Marketing plan memo + power points main points

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COM5111Week1SemB2019-20-C.pdf

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COM5111 Fundamentals of Marketing Communication

Week 1 Defining Marketing

Semester B 2019

COM5111 SemB 2019-20

Agenda

• Self introduction

• Change of session information and logistics

• Course introduction

– Course assessment

– Course outline

– Explanation of each course assessment

• What is marketing?

• Q&A 2

COM5111 SemB 2019-20

Dr. Spencer SZE (施立明博士)

• 25+ years of industrial experience

• 13 years of teaching experience

– 1 Executive Training (HSBC, GZ)

– 4 MBA courses

– 12 Postgraduate courses

– 10 Undergraduate courses

– ... etc.

• This is my eighth time to teach COM5111

COM5111 SemB 2019-20

CY1 evening session -> CM1 afternoon Session

COM5111 – a core course so that you need this for graduation

• We have 90 students (81 females and 9 males)

• CM1 (afternoon, 50 students) is FULL

• CY1 (evening, 39 students) is half empty

• X of you wanted to switch to CM1 ?!?

COM5108 – is an elective

• so that you do have other choices

In the past, lots of students just didn’t want to attend the evening

class so that they pretended to take COM5108 and dropped it

after they had successfully changed to afternoon class 4

COM5111 SemB 2019-20

Course Assessment

Coursework 100% Individual Assignment (Week 9)

Marketing Plan 19 March 2020 40%

An Executive Memo (1~2 pages) and a PowerPoint file

Group Project I (Week 10) Case Analysis 26 March 2020 20%

A PowerPoint with scripts typed inside the Notes page of your PPT

NO number of slides limit

Group Project II (Week 12 & 13) Oral Presentation using PowerPoint starting on 09 April 2019 10% Marketing Concept Study Paper (MS Word) 23 April 2019 30%

The COM5111 course outline

COM5111 Course Outline SemB 2019.docx

COM5111 SemB 2019-20

Grades Distribution

Q&AFeedback, Comments, TLQ

COM5111 SemB 2019-20

Learning Objectives for Week One

1.1 Why is marketing important?

1.2 What is the scope of marketing?

1.3 What are some fundamental marketing concepts?

1.4 How has marketing management changed?

1.5 What are the tasks necessary for successful marketing

management?

COM5111 SemB 2019-20

The Importance of Marketing

• Financial success often depends on marketing ability

• Successful marketing builds demand for products and services,

which, in turn, creates jobs

• Marketing builds strong brands and a loyal customer base,

intangible assets that contribute heavily to the value of a firm

COM5111 SemB 2019-20

The Importance of Marketing

• Marketing’s broader importance extends to society as a whole

• Marketing has helped introduce and gain acceptance of new

products that have eased or enriched people’s lives

• Marketing managers must decide

• what features to design into a new product or service

• what prices to set

• where to sell products or offer services, and

• how much to spend on advertising, sales, the Internet, or mobile

marketing

COM5111 SemB 2019-20

The Scope of Marketing

• Marketing is about identifying and meeting human and social needs

• American Marketing Association’s (AMA) formal definition

“Marketing is an organizational function and a set of processes

for creating, communicating, and delivering value to customers

and for managing customer relationships in ways that benefit

the organization and its stakeholders.”

COM5111 SemB 2019-20

Marketing Management

• Marketing management is the art and science of choosing target

markets and getting, keeping, and growing customers through

creating, delivering, and communicating superior customer value

• This is a “managerial” definition of Marketing

COM5111 SemB 2019-20

Social versus Managerial Definitions of Marketing

A social definition of marketing is that “marketing is a societal process

by which individuals and groups obtain what they need and want

through creating, offering, and freely exchanging products and

services of value with others.”

COM5111 SemB 2019-20

Peter Drucker’s view of Marketing

“There will always, one can assume, be need for some selling.

But the aim of marketing is to make selling superfluous.

The aim of marketing is to know and understand the customer

so well that the product or service fits him and sells itself.

Ideally, marketing should result in a customer who is ready to

buy.

All that should be needed then is to make the product or service

available.”

COM5111 SemB 2019-20

Ten Entities of Marketing (what is marketed?)

Marketing people are involved in marketing ten types of entities:

goods, services, events, experiences, persons, places, properties,

organizations, information, and ideas

1. Goods—Physical goods constitute the bulk of production and

marketing efforts

2. Services—A growing portion of business activities are focused on

the production of services. Developed economies usually have a

70–30 services to goods mix

3. Events—Marketers promote time-based events such as trade

shows, artistic performances, and the Olympics

COM5111 SemB 2019-20

Ten Entities of Marketing (2/3)

4. Experiences—By orchestrating several services and goods, a firm

can create and market experiences such as Walt Disney World’s

Magic Kingdom

5. People—Celebrity marketing is a major business

6. Places—Cities, states, regions, and whole nation complete actively

to attract tourists, factories, company headquarters, and new

residents

7. Properties—Properties are intangible rights of ownership of either

real property or financial property

COM5111 SemB 2019-20

Ten Entities of Marketing (3/3)

8. Organizations—Organizations actively work to build a strong,

favourable, and unique image in the minds of their target public

9. Information—The production, packaging, and distribution of

information are major industries

10. Ideas—Every market offering includes a basics idea. According to

Charles Revson: In the factory, we make cosmetics; in the store

we sell hope

COM5111 SemB 2019-20

The Eight Demand States

1. Negative demand—Consumers dislike the product and may even pay a

price to avoid it

2. Non-existent demand—Consumers may be unaware or uninterested in the

product

3. Latent demand—Consumers may share a strong need that cannot be

satisfied by an existing product

4. Declining demand—Consumers begin to buy the product less frequently or

not at all

5. Irregular demand—Consumer purchases vary on a seasonal, monthly,

weekly, daily, or even hourly basis

COM5111 SemB 2019-20

The Eight Demand States (cont’d)

6. Full demand—Consumers are adequately buying all products put into the

marketplace

7. Overfull demand—More consumers would like to buy the product than can

be satisfied

8. Unwholesome demand—Consumers may be attracted to products that have

undesirable social consequences

COM5111 SemB 2019-20

The Concept of a ‘Market’

• Economists describe a market as a collection of buyers and

sellers who transact over a particular product or product class

• Marketers use the term “market” to cover various groups of

customers. The five basic markets are:

a. Resource Markets

b. Government Markets

c. Manufacturer Markets

d. Intermediary Markets

e. Consumer Markets

COM5111 SemB 2019-20

Structure of Flows in a Modern Exchange Economy

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The Flows in a Market System

Sellers and buyers are connected by four flows:

• Seller sends goods, services, and communications (Ads,

Direct mail) to the market

• In return they receive money and information(attitude and

sales data)

• There is an exchange of money for goods and services

• There is an exchange of information

COM5111 SemB 2019-20

A Simple Marketing System

COM5111 SemB 2019-20

Key Customer Markets

A. Consumer Markets

Consumer goods and services such as soft drinks and cosmetics, spend a great

deal of time trying to establish a superior brand image

B. Business Markets

Companies selling business goods and services often face well-trained and well-

informed professional buyers who are skilled in evaluating competitive offerings

C. Global Markets

Companies face challenges and decisions regarding which countries to enter, how

to enter the country, how to adapt their products/services to the country, and how

to price their products

D. Nonprofit and Governmental Markets

Companies selling to these markets have to price carefully because these

organizations have limited purchasing power

COM5111 SemB 2019-20

Marketplaces, Marketspaces, and Metamarkets

• The marketplace is physical

• The marketspace is digital

• The metamarket is a cluster of complementary products and

services that are closely related in the consumer’s mind but

spread across a diverse set of industries

COM5111 SemB 2019-20

Core Marketing Concepts

1. Needs, wants, and demands

2. Target markets, positioning, segmentation

3. Offerings and brands

4. Value and satisfaction

5. Marketing channels

6. Supply chain

7. Competition

8. Marketing environment

COM5111 SemB 2019-20

1. Needs, Wants, and Demands

• Needs (basic human requirements, needs become wants

when they are directed to specific objects that may satisfy

the need)

• Marketers do not create needs,

needs pre-exist marketers

• Marketers influence wants

COM5111 SemB 2019-20

I Want It, I Need It…

Five Types of Needs

1. Stated needs (the customer wants an

inexpensive car) e.g COM5108

2. Real needs (the customer wants a car whose

operating cost, not its initial price, is low)

e.g. AN ELECTIVE

1. Unstated needs (the customer expects good

service from the dealer)

2. Delight needs (the customer would like the

dealer to include an onboard navigation

system)

3. Secret needs (the customer wants to be

seen by friends as a savvy consumer)

COM5111 SemB 2019-20

2. Target Markets, Positioning, and Segmentation

A. Identify and profile distinct groups of buyers who might

prefer or require varying products and services mixes by

examining

• Demographic information

• Psychographic information

• Behavioral information

B. Target market: which segments do we focus on?

C. Market offering—what do we offer? What proposition to we

make to customers?

COM5111 SemB 2018-19

Positioning

• The offering is positioned in the

minds of the target buyers as

delivering some central

benefit(s)

• For example, Volvo develops its

cars for buyers to whom

automobile safety is a major

concern

• Volvo, therefore, positions its car

as the safest a customer can buy

COM5111 SemB 2018-19

3. Offerings and Brands

• Value proposition: a set of benefits they offer to customers to

satisfy their needs

• The Brand: is an offering from a known source

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4. Value and Satisfaction

1. The buyer chooses the offering he or she perceives to deliver the

most value, the sum of the tangible and intangible benefits and

costs to her

2. Value is a central marketing concept

3. Customer value triad is the combination of quality, service, and

prices (QSP). Value perceptions increase with quality and service

but decrease with price

COM5111 SemB 2019-20

5. Marketing Channels

Marketing Channels: To reach a target market, the marketer

uses three kinds of marketing channels:

a. Communication channels

b. Distribution channels

c. Service channels

COM5111 SemB 2019-20

Creating New Channels—Coffee Vending in Japan

Coca-Cola—Coca-Cola in Japan popularized the idea of canning coffee and making it

available through vending machines. While Americans can enjoy a hot cup of coffee in

most places, Japanese traditionally drink ocha or green tea. However, Coca-Cola found

that the Japanese enjoy coffee but just cannot get it readily. Hence, in a country where

vending machines are a common form of retailing, Coca-Cola’s Georgia-brand canned

coffee can be bought from many of the thousands of vending machines to suit Japanese

lifestyle needs.

COM5111 SemB 2019-20

6. Supply Chain

• The supply chain is a longer channel stretching from raw materials to

components to finished products carried to final buyers

– E.g. The supply chain for woman’s purses starts with hides, and move

through tanning operations, cutting operations, and Manufacturing, with

the marketing channels bringing the products to customer

COM5111 SemB 2019-20

7. Competition

Includes all the actual and potential rival offerings and

substitutes a buyer might consider

Apple—When Apple introduced the iPad, it took a huge bite off the sales of dedicated e-book readers such as Amazon’s Kindle and Sony’s Reader. Apple sold over 450,000 iPads in less than a week when it was first launched. When the iPad2 was launched in 2011, sales were estimated in the range of 400,000 to 600,000 units during the first three days on the market. A survey found that most of those who bought the iPad2 did not own the previous version. The introduction of the iPad thus posed a significant competition to the Kindle, forcing Amazon to improve on its tablet device. Amazon responded by introducing a more friendly version. Apple, in turn, introduced the iPad Mini.

Apple’s iPad changed the e-book reading landscape by affording readers an alternative to Amazon’s Kindle and Sony’s Reader.

COM5111 SemB 2019-20

8. Marketing Environment

Task environment: includes the actors engaged in producing,

distributing, and promoting the offering

Broad environment includes the following aspects:

• Demographic

• Economic

• Physical

• Technological

• Political–legal

• Social–cultural

COM5111 SemB 2019-20

Major Societal Forces

1. Network information

2. Globalization

3. Deregulation

4. Privatization

5. Heightened competition

6. Industry convergence

7. Retail transformation

8. Disintermediation

9. Consumer buying power

10. Consumer information

11. Consumer participation

12. Consumer resistance

COM5111 SemB 2019-20

New Company Capabilities

1. Marketers can use the Internet as a powerful information and sales channel

2. Researchers can collect fuller and richer information about markets,

customers, prospects and competitors

3. Marketers can tap into social media to amplify their brand message

4. Marketers can facilitate and speed external communication among customers

5. Marketers can send ads, coupons, samples, and information to customers who

have requested them or given the company permission to send them

6. Marketers can reach consumers on the move with mobile marketing

7. Companies can produce individually differentiated goods

8. Companies can improve purchasing, recruiting, training, and internal and

external communications

9. Companies can facilitate and speed internal communication among their

employees by using the Internet as a private Intranet

10. Companies can improve their cost efficiency by skillful use of the Internet

COM5111 SemB 2019-20

The Marketing Concept

• The marketing concept holds that the key to achieving

organizational goals consists of the company being more

effective than competitors in creating, delivering, and

communicating superior customer value to your chosen

target markets

• Marketing is NOT selling!

COM5111 SemB 2019-20

The Marketing Concept

• Theodore Levitt drew a perceptive contrast between the

selling and marketing concepts:

–Selling focuses on the needs of the seller

○marketing on the needs of the buyer

–Selling is preoccupied with the seller’s need to convert his product

into cash

○marketing with the idea of satisfying the needs of the customer

by means of the product and the whole cluster of things

associated with creating, delivering, and finally consuming it

COM5111 SemB 2019-20

Social Responsibility Marketing

• The societal marketing concept holds that the organization’s

task is to determine the needs, wants, and interests of target

markets and to deliver the desired satisfactions more

effectively and efficiently than competitors in a way that

preserves or enhances the consumer’s and society’s long-

term well-being

• Sustainability has become a major corporate concern in the

face of challenging environmental forces

COM5111 SemB 2019-20

The societal marketing concept calls upon marketers to build social and ethical considerations into their marketing practices.

COM5111 SemB 2019-20

The Four P’s

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The Evolution of the Marketing Mix

• People reflect internal marketing

and the fact that employees are

critical to marketing success

• Processes reflect all the creativity,

discipline, and structure brought to

marketing management

• Programs reflect all of the firm’s

consumer-directed activities

• Performance is holistic marketing to

capture the range of possible

outcomes/measures that have

financial and non-financial

implications, and implications

beyond the company itself

COM5111 SemB 2019-20

Complementary View of the Four P’s

COM5111 SemB 2019-20

Marketing Management Tasks

1. Develop market strategies and plans

2. Capture marketing insights and Performance

3. Connecting with customers

4. Building strong brands

5. Shaping the market offerings

6. Delivering value

7. Communicating value

8. Creating successful long-term growth

COM5111 SemB 2019-20

Checklist of questions that marketing managers need to ask

COM5111 SemB 2019-20

References

Kotler, P., Keller, K. L., Ang, S.H., Tan, C.T., & Leong, S.M.

(2017). Marketing Management: An Asian perspective (7th

ed.). Harlow, United Kingdom: Pearson Education Limited.

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