LESSON 1

Definition of Marketing
1. What is marketing?
- Consumer-based
- An act/strategy
- Long-term
2. What is marketed?
- ?
3. Who markets?
- Marketing/sales department; management
4. Why market?
- To satisfy customer needs
5. Who is the market?

Goal of Marketing
- Attract new customers by promising superior
value and keep and grow customers by delivering
satisfaction
Essence of Marketing
- Exchange process

benefits and experiences produced by the

products
focus on the wants and lose sight of the
needs

Marketing Functions
1. Quantity
Convert light users to heavy users
2. Frequency
Convert infrequent purchasers to frequent purchasers
3. Emergence
Convert non-users to users
4. Retention
To build brand loyalty
5. Reputation
Establish favorable attitudes toward the company and its
goods and services
6. Profitability
Ensure profitability
7. Shifting
Induce brand switching in the markets of competitors
LESSON 3

<Insert> Marketing Concept Table <Insert>

LESSON 2
Need
Want
-

State felt deprivation

Physical, social, and individual needs

The form taken from need that is shaped by

culture and individual personality/preferences
Demand
- Human wants that are backed by buying power
(e.g. money and influence)
- Choices for bundles of benefits and value for
money
Product
- Anything that satisfies a need/want/demand (e.g.
cookbookthe product is the idea)
- Ideas, places, experiences (e.g. HK Disneyland
product is experience)
Service
- An activity/benefit offered for sale. It is essentially
intangible
- Does not result to ownership of anything
1. Customer Value
- Value gained from purchasing a product/services
- Costs of obtaining the P/S
2. Customer Satisfaction
- Products/services perceived performance in
delivering satisfaction relative to buyers
expectations
3. TQM
- Involves improving the quality of products,
service, and business processes
Marketing Myopia
- Occurs when more attention is given to the
specific products they offer than:

Market
- Set of actual and potential buyers of a product or
service
- People who share need
The Millennials AKA Generation Y
Too young to experience/remember martial law
Buying products/service word of mouth
Grew up with computers
Dependent on the internet
First generation to always have the luxury of
technology
Marketing Mix
- Activities that a firm can control to produce the
response it wants from the target
5Ps of Marketing
1. Product
What you are offering; product development,
standardizing and grading, etc.
Functionality, appearance, quality, packaging,
brand, warranty, service/support
2. Price
Amount
List price, discounts, allowance, financing,
leasing options
3. Place
Distribution channels / strategy; distribution,
handling and transportation
Channel members, market coverage, location,
logistics
4. Promotion
How to raise awareness
Advertising, personal selling, public relations,
media, budget
5. People

Who will conceptualize, market and sell products

Service, appearance, uniform, attitude

Product
Price
Place
Promotion
People

Customer expectations
Customer capability
Customer convenience
Customer acceptability
Customer service

Positioning Statement
- Another P in the marketing mix
- AKA Brand Positioning Statement or Brand
Strategy
- A corporate declaration which clearly defines
your companys place in the market and help you
get your marketing in order for higher profits
- A statement that clearly defines your product or
services, its benefits and how its different from
other companies
Elements of Positioning Statement
1. Audience
- The attitudinal and demographic description of
the core group to whom you want to appeal
2. Frame of reference
- The category in which your brand competes
3. Benefits
- The category in which your brand competes
4. Reason to believe
- Reason to believe that the product/service will
deliver on its promise