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3X

Marketi
ng

Assoc Prof Lau Geok Theng


Mochtiar Riady Building BIZ1-08-10
Tel: 6516-3179
geoktheng@nus.edu.sg

Course Objectives
To obtain basic understanding

of the principles, concepts,


theories and techniques in
marketing.
To apply marketing principles,
concepts, theories and
techniques through simple
exercises and short case
studies and a group project.

Text
Roger Kerin, Lau Geok

Theng, Steven W. Hartley


and William Rudelius,
Marketing in Asia, 2nd
Edition, McGraw-Hill, 2012.

Assessment
Individual Participation - 10%
Individual Subject Pool- 10%
Individual Assignment - 15%
Group Assignment - 15%
Final Examination - 50%

Expectations
Complete readings and assignments

diligently before coming to lectures and


tutorials.
Attend lectures and tutorials regularly.
Pay attention during lectures. PLEASE
DO NOT CHAT. Be involved in the
learning process during tutorials.
Put in fair share of work in group
assignments. Do not be a free rider.

Tutorials
Constitute 40% of course grade.
Begin on the third week. Week 13 & 14

revision.
Fortnightly two hours.
Confirm your allocated tutorial group or
sign up for tutorial group.
Get your assigned group and individual
assignments and complete them on time.
May have to read text ahead of lectures
to complete assignments.

Subject Pool
Constitute 10% of grade.
Sign up for specific studies based on your available dates

and times.
Penalty for non-attendance unless you have medical
excuse.
Punctuality is important. May not be allowed to
participate in study if turn up late.
If you DO NOT wish to participate in subject pool
studies, please send email to course coordinator
(bizlaugt@nus.edu.sg) to inform him about your wish by
end of third week. Alternative assignment will be given on
end of Week 8 and it will be due by end of Week 10.
Administrative matters related to subject pool, please
contact Ms Wang Kim Fong (mktwkf@nus.edu.sg; 65163463)

Lesson One
Introduction to
Marketing
Reading: Chapter 1

Assoc Prof Lau Geok Theng


Mochtiar Riady Building BIZ1-08-10
Tel: 6516-3179
geoktheng@nus.edu.sg

Marketing Definition

AD

A social process by which individuals

and groups obtain what they need


and want through exchanges of
value with others.
Philip Kotler

Marketing - Definition
An organizational process for

creating and retaining customers by


communicating and delivering value
to them in exchanges.
(AMA Definition, p. 6)

Importance of
Marketing
Marketing is so basic that it cannot
be considered a separate function.
It is the whole business seen from
the point of view of its final
results, the customers.
Peter Drucker

Exchange
Obtaining something of value to

you by offering something of


value to another party.
Conditions
At least two parties
Matching or mutual value

Exchange
Conditions

Communication
Delivery
Freedom of choice
Offer and acceptance

Needs, Wants and


Demand
Needs

State of deprivation. Most basic.


Often innate.

Wants

Driven by needs. Desire for specific


objects.

Demand

Wants for objects, backed by


willingness and ability to pay for
them.

Satisfaction of Needs
Satisfaction
Utility
Form, time, place, possession

Customer Value
Benefits
Costs

Types of Exchanges
Transaction

Relationship

Value Offered Through

Tangible products
Services
Places
People
Activities & Ideas

Market
Market is a collection of

buyers and sellers.


Evolution

Self production
Decentralized market
Centralized market

EVOLUTION TO CENTRALIZED EXCHANGE

Business Philosophies
Production Concept
Product Concept
Selling Concept
Marketing Concept
Societal Marketing Concept

Additional Reading for


Enrichment
Tom French, Laura LaBerge
and Paul Magill, Were All
Marketers Now, McKinsey
Quarterly, July 2011.