concept starts from the factory, focuses on existing products, selling and promoting, profits through sales volume The marketing concept starts rom the market, focuses on customer needs, integrated marketing, profits through customer satisfaction Target customers intended positioning: Product. Goods, services, and experiences. Price People, relationships Process, involving customers in processes Physical evidence Placement logistics (channel, and logistics management) Promotion Creating value from customers: Loyalty, growing share of customers, building customer equity, building the right relationship with the right customers

Changing marketing landscape: Uncertain world economy Growth of non-for-profit marketing The digital age Globalization Sustainable marketing Lecture two: Company-wide strategic planning is the process of developing and maintaining a strategic fit between the organisations goals and capabilities and its changing marketing opportunities. Steps involved: define the companys mission, setting the objectives/goals, design the businesss portfolio, plan marketing and other functional strategies.

Customer driven marketing strategy involves market segmentation, market targeting, market differentiation and positioning Managing the marketing effort involves analysis, planning, implementation, and control (set goals, measure performance, evaluate causes of differences, take corrective actions)

Elements in a marketing plan include executive summary, current marketing situation, threats and opportunity analysis, objectives and issues, marketing strategy, action programs, budgets, controls Marketing implementation is the process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives. Week 3: Analyzing the marketing environment Factors in micro-environment: the company, suppliers, marketing intermediateries (other firms), competitors, public, and customers The company involves the top management, finance, R&D, purchasing, operations, and accounting Marketing intermediaries involves resellers, physical distribution firms, marketing service agencies, financial firms Public involves any group that has interest or an impact on the organizations ability to achieve its objective (greenpeace)

Marcro-environmental forces are demographics, economics, natural, technological, political, and cultural Demographics, the study of human populations in terms of size, density, age(generational marketing), gender, race, occupation Political involves legislation regulating business, and increased emphasis on ethics and socially responsible actions. Managing marketing information to gain customer insights: Need to gain customer insights into their needs and wants to create value for customers Tools for marketing information is internal databases, competitive marketing intelligence, market research Types of research: Exploratory research (define the problem, suggest research) Descriptive research (describe things) Casual research (cause and effect relationships Types of data: Secondary data: information that already exists somewhere having been collected for another purpose (ABS) Primary data: information collected for the specific purpose at hand (observational, survey, experiment)

Week 4: Marketers need to understand what consumers buy, who buys, how they buy, when they buy, where they buy, and why they buy. Buyer behavior depends on buyers characteristics, decision process, buying attitudes and preferences, brand and company relationship Customer behavior influences: cultural (social class, values, myths, laws), social (family, roles), personal (age, job), psychological (motivation perception) Maslows hierarchy of needs, self-actualization, esteem needs, social needs, safety needs, physiological needs. Interpreting information: Selective exposure, selecting only certain things to be exposed to Selective perception, modifying how you view things based on previously learnt beliefs Selective retention- remembering selectively Consumer decision process: Recognition, information search, evaluation of alternatives, purchase decision, post-purchase behavior For new products, awareness, interest, evaluation, trial, adoption Characteristics of business markets: Market structure and demand: fewer but larger buyers, derived demand, inelastic demand, and fluctuating demand. Nature of buying unit: more deision participtants, and a more professional effort used Types of decisions and decision process, more complex decisions, process more formalized

and longer Business markets and business buyer behavior refers to the use in the production of other products and services, or resell or rent to others for profit. Types of buying sitatuons: Straight rebuy, routine purchase with no modifications Modified rebuy, modification of product specs, prices, terms etc New task, entirely new purchase Major influences on business buyer behavior: Environmental, organizational (policies, procedures), interpersonal, individual E-procurement: Purchasing through electronic connections between buyers and sellers, usually online Week 5: Customer-driven marketing strategy

Market segmentation is dividing the market into distinct groups that are similar, in order to adapt the companys marketing mix to each market segment. Segmentation involves geographical, demographic, psychographic, behavioral (occasions, benefits sought, user status, usage rate, loyalty status) Requirements for effective segmentation, measureable, accessible, substantial, differentiable actionable Selecting target markets: Undifferentiated (mass) Differentiated (segmented) Concentrated (niche) Micromarketing (local or individual marketing) A products; position is the way the product is defines by consumers on important attributes, the place the product occupies in the consumers mind relative to competing products Choosing a differentiation and positioning strategy: Identifying a set of differentiating competitive advantages Choosing the right competitive advantages (important, profitable, distinctive, affordable, superior, preemptive, communicable) Selecting an overall positioning strategy Developing a positioning statement Week 6: Products, services and brands: Building customer value A product is anything that can be offered to a market for attention, purchase, use or consumption that might satisfy a want or need. Products, services, and experiences Products have three level, core customer value, actual product (brand name, features, design), augmented product (warranty, product support) Classifications of roducts and services, (consumer, industrial, organization, persons, places)

Product and service decisions, individual products and service (product attributes, branding, packaging, labelling, product support services). Product line (many similar products), product mix decisions (all the product line and items that a particular seller offers for sale) Service marketing: Intangibility, inseparability (cannot be separated from their provides), perishability (cannot be stored), variability (quality depends on who provides it) Three types of service marketing:

Building a strong brand: Brand positioning (attributes, benefits, beliefs and values) Brand name selection (selection and protection) Brand sponsorships (manfacturers brand, private brand, licensing) Brand development (line extensions, brand extensions, multi-brand, new brands) Developing new products: New product development is the development of original products, product improvements, product modifications, new brands through the companys own R&D efforts. The process of new product development involves idea generation, screening, concept development and testing, market strategy development, business analysis, product

development, test marketing, commercialization

Week 7: Pricing to capture customer value

Price is the amount charged for a product/service, or the sum of the values that customers exchange for the benefits of having or using the product or service Pricing strategies: Customer perceptions of value (price ceiling, a customer will not buy something that is priced higher than the perceived value) Internal and external considerations (marketing strategy/objectives, nature of market and demand, competitors prices) Product price (price floor, no profit below this price) five types of pricing strategies: Customer value based pricing (good value pricing, value added pricing) Cost-based pricing (types of costs, cost plus pricing) Competition based pricing Market-skimming pricing Market penetration pricing

Price changes: Initiating price cuts/increases Buyer/competitor reacts to price changes Public policy on pricing: Price fixing, predatory pricing (selling below cost to punish competitor) , deceptive pricing, price discrimination, price maintenance Week 9: Placement Marketing logistics network, network goals, major logistics functions Transport costs, warehousing costs, order-processing and information costs Conversion lot costs Marketing logistics functions: Warehousing, inventory management, transportation, logistics information management Marketing channel/distribution channel

Marketing channels are behavioral systems made up of real companies and people who interact to accomplish their individual and collective goals Retailing: Amount of service, self-service, limited service, full-service Product line, specialty store, combination store, department store Organizational approach, chain stores, corporate chain Week 10: Communicating customer value advertising and public relations The promotion mix: Advertising, sales promotion, personal selling, public relations, direct marketing The nature of marketing logistics network management, the new marketing communications landscape, the shifting marketing communications model, the need for integrated marketing communications Marketing strategy: Push strategy: the company pushes the product to resellers who in turn push it to consumers Pull strategy: the company promotes directly to final consumers creating a demand vacuum that pulls the product through the channel. Advertising decisions: Objective, budget, message, and media decisions Budgeting strategies: Affordable method, set at the level the company can afford Percentage of sales methods: set at a certain percentage o current or forecast sales Competitive parity method: set to math competitors outlays Objective and task method: set by defining specific objectives and determing the promotional tasks requires to achieve these objectives Advertising strategy consist of two parts, creating advertising messages, and selecting advertising media Selecting the right media: Deciding on reach, frequency, and impact Choosing among the main media types Selecting specific media vehicles Deciding on media timing Public relations: Press relations, product publicity, public affairs, lobbying, inverstor relations, development Personal selling and sales promotion: Personal selling is the personal presentation by the businesss Salesforce for the purpose of making sales and building customer relationships The role of the Salesforce is to link the company with its customers, coordinating marketing and sales Designing Salesforce structure, Salesforce structure (territorial, product, customer), Salesforce size Sales force structure, recruitment, training, compensating, supervising, evaluating Sales promotion consists of short-term incentives to encourage the purchase or sale of a product or service Consumer promotions,trade promotions (get retailiers to carry new items) Week 12: Direct and digital marketing

Direct marketing consists of connecting directiyh with carefully targeted individual consumers both to obtain an immediate response and to culticate lasting customer relationships Digital marketing entails interacting with known customers and others in the marketing channel, on a one-to-one basis, using electronic network tools and technologies ranging from the internet to mobile phone networks Databases in direct and digital marketing can provide, data mining, deepening customer loyalty, data mining, reactivating customers purchases, deciding customer offers Forms of direct and digital marketing include, direct print, television and radio, telemarketing, telesales, kiosks, direct selling, electronic shopping Evaluating customer direct marketing, sales lead generation, database generation, fulfilment response, product inquiries, sales response, profitability, ROI, lifetime customer value Week 13: sustainable marketing Includes high prices, deceptive practices, high-pressure selling, unsafe products, planned oboloesnce, poor service to disadvantaged consumers Marketings impact on society, materialism, few social goods, cultural pollution Consumers actions to promote sustainable marketing, consumerism, environmentalism, public actions to regulate marketing Internal controls, pollution prevention (eliminating waste before its created, immediate) new clean technology (future) External controls, product stewardship (minimizing environmental impact throughout the entire product life cycle (today), sustainability vision (creating a strategic frame work, future) Sustainable marketing principles include consumer orientat marketing, customer value marketing, innovative marketing, sense of mission marketing, societal marketing Legal: Education about relationships with competitors, suppliers, industry and other parties Covers competition, contract and consumer, standards, product liability, marketing communication, sales and after sales finance, franchising, intellectual property law