MKTG1001 Lecture Notes - Lecture 1: Marketing Mix, Marketing Plan, Marketing Myopia
Define marketing, and outline the steps in the marketing process
•
Explain the importance of understanding the marketplace and customers, and identify the five core marketplace
concepts
•
Identify the key elements of a customer driven marketing strategy, and discuss the marketing management
orientation that guide marketing strategy
•
Discuss customer relationship management, and identify strategies for creating value for customers and capturing
value from customers in return
•
Describe the major trends and forces that are changing the marketing landscape in this age of relationship
•
LO:
Development of Marketing:
Services = intangible product
Lecture/CH 1 - Marketing: Creating and Capturing
Customer Value
Tuesday, 13 March 2018
11:27 PM
Lectures Page 1
Elements of a Marketing System:
Lectures Page 2
The labour market constitutes all those who are seeking work or who are employed
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the housing market is made up of those who are looking for a house.
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Modern economies have many markets:
A buyer
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A seller
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An exchange
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Information and knowledge
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Something which is exchanged
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Potential for mutual benefit
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Market requires:
Human needs are the most basic concept underlying marketing.
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When a need is not satisfied, a person will either try to reduce the need or look for an object that will satisfy it.
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Marketers stimulate rather than create these needs, they are part of human make up.
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Marketers need to understand customer needs, wants and demands and the marketplace within which they operate:
Marketers try to provide more want-satisfying goods and services.
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A hungry person in Hong Kong may want something else than a hungry person in Australia because each person
will think of different objects that will satisfy this need.
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Wants are the form taken by human needs and are shaped by culture and individual personality.
Customers view products as bundles of benefits and choose the products that give them the best value for money.
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Demands are human wants that are backed up by buying power.
The want-satisfying power of a good or service is what economists call utility.
Lectures Page 3
Document Summary
Define marketing, and outline the steps in the marketing process. Explain the importance of understanding the marketplace and customers, and identify the five core marketplace concepts. Identify the key elements of a customer driven marketing strategy, and discuss the marketing management orientation that guide marketing strategy. Discuss customer relationship management, and identify strategies for creating value for customers and capturing value from customers in return. Describe the major trends and forces that are changing the marketing landscape in this age of relationship. The labour market constitutes all those who are seeking work or who are employed the housing market is made up of those who are looking for a house. Marketers need to understand customer needs, wants and demands and the marketplace within which they operate: Human needs are the most basic concept underlying marketing. When a need is not satisfied, a person will either try to reduce the need or look for an object that will satisfy it.
