BU8501

Marketing for the 21st Century

Marketing overview
Special Term - 2016

Lecture sessions
Intro - Marketing overview
1. Sustainable global marketing
2. Marketing strategy & customer value
3. The environment, market & customer driven marketing
4. Consumer & business buyer behaviour
5. Product management
6. Pricing management
7. Channel management
8. IMC: advertising, public relations, personal selling,
sales promotion, direct & online marketing
BU8501 Special Term 2016 - Intro

Learning objectives for overview:

What is marketing?

The marketplace and customer needs

Customer driven marketing

BU8501 Special Term 2016 - Intro

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
BU8501 Special Term 2016 - Intro

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

BU8501 Special Term 2016 - Intro

What Is Marketing?
Marketing is a process by which
companies create value for customers and
build strong customer relationships to
capture value from customers in return

BU8501 Special Term 2016 - Intro

What Is Marketing?
The Marketing Process

BU8501 Special Term 2016 - Intro

Understanding the Marketplace

and Customer Needs
Core Concepts

Customer needs, wants, and demands

Market offerings
Value and satisfaction
Exchanges and relationships
Markets

BU8501 Special Term 2016 - Intro

Understanding the Marketplace

and Customer Needs
Core Concepts

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

BU8501 Special Term 2016 - Intro

Understanding the Marketplace

and Customer Needs
Customer Needs, Wants, and Demands
Needs

States of deprivation
Physicalfood, clothing, warmth, safety
Socialbelonging and affection
Individualknowledge and self-expression

Wants

Form that needs take as they are

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, Mothers day, music festivals,
Persons celebrities, politicians,
Organisations charities, NGOs,
Ideas speak Mandarin, Drink responsibly,
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Team Activity
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

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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 noodles (or laksa)

Price/
Value

Supermarket

Coffee shop

Restaurant

BU8501 Special Term 2016 - Intro

Club/ Hotel

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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

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Designing a Customer-Driven
Marketing Strategy
Marketing Management Orientations

Production
concept

Product
concept

Selling
concept

BU8501 Special Term 2016 - Intro

Marketing
concept

Societal
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 companys
requirements, consumers long-term
interests, and societys long-run
interests

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Designing a Customer-Driven
Marketing Strategy

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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.

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Team Activity
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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Additional Questions
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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