1_Easy_Introduction

• The professor for VO Management I - Marketing (MA) is Univ.-Prof. Dr. Christoph Fuchs.
• The professor is the Chair of Marketing.
• Contact the professor by email: [email protected]
• Visit the marketing website: http://marketing.univie.ac.at
• The professor's office hours are upon request.

Prof. Christoph Fuchs' Research and Experience:

• Some research questions that have been worked on include the value of making producers personal, the appeal of "earmarking" donations, how firms benefit from empowering customers, and the consequences of crowdsourcing.
• Teaching includes: New Product Development and Marketing, Branding and Brand Management, and Global Marketing.
• Experience: Professor at Technical University of Munich, Erasmus University, faculty positions in NL, DK, AUT
• Experience: IBM CEMA; distribution channels management, marketing planning emerging markets
• Consulting projects and executive teaching: GE, T-mobile, Siemens, Infenion, Bosch, etc., technology start-ups

General Information

• All the information can be found in the syllabus on Moodle, which should be checked regularly.
• The exam date is expected and available on the Moodle Course Syllabus.
• The exam format will be multiple choice and will be 45 minutes long.
• The content of all lectures is considered relevant for the exam.
• The content of assigned videos and readings is considered relevant for the exam.
• Slides will be uploaded to Moodle after the lecture.
• A book recommendation is: Kotler, Ph. / Keller, K.L. / Chernev, A. (2022): Marketing Management, 16th Global Edition, Pearson.

Course Agenda:

• Syllabus.
• Course Objectives.
• Definition of marketing.
• Effectiveness of marketing.

Course Topics:

• Principles of marketing.
• Segmentation, Targeting, and Positioning.
• Pricing.
• Distribution Channels.
• Promotion.
• Brands and Branding.
• The Syllabus can be found on Moodle

Learning Goals:

• Understand key marketing concepts like segmentation, targeting, positioning, pricing, place, promotion, product, and branding.
• Explain common marketing theories and frameworks.
• Learn how to apply marketing strategies and marketing mix instruments.

How this course will change your perspective:

• Engineers will learn to adopt a customer perspective and create value for customers.
• Marketers will gain a basic introduction to marketing, with breadth but not depth.
• Entrepreneurs will learn to exploit market opportunities, acquire customers, and develop distribution channels.
• Consultants will gain a strategic framework and tools for firm decision-making.
• Bankers will understand the source of revenues and evaluate a firm's growth potential based on its marketing strategy.
• Students will learn a set of tools commonly used in marketing applicable to other business contexts like market research techniques.
• Students will be able to more effectively convey recommendations to solve business problems.

What is Marketing?

• Marketing includes advertising, eCommerce, retailing, packaging, pricing, delivery, billboards, direct mail, mCommerce, service, public relations, sales, catalogs, promotions, sponsorships, coupons, and shopping channels.

Definitions of Marketing

• Marketing involves creating, communicating, delivering, and exchanging offerings of value for customers, clients, partners, and society, according to the American Marketing Association.
• Marketing is the business process to identify, anticipate and satisfy customers' needs and wants.
• Marketing helps to understand, attract, and maintain customers.

Marketing as a Nexus

• Marketing is the fundamental organizational function connecting firms to customers
• Marketing is the frontier between a firm and its environment.

Marketing Essentials

• Marketing is not the same as advertising
• Marketing is not the same as selling
• Marketing is not just about selling what you make.
• Customer usually do not care for the features, rather what they do for them (the benefits and the holes).

Customer-Centric Marketing:

• Focus: It all starts with the customer.
• End-Users: It’s all bout them.
• Basic Functions: Marketing and innovation
• Results: Everything should be a product of marketing and innovation.

What Marketing should be

• Creating value for customers.
• Must be externally/customer-focused.
• The goal is profit through customer satisfaction, relationship, ROMI, life-time value.
• Determine the needs and wants of customers and deliver the desired benefits more effectively than competitors.
• When defining a business, provide comfort, fashion, and durability in wearing apparel , automate the office, preserve beautiful memories, " in the drugstore, we sell hope."

Successful Marketing

• Success stems from how to get it right.
• Focus on doing it differently, like: Apple, IKEA, and Amazon
• Better determine what's needed

Scope and Significance:

• Basic principles of marketing are widely applicable.
• It spans products (consumer, industrial), design, services, consulting, as well as media, entertainment, education, sports, politics and non-profits.

Field Experiment in South Africa

• Experiment details: n = 852 firms in South Africa.
• Experimental design: Entrepreneurs were randomly assigned to marketing training, finance/accounting training, or a control group.
• Dependent variable: Business performance after training

Summary of Marketing vs. Finance Skills Impact on Business Performance

• Research examined impact of marketing vs. finance skills improvements among small business owners.
• Studied impact of marketing or financial skills on business performance, how improvements in those skills affected business outcomes, and who benefitted most from marketing relative to finance skills.
• Study found profitability increased from skills training in both areas.
• Marketing skills led to a growth focus via higher sales, stock/materials investments, and more hiring.
• Finance skills led to profit gains through efficiency and lower costs.
• Training-related business practices were substantially adopted within both groups.
• Marketing/sales skills aided firm owners with less prior experience; finance/accounting skills aided those with established businesses.

Marketing Frameworks

• Marketing 3C - 4P Framework: Customer Analysis, Company Analysis, Competition Analysis, Product, Price, Promotion, Place
• Marketing Strategy: Segment, Target, Position
• Needs to understand needs of customers.
• Understanding customers is key, look to studies provided by Coca Cola.
• Understanding customers is key, failures lie the story of Kodak
• Consider possible market disruptions - look to Netflix, Google, Spotify, YouTube
• Customer Satisfaction
• Customer Lifetime Value
• Cost of attracting a new customer can be up to 5 times more than keeping a current one happy

Marketing Framework

• Prerequisites: Marketing Research and Consumer Behavior
• Marketing Strategy: Segmentation, Targeting, Positioning
• Marketing Plan: Product, Price, Promotion, Place

Key Takeaways:

• Marketing involves creating and delivering value and is externally oriented.
• It's a critical business function that is wide-ranging, dynamic, and proactive.
• Marketing combines art and science.

Key topics in marketing are explored, including exam formats, essential resources like the syllabus, and core course areas. Also covered are learning objectives, exam duration and relevant topics, and understanding markets. It also highlights the importance of customer relations.