Marketing Principles Notebook: S3978188 - Topic 1: What is Marketing?

This marketing principles notebook, created by student Nguyen Minh Chau (S3978188), provides a comprehensive overview of essential marketing concepts. It begins by defining marketing and its core components, including understanding customer needs, wants, and demands, as well as market offerings. The notebook then delves into designing customer-driven marketing strategies, exploring market segmentation, targeting, and differentiation. It covers various marketing orientations and emphasizes the importance of building customer relationships through effective customer relationship management (CRM). Furthermore, the notebook examines the marketing environment, including micro and macroenvironmental factors, and discusses how to respond proactively to these factors. Finally, the notebook explores product, service, and branding strategies, including product classification, decision-making, and the significance of branding, packaging, and labeling in marketing. The content is aimed at students seeking to understand the core principles of marketing and is available on Desklib, a platform offering AI-based study tools.

Marketing Principle
Notebooks
Nguyen Minh Chau
S3978188

Topic 1: what is marketing?
Marketing is the process that engages customers, builds st
relationships, and creates customer value to capture value
customers in return.
Example: Heineken: bring them together, emotional value, c
Dior: make customers feel the same energy like soft pretty
Stage 1: understand the marketplace and custome
5 core customer and marketplace concepts
Customer needs, wants, and demands
Things are
essential such fas
food love, safer...
Things make us to
satisfy. Influenced
by cultural,
environmental, and
personal factors.
Desire of customers
goods/service in the
market and the
ability to pay for it.

Market offerings: goods, services, and experience
Physical products, services, activities or benefits offered for sale

Marketing myopia:
Attention to the specific products a company offers than to
benefits and experiences from customers
EX: Kodak's marketing myopia
Too confident with their existing successful film camera tha
ignored the suggestion by Steve sasson, which he recomm
should invest in a new type of camera (digital camera)
Customer value and satisfaction:
- Customers form expectations about the value and satisfac
different market offerings will bring, and buy accordingly
- creating the balance between customer expectations and
market's ability to deliver value.
Exchanges, transactions and markets.
Receiving goods or
services from others and
offering something in
return
A deal between two parties that
involves at least tho things of
values, agreed-upon
conditions and a time and of
place agreement
Marketing's unit of
measurement
There is a
combination of
all actual and
potential buyers
of a product or
service

Stage 2: Design a customer-driven marketing stra
Designing a customer-driven marketing strategy
Marketing management
Defined as the art and science
of choosing target markets
and building profitable
relationships
To find, attract, keep, and gr
target customers by creating
delivering, and communicati
superior customer value.
Select customers to serve
- Can serve well and profitably
- Dividing the market into segments
of customers (market segmentation)
and selecting which segments will be
suitable (target marketing)
Choose a value proposition
Marketing management orientations
Product concept.
- Available affordable
- Focus on improving production
and distribution efficiency
- Offer the most in qualify,
performance, and innovative
- Continuous product improve
Production concept

Selling concept
- Large scale selling
- Promotion effort
Consumers will buy
Marketing concept
- Understanding customer needs
- Desired satisfactions better than competitors do
- Make products suitable for local people
Societal marketing concept
- Considering consumers wants
- The company's requirements
- Consumers' long-term interests and society's long-run inte
community needs
}

Stage 3: Preparing an integrated marketing plan an
- Create a need-satisfying market offering (product)
- Decide how much it will charge for the offer (price)
- Decide how it will make the offering available to target con
- Communicate with target customers about the offer and pe
its merits (promotion).
Stage 4: Building customer relationship
- Building and maintaining profitable customer relationships
delivering superior customer value and satisfaction
- Managing detailed information about individual customers
carefully managing customer touch points in order to maxim
customer loyalty
Relationship building blocks: customer value and satisfactio
Customer perceived value:
Customer satisfaction:
- Perceived performance < expectations => dissatisfied.
- Perceived performance = expectations => satisfied.
- Perceived performance > expectations => highly satisfied
Customer relationship management CRM)

Stage 5: Capturing value from customers
Creating customer loyalty and retention
- Customer lifetime value is the value of the entire stream o
that a customer would make over a lifetime of patronage
Growing share of customers:
Good CRM → increase their share of customers <- offer g
variety or train employees to cross-sell and up-sell to hel
more products and services to exist customers.
Building customer equity
- Customer equity is the total combined customer lifetime va
the company’s customers. The bigger the firm's customer eq
profitable and devoted its customers are.
- Building the right relationship with the right customers.
. Strangers: Don’t invest
anything in them.
• Butterflies & True Friends:
should invest and pay atten
to them.
• Barnacles: Firm may need
rid off this group, depends o
situation.

Topic 2: The marketing environment
- Marketing environment: actors and forces that affect man
ability to build and maintain successful relationship with cu
Microenvironment: actors are close to the company that aff
service it's customers.
The company:
The relationship btw the marketing management and other
departments in the company. Marketing managers take int
considerations of other departments and prepare the mark
line with their policies.
Interrelated groups → internal environmentprovide superior
customer value and relationships.
canange.
fleencein
can
'
t
'
change

Supplier:
Provide the resources needed by the Company to produce
services.
Treated as partners to provide customer value.
Marketing intermediaries:
Help company to promote, sell, and distribute its products
buyers.
Customers:
- Consumer market: for personal consumption.
- Business markets: buy goods and services for further pro
for use in their production process.
- Reseller markets: resell at a profit
- Government markets: produce public services.
- International markets: buyers in other countries, includin
producers, resellers, and governments.
Competitors
- Marketers must gain strategic advantage by positioning th
strongly against competitors offerings in the minds of consu
- 2 types of competitors: direct and indirect
Publics
- Any group of people that have an actual or potential intere
on the org’s ability to reach their goals.

Macro environment
Demographic environment
Economic environment
Affect consumer purchasing power and spending patterns:
- changes in income
- changing consumer spending patterns
Natural environment
- That include the natural resources that are needed as input
or affected by marketing activities.
Technological environment
It creates new products and opportunities, and kills of older
Political / Legal environment
Laws, government agencies, and pressure groups that influ
organizations and individuals in a given society.
3 purposes of business legisation:
+ protects the companies from unfair competition
+ protects the customers form unfair business practices
+ protect the interest of society form unbridled business b

Cultural environment
- Consists of institutions and other forces that affect a socie
values, perceptions, and behaviors
Responding to the Marketing environment
- Marketing managers should take a proactive rather than re
to the environment marketing.
SWOT analysis