Unit 2 Lecture 1

MARKETING PROCESS AND
PLANNING - 5033
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RULES ON CLASS
• Take attendance in the first 15

minutes
• No food
• No smoking, No vape
• No sound from any device
• No be brutal to each other
• Respect
• Be proactive
Lecture 1:
Introduction to Marketing
Topic Outline
1. Define marketing and outline the steps in the marketing process.
2. Explain the importance of understanding the marketplace and
customers and identify the five core marketplace concepts.
3. Identify the key elements of a customer value-driven marketing
strategy and discuss the marketing management orientations that
guide marketing strategy.
4. Discuss customer relationship management and identify strategies
for creating value for customers and capturing value from customers
in return.
First Stop: Amazon
Amazon does much more than just sell goods online. It
engages customers and creates satisfying customer
experiences. “The thing that drives everything is creating
genuine value for customers,” says Amazon founder Jeff
Bezos.
Learning Objective 1
Define marketing and outline the steps in the marketing

process.
What is Marketing?
What is Marketing?
Marketing is a process by which companies create value

for customers and build strong customer relationships in
order to capture value from customers in return.
What is Marketing?
Marketing is all around you, in good old traditional forms
and in a host of new forms, from websites and mobile apps
to online videos and social media.
Figure 1.1. The Marketing Process: Creating and
Capturing Customer Value
Explain the importance of understanding the marketplace

and customers and identify the five core marketplace
concepts.
Understanding the Marketplace
and Customer Needs
Needs are states of felt deprivation.
Wants are the form human needs take as they are shaped by culture
and individual personality.
Demands are human wants that are backed by buying power.
Staying close to customers: Airbnb’s CEO Brian Chesky and co-founder
Joe Gebbia regularly stay at the company’s host locations, helping
them shape new customer solutions based on real user experiences.
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.
• Marketing myopia—paying more attention to the
specific products than to the benefits and experiences
produced
and Customer Needs
Customers form expectations about the value and

satisfaction of market offerings.
– Satisfied customers buy again
– Dissatisfied customers switch to competitors
Exchange is the act of obtaining a desired object

from someone by offering something in return.
Marketing actions try to create, maintain, and
grow desirable exchange relationships.
Market
and
A market is the set of actual and Customer
potential buyers. Needs
Consumers market when they:
• search for products
• interact with companies to obtain information
• make purchases
Understanding the Marketplace and
Customer Needs
Figure 1.2 A Modern Marketing System

Identify the key elements of a customer value-

driven marketing strategy and discuss the
marketing management orientations that guide
marketing strategy.
Designing a Customer Value-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 (target market)?
• How can we best serve these customers (value
proposition)?
Designing a Customer
Value-Driven Marketing Strategy
A brand’s value proposition is the set of benefits or values
it promises to deliver to customers to satisfy their needs.
Value propositions: Sonos positions its Sonos One with Amazon
Alexa as “The smart speaker for music lovers.” It gives you all
the advantages of Alexa but with high-quality Sonos sound.
Management orientations
PRODUCTION PRODUCT SELLING MARKETING SOCIETAL

CONCEPT CONCEPT CONCEPT CONCEPT CONCEPT
Figure 1.3 Selling and Marketing Concepts Contrasted

Societal marketing:
The company’s marketing decisions should consider consumers’
wants, the company’s requirements, consumers’ long-run
interests, and society’s long-run interests.
Figure 1.4 Three Considerations Underlying the Societal
Marketing Concept
The marketing mix is comprised of a set of tools known a

the 7 Ps:
•product
•price
•promotion
•Place
•Process
•People
•Physical evidence
Integrated marketing program—a comprehensive plan

that communicates and delivers intended value
Discuss customer relationship management and identify

strategies for creating value for customers and capturing
value from customers in return.
Managing Customer Relationships
and Capturing Customer Value
Customer relationship management—the overall process

of building and maintaining profitable customer
relationships by delivering superior customer value and
satisfaction.
Relationship Building Blocks

• Customer-perceived value
– The difference between total customer perceived benefits and customer
cost
• Customer satisfaction
– The extent to which perceived performance matches a buyer’s
expectations
Customer satisfaction: Customer
service champion L.L.Bean was
founded on a philosophy of
complete customer satisfaction. “If
you are not 100% satisfied with
one of our products, you may
return it within one year of
purchase for a refund.”
Customer Satisfaction
SATISFACTION
Expected
Performance
level
DISSATISFACTION
Customer lifetime value is the value of the entire stream

of purchases that the customer would make over a lifetime
of patronage.
Customer lifetime value: To keep

customers coming back, Stew Leonard’s
has created the “Disneyland of dairy
stores.” Rule #1—The customer is always
right. Rule #2—If the customer is ever
wrong, reread Rule #1.
Managing Customer
Relationships and Capturing
Customer Value
Share of customer is the portion of the
customer’s purchasing that a company gets
in its product categories.
Customer equity is the total combined
customer lifetime values of all of the
company’s customers.
Discussion time!
Discuss in groups and answer the following question:
What is the role of Marketing Deparmment in an

organisation?
Please also give practical examples to support your ideas.

References
KOTLER, P. and ARMSTRONG, G. (2018) Principles of Marketing, 17th edition. London:

Prentice Hall.

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MARKETING PROCESS AND

• Take attendance in the first 15

Define marketing and outline the steps in the marketing

Marketing is a process by which companies create value

Explain the importance of understanding the marketplace

Customers form expectations about the value and

Exchange is the act of obtaining a desired object

Figure 1.2 A Modern Marketing System

Identify the key elements of a customer value-

Marketing management is the art and science of choosing

PRODUCTION PRODUCT SELLING MARKETING SOCIETAL

Figure 1.3 Selling and Marketing Concepts Contrasted

The marketing mix is comprised of a set of tools known a

Integrated marketing program—a comprehensive plan

Discuss customer relationship management and identify

Customer relationship management—the overall process

Relationship Building Blocks

Customer lifetime value is the value of the entire stream

Customer lifetime value: To keep

Discuss in groups and answer the following question:

What is the role of Marketing Deparmment in an

Please also give practical examples to support your ideas.

KOTLER, P. and ARMSTRONG, G. (2018) Principles of Marketing, 17th edition. London:

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