Marketing: Lecture 1 - Core Concepts, Strategies, and the Digital Age

This document presents a detailed lecture on the introduction to marketing, covering core concepts, the marketing process, and customer value. It explores the importance of understanding the marketplace, identifying customer needs, and developing customer-driven marketing strategies. The lecture delves into customer relationship management, strategies for creating and capturing customer value, and examples of modern marketing department structures. It also discusses the roles and responsibilities within the marketing field, and the impact of digital technologies. The lecture references key marketing texts and provides discussion questions to reinforce learning. The document is a valuable resource for students studying marketing principles, providing a solid foundation in the subject.

Lecture 1:
Introduction to Marketing

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.
5. Ilustrating some examples of modern marketing department’s structure and
operation.
6. Discuss the roles, responsibilities and competencies required to work in marketing
field.
7. Discuss the role of Marketing in Digital Age: Online, Mobile, and Social Media
marketing
Topic Outline

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

Learning Objective 2
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 an
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

Understanding the Marketplace
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.