MKTG1203 Lecture Notes - Lecture 1: Retail, Institute For Operations Research And The Management Sciences, Business Ethics
Marketing Management
MKTG1203
Alyssa Santarelli
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Table of Contents
OVERVIEW OF MARKETING .......................................................................................................... 4
WHAT IS MARKETING? ................................................................................................................................... 4
ELEMENTS OF MARKETING: ........................................................................................................................... 4
HISTORY OF MARKETING: ............................................................................................................................... 6
HOW FIRMS BECOME MORE VALUE DRIVEN: ............................................................................................. 7
IMPORTANCE OF MARKETING: ....................................................................................................................... 8
DIGITAL MARKETING ...................................................................................................................... 9
DIGITAL CONSUMERS: ..................................................................................................................................... 9
DISTINCTLY DIGITAL CONSUMER ELEMENTS: ............................................................................................ 9
DIGITAL CHANNELS: ..................................................................................................................................... 10
4 E FRAMEWORK FOR SOCIAL MEDIA: ...................................................................................................... 11
CUSTOMER ENGAGEMENT: .......................................................................................................................... 12
CUSTOMER DATA MANAGEMENT: ............................................................................................................. 12
MARKETING ETHICS, SUSTAINABILITY AND CSR................................................................13
MARKETING ETHICS: .................................................................................................................................... 13
ETHICS AND CORPORATE SOCIAL RESPONSIBILITY: ............................................................................... 14
A FRAMEWORK FOR ETHICAL DECISION MAKING: ................................................................................. 15
INTEGRATING ETHICS INTO MARKETING STRATEGY: ............................................................................. 15
ANALYSING THE MARKETING ENVIRONMENT.....................................................................16
MARKETING ENVIRONMENT ANALYSIS FRAMEWORK: .......................................................................... 16
MICROENVIRONMENTAL FACTORS: ........................................................................................................... 17
MACROENVIRONMENTAL FACTORS: .......................................................................................................... 17
CONSUMER BEHAVIOR .................................................................................................................19
THE CONSUMER DECISION PROCESS: ........................................................................................................ 19
FACTORS INFLUENCING THE CONSUMER DECISION PROCESS: .............................................................. 21
INVOLVEMENT AND CONSUMER BUYING DECISIONS: ............................................................................. 24
SEGMENTATION, TARGETING AND POSITIONING ..............................................................24
SEGMENTATION METHODS: ........................................................................................................................ 25
SEGMENT ATTRACTIVENESS: ...................................................................................................................... 25
TARGET STRATEGIES: ................................................................................................................................... 26
POSITIONING STRATEGIES AND METHODS: .............................................................................................. 27
POSITIONING USING PERIPHERAL MAPPING: .......................................................................................... 27
MARKETING RESEARCH ...............................................................................................................28
THE MARKETING RESEARCH PROCESS: .................................................................................................... 28
SECONDARY DATA: ....................................................................................................................................... 28
PRIMARY DATA COLLECTION TECHNIQUES: ............................................................................................ 29
PRODUCT AND BRANDING DECISIONS ....................................................................................30
COMPLEXITY AND TYPE OF PRODUCTS: .................................................................................................... 30
PRODUCT MIX AND PRODUCT LINE DECISIONS: ...................................................................................... 31
BRANDING: ..................................................................................................................................................... 31
BRAND EQUITY: ............................................................................................................................................. 32
BRANDING STRATEGIES: .............................................................................................................................. 32
PACKAGING AND LABELING: ........................................................................................................................ 33
DEVELOPING NEW PRODUCTS ...................................................................................................34
WHY FIRMS CREATE NEW PRODUCTS: ..................................................................................................... 34
DIFFUSION OF INNOVATION: ....................................................................................................................... 34
HOW FIRMS DEVELOP NEW PRODUCTS: .................................................................................................. 35
PRODUCT LIFE CYCLE: ................................................................................................................................. 36
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SERVICES – THE INTANGIBLE PRODUCT ................................................................................37
CHARACTERISTICS OF SERVICES: ................................................................................................................ 37
SERVICE GAPS MODEL: ................................................................................................................................ 38
SERVICE RECOVERY: ..................................................................................................................................... 40
PRICING CONCEPTS FOR ESTABLISHING VALUE .................................................................40
THE 5 CS OF PRICING: ................................................................................................................................. 40
CONSIDERATIONS FOR SETTING PRICE STRATEGIES: ............................................................................. 42
PRICING TACTICS: ......................................................................................................................................... 43
INTEGRATED MARKETING COMMUNICATIONS ...................................................................44
THE AIDA MODEL: ....................................................................................................................................... 44
ADVERTISING: ................................................................................................................................................ 45
Planning and Executing an Advertising Campaign: .................................................................... 45
PUBLIC RELATIONS: ...................................................................................................................................... 47
DIRECT MARKETING: .................................................................................................................................... 47
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Document Summary
How firms become more value driven: 7. 4 e framework for social media: 11. A framework for ethical decision making: 15. Factors influencing the consumer decision process: 21. Product mix and product line decisions: 31. Planning and executing an advertising campaign: 45. Digital consumers: dominant digital consumers use internet at every opportunity, hybrid digital use the internet to facilitate better perceived outcomes for their lives, reluctant digital reluctant to change to digital solutions unless they must. Internet gives consumers the ability to explore their individuality feel in control: tension between a consumer(cid:495)s desire for individualistic experiences and. Digital channels: different to other marketing channels interactive, operate in real time, demand for marketers to not only communicate, but engage with customers, customer engagement gives customer a greater voice and more power. Found in social customer service: co-creation let customers help in designing market campaigns, or the product itself.
