Marketing Week 1/lecture 1 - Introduction - What is marketing? - Core marketing concepts - 5 marketing philosophies. What is marketing? Phycology: the study of people's needs, wants and motives, and from> Journalism; persuasive Commnication - Combined we have a powerful combination; we know what people need and want, and we know how to persuade them that our products will satisfy those needs and wants. Some ways to define marketing. · The process where companies create value for customers and build strong customer relationships to capture value from customers in return (anon) · Marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others' (Kotler et al 2010). . 'Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large' (American Marketing Association, 2007). . In short >> Marketing is the art of making people happier with what they get than what they exchange for it (anon). "if I asked consumers what they want, they would have said "a faster horse" - henry ford The marketing process.
Organisation mission Market opportunity analysis Marketing strategy Target market selection Marketing objectives Marketing mix . Product · Distribution · Promotion · Price Environmental scanning Implementation Evaluation Every time you see advertising ask yourself: · "To whom (= the target audience (usually customers and/or potential customers)) · are they saying what? (= the message) · Why? (= the communications strategy) . Why now? (this time of day, this part of week, this season, this phase of the marketing campaign?) . Why are they saying it here? (this medium - does it match the media habits of the target? = "media vehicle matching" (the "vehicle" is the thing which "delivers" the "message" to the "target" audience.) . Why did they choose this person to say it? (celebrity/ a person who is like target/ an authoritative person?) . What do they want the "whom" to do?" (buy now, add to shopping list, have some familiarity with the brand, consider this brand, change their beliefs or attitudes? · and what is the "call to action" trigger? Marketing is not just for products. - Services - Ideas (and ideologies) - People - Places 5 marketing core concepts Market offerings
Combination of goods, services and experiences - People satisfy their needs and wants by exchanging value with the marketer. - In exchange for their money (and usually some time and effort) they obtain a "market offering" - which is a combination of physical goods, services, information and experiences. - A market offering may include services (activities or benefits) that are intangible. - The importance of the market offering lies in the benefits it provides. Value, satisfaction and quality Customer value Custome r value Total Benefits Total costs - Customer benefits is the bundle of economic, functional and psychological benefits customers expect from a product. - Customers costs is the