BU8501

Marketing for the 21st Century

Marketing overview

Semester 1 - 2018/19
Lecture sessions
1. Marketing overview
2. Sustainable global marketing
3. Marketing strategy & customer value
4. The environment and the market
5. Customer driven marketing & competitive advantage
6. Consumer & business buyer behaviour
7. Product management
8. Pricing management
9. Channel management
10. IMC: advertising, public relations, personal selling,
sales promotion, direct, online, social media &
mobile marketing
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Learning objectives for overview:

— What is marketing?

— The marketplace and customer needs

— Customer driven marketing

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Learning outcomes for overview:

You should be able to:

— Define marketing and explain its core
concepts
◦ Customer needs, wants, and demands
◦ Market offerings
◦ Value and satisfaction
◦ Exchanges and relationships
◦ Markets
— Explain the marketplace and customer
needs
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Learning outcomes for overview:

You should be able to:

— Describe customer driven marketing

◦ Marketing management and the five
orientations
◦ Integrated marketing program and the
marketing mix

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Is this Marketing?

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What Is Marketing?
Marketing defined…..

Marketing is a process by which

companies create value for customers and
build strong customer relationships to
capture value from customers in return

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What Is Marketing?
The Marketing Process

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Understanding the Marketplace
and Customer Needs
Core Concepts
— Customer needs, wants, and demands
— Market offerings
— Value and satisfaction
— Exchanges and relationships
— Markets

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Understanding the Marketplace
and Customer Needs
Core Concepts

— What is a need?
— What is a want?
— What is demand?

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Understanding the Marketplace
and Customer Needs
Customer Needs, Wants, and Demands
• States of deprivation
• Physical—food, clothing, warmth, safety
Needs • Social—belonging and affection
• Individual—knowledge and self-expression

• Form that needs take as they are

Wants shaped by culture and individual
personality

Demands • Wants backed by buying power

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 Understanding the Marketplace
and Customer Needs
— Market offerings are some combination of
products, services, information, or experiences
offered to a market to satisfy a need or want
◦ Products – shoes, cameras, jeans, property, ….
◦ Services – legal, medical, dental, financial, …
◦ Information – data, trends, behavior, …
◦ Experiences – holidays, movies, amusement parks, …
◦ Places – countries, cities, for investment or holiday …
◦ Events – Earth Day, Mother’s day, music festivals, …
◦ Persons – celebrities, politicians, …
◦ Organisations – charities, NGO’s, …
◦ Ideas – speak Mandarin, “Drink responsibly”, …
◦ So what are Airbnb, Grab,
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Exercise/ reflections …
— Choose any product or service you are
familiar with
— Can you identify any “marketing activities”
done by the company?
— Make a list of these “marketing activities”

Image from Google

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Understanding the Marketplace
and Customer Needs
Customer Value and Satisfaction
Expectations

Customers
• Value and
satisfaction

Marketers
• Set the right level of
expectations
• Not too high or low

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 Understanding the Marketplace
and Customer Needs
An Example: A serving of chicken rice

Price/
Value

Hawker Food court Restaurant Hotel

Centre

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 Understanding the Marketplace
and Customer Needs

Exchange is the act of obtaining a desired

object from someone by offering something in
return

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Understanding the Marketplace
and Customer Needs
Markets are the set of actual and
potential buyers of a product

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Designing a Customer-Driven
Marketing Strategy

Marketing management is the art and

science of choosing target markets and
building profitable relationships with
them
◦ What customers will we serve?
◦ How can we best serve these customers?

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Designing a Customer-Driven
Marketing Strategy
Selecting Customers to Serve

Market segmentation refers to dividing the

markets into segments of customers

Target marketing refers to which segments

to go after

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 Designing a Customer-Driven
Marketing Strategy
Choosing a Value Proposition
The value
proposition is the
set of benefits or
values a
company
promises to
deliver to
customers to
satisfy their
needs BU8501 Semester 1 2018 /19- Lec 1 20
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 Designing a Customer-Driven
Marketing Strategy
Marketing Management Orientations

Societal
Production Product Selling Marketing
marketing
concept concept concept concept
concept

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Designing a Customer-Driven
Marketing Strategy
Marketing Management Orientations

Marketing concept is the idea that

achieving organizational goals
depends on knowing the needs and
wants of the target markets and
delivering the desired satisfactions
better than competitors do

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Designing a Customer-Driven
Marketing Strategy
Marketing Management Orientations
Societal marketing concept is the
idea that a company should make
good marketing decisions by
considering consumers’ wants, the
company’s requirements, consumers’
long-term interests, and society’s
long-run interests

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Designing a Customer-Driven
Marketing Strategy

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 The Changing Marketing
Landscape
— Not-for-profit marketing growth
— Rapid globalization
— Sustainable marketing

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 The Changing Marketing
Landscape
Digital Age: Online, Mobile, and Social Media Marketing
Digital and social media marketing involves using digital
marketing tools such as web sites, social media, mobile ads
and apps, online videos, e-mail, and blogs that engage
consumers anywhere, at any time, via their digital devices.

Konica/Minolta
– 3:38

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Exercise/ reflections …
— Is it possible to design a “customer-driven
marketing strategy”?
— What problems or conflicts do you
foresee?

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 Preparing an Integrated Marketing
Plan and Program
The marketing mix is the set of tools (four Ps)
the firm uses to implement its marketing
strategy. It includes product, price, promotion,
and place.
Integrated marketing program is a
comprehensive plan that communicates and
delivers the intended value to chosen
customers.

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So, What Is Marketing?
Pulling It All Together

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Exercise/ reflections …
— Is
marketing different from selling?
Find examples of companies (not
mentioned in lectures) that practice
marketing and those that practice
selling.

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Summary

1.
2.
3.
4.
5.
………
………
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Reminders:
— Review lecture
— Make your summary or update
outlines
— Please be punctual
— Read the relevant chapters of text
and lecture materials before class

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Thank you

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