MKTG1501 Lecture Notes - Lecture 1: Swot Analysis, Customer Relationship Management, Marketing Myopia
MKTG1501 – Lecture 1 Notes
* Marketing
- is all about to satisfy the customers’ needs
- attract new customers and retain existed customers and their satisfactions
* What is marketing (narrowly defined)?
- firms need to identify their customers’ needs
- design better products than the competitive firms
- targeting at specific customers
- to better promote and set up the price
- to achieve a mutual ground between the firms and customers
* Definition of marketing
- Marketing is a process by which individuals and groups obtain what they
need and want through creating and exchanging products and values with
others
* Why an organisation can be successful?
- As they have strong market orientation which means that they focus on their
customers and competitors and they have a commitment to share their
marketing information to all parts of the organisation
- well know the customers’ needs and well-defined target markets
- motivate themselves to produce superior value for customers to lead to the
highest level of customers’ satisfaction
* The marketing processes
1) Understand the marketplace (customers’ needs, wants and demand) by
doing market research
2) Design a customer-driven strategy
3) Construct an integrated marketing plan to deliver values
4) Build profitable relationship
5) build brand equity by increasing customers’ brand loyalty
* What marketing is involved?
- branding
- management
- the advertising strategy of different firms
- some of the attracting features of the organisations
- marketing is what all the things that can highlight for the brand itself
find more resources at oneclass.com
find more resources at oneclass.com
* How to manage marketing into everything?
- concern about the people- new trend in recent generation 4P: Product/
Price / Place / Promotion (marketing mix)
- Recently, traditional 4P has changed to 4E: Product to Experience/ Price to
Exchange/ Place to Everywhere/ Promotion to Evangelism
(Introduced by Brain Fetherstonhaugh, Olivy and Mather)
* The marketing mix (By Neil Borden)
- Product: can be tangible good or intangible service which brings out the
uniqueness to stand out in the market
- Price: price determinations will impact its supply, profit margins and
marketing strategy
- Place: the ideal locations to reach the potential customers
- Promotion: the ways that the firm can deliver the product information or
differentiate their good and service by using marketing communication mix
such as, advertising, public relations, social media marketing and so on
* What can marketing do for a brand?
- marketing can allow people to pay money for a thing that might not be
valuable ex, the bottle water
( as they might see the quantity, quality, and amusing)
- why different of car brand sells different prices? - as its own brand
association with their target customers
- why firms do marketing?
1. As different customers have different personal preference
2. firms want to break every customers’ financial constrains
3. firms themselves want to provide better quality to build their brand image
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Is all about to satisfy the customers" needs. Attract new customers and retain existed customers and their satisfactions. Firms need to identify their customers" needs. Design better products than the competitive firms. To better promote and set up the price. To achieve a mutual ground between the firms and customers. Marketing is a process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others. As they have strong market orientation which means that they focus on their customers and competitors and they have a commitment to share their marketing information to all parts of the organisation. Well know the customers" needs and well-defined target markets. Motivate themselves to produce superior value for customers to lead to the highest level of customers" satisfaction. Some of the attracting features of the organisations. Marketing is what all the things that can highlight for the brand itself.
