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MKW 1120 Marketing Theory and Practice: Lecture1:Introductiontomarketing

The document provides an introduction to marketing, outlining key concepts and frameworks. It discusses the evolution of marketing philosophy from production and selling orientations to a marketing orientation focused on customer needs. The marketing process is introduced as identifying customer needs and delivering superior value through an integrated marketing mix. Finally, the document presents an expanded model of the marketing process involving understanding the market, developing strategies, planning and executing activities.

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Peiyi Li
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54 views

MKW 1120 Marketing Theory and Practice: Lecture1:Introductiontomarketing

The document provides an introduction to marketing, outlining key concepts and frameworks. It discusses the evolution of marketing philosophy from production and selling orientations to a marketing orientation focused on customer needs. The marketing process is introduced as identifying customer needs and delivering superior value through an integrated marketing mix. Finally, the document presents an expanded model of the marketing process involving understanding the market, developing strategies, planning and executing activities.

Uploaded by

Peiyi Li
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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MKW 1120

MARKETING
THEORY AND
PRACTICE
LE CT U RE 1 : I N TR O D U CT I O N TO M A R K E TI N G
UNIT SCHEDULE
Week Scope

1 Introduction to marketing Defining marketing and


2 Creating, delivering and capturing value the marketing process
3 Analysing the marketing environment
Understanding the
4 Consumer market and buyer behaviour marketplace and
5 Segmentation, targeting and positioning consumer value
6 Product, services and brands
New product development and product life cycle strategies
7 Advertising, public relations, personal selling, sales promotion, direct
and digital marketing
8 Pricing and pricing strategies Designing a consumer
Communicating customer value value driven strategy
9 Marketing channels and retailing
and mix

10 Business-to business markets

11 Revision
LEARNING OUTCOMES:

1. Why is marketing important?


2. What is marketing?
3. The marketing management philosophies
4. The marketing process
WHY SHOULD YOU LEARN ABOUT MARKETING?

Youare a customer.

Youmay become a marketer.


Youwill work with marketers.

Youwill work with customers.


WHAT IS MARKETING?

Marketing is a :

- Philosophy

- Set of activity

- Process

…….which is used to accomplish organisational goals by anticipating customers needs and


directing need satisfying goods and services from producers to customers.

The process of creating, distributing, promoting, and pricing goods, services, and ideas to
facilitate satisfying exchanges with customers and develop and maintain favourable
relationships with stakeholders in a dynamic environment.
WHAT IS MARKETING?

Marketing is an organisational
function and a set of processes
for creating, communicating and
delivering value to customers
and for managing customer
relationships in ways that
benefit the organisation and its
stakeholders….American Marketing
Association

5
FIVE ALTERNATIVE MARKETING MANAGEMENT
PHILOSOPHIES
The Production Philosophy

The Product Philosophy

The Selling Philosophy

The Marketing Philosophy

The Societal Marketing Philosophy


A production philosophy exists when an Few alternative
organization emphasizes the production product option
function. available

Consumers favour products that are available and


highly affordable
Wide
availability
Firms should then focus on improving production
and distribution efficiency (i.e. manufacturing
efficiency).

Expand the
market

7
A product philosophy holds that consumers
favour product that offers the most quality,
Product quality
performance and innovative features

Firms should then focus on making continuous


improvements and technical innovations
Product Performance

However, focusing only on the company’s product


may lead to marketing myopia Innovative
features

8
A selling philosophy predominates where the Hard selling
selling function is most valued.

Consumers won’t buy enough unless firm undertakes Unsought


a large-scale selling and promotion effort (i.e. products
persuading people to buy).

"selling what they make, rather than making what


the market wants to buy”...Kotler

9
A marketing philosophy suggests that the
organization focuses on satisfying the needs
Theconsumer
of customers. rules! Find a need
and fill it.
Filling a hole in
the market
Firms can achieve their goals if they know the
needs and wants of their target markets and
deliver the desired satisfactions better than
competitors do.

Market research

10
THE MARKETING CONCEPT
The marketing concept holds that achieving organizational goals
depends on knowing the needs and wants of the target markets and
delivering the desired satisfaction better than competitors.

Marketing has evolved from:


“telling and selling”
to
“satisfying customer needs”

“The aim of marketing is to make selling


unnecessary” (PeterDrucker)
THE SELLING VS MARKETING
PHILOSOPHIES
▪ The societal marketing concept is
relevant to sustainability and holds
that an organisation should
determine the needs, wants and
interests of target markets.

▪ Superior value should be delivered


in a way that maintains or improves
the consumer’s and the society’s
wellbeing.
Lush does more
than just make and
sell premium
products for profit.
It is also dedicated
itself to doing right
by customers,
employees, the
environment and
society
TO SUM UP: THE MARKETING
MANAGEMENT PHILOSOPHIES
marketing myopia and losing sight of the real
objective—satisfying customer needs and
building customer relationships.

Inside-Out Perspective Outside-In Perspective

Production
Societal
Product Selling Marketing
Concept Marketing
Concept Concept Concept
Concept

• Mass Production • Quality • Heavy Promotion • Understanding & • Thebalance of


• Intensive • Performance • Agressive Selling satisfying company profits,
Distribution • Innovative customer needs consumer wants,
• Affordable Price Features and wants and society’s
• Integration of interests.
marketing mix
• Sales and profits
are the results of
customer
satisfaction
MARKETING NOW
Two Fundamentals of Marketing (McKenna)

Knowledge-Based Marketing

Knowledge-based marketing requires a company to


master a scale of knowledge: of the technology in
which it competes; of its competition; of its
customers; of new sources of technology that can
alter its competitive environment; and of its own
organization, capabilities, plans, and way of doing
business.

Experience-Based Marketing
Experience-based marketing emphasizes interactivity,
connectivity, and creativity. With this approach,
companies spend time with their customers,
constantly monitor their competitors, and develop a
feedback-analysis system that turns this information
about the market and the competition into important
new product intelligence.
THE MARKETING PROCESS
An Expanded Model of the Marketing Process
KEY 1. Define and explain the concept of marketing
2. Discuss the marketing management orientations
TAKEAWAYS that guide marketing strategy
3. Briefly outline the steps in the marketing
FOR process.

LECTURE 1
END

I N TR O D U C T I O N TO M A R K E T I N G

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