Marketing Management Lectures 2023-2024

Study Notes

Preface
Table of Contents
Information about the course
Week 1, Lecture 1: Introduction to Marketing Management, Practice Questions Week 1, Week 1 Answers
Week 2, Lecture 2: Market Analysis - The 3Cs, Practice Questions Week 2, Week 2 Answers
Week 3, Lecture 3: Competition, Segmentation & Targeting, Practice Questions Week 3, Week 3 Answers
Week 4, Lecture 4: Positioning & Products, Practice Questions Week 4, Week 4 Answers
Week 5, Lecture 5: Price & Place/Destination, Practice Questions Week 5, Week 5 Answers
Week 6, Lecture 6: Promotion and Consumer Neuroscience, Practice Questions Week 6, Week 6 Answers
Practice Exam
Practice Exam: Answers
Supplements
Epilogue

Summary of the course contains lectures, practice questions, and experience from top students.
Weekly topics and class activities are listed.

Week 1: Introduction to The Marketing Environment (Lecture 1)
Week 2: Market Analysis - The 3Cs - Customer, Company, and Competitors (Lecture 2)
Week 3: Competition, Segmentation, and Targeting (Lecture 3)
Week 4: Positioning & Product (Lecture 4)
Week 5: Product & Branding Strategy, Channel Strategy (Lecture 5)
Week 6: Neuromarketing, Marketing Communication Strategy (Lecture 6)
Deadline for Case Assignment 2 (Lecture 6)

Success stems from strong relationships & associations with consumers (ex. Nike).
Focus on lifestyle-based selling, not just products (ex. Air Jordans & Michael Jordan).
Profit creation through customer satisfaction (ex. Nike vs. Adidas).
Marketing is about identifying and serving customer needs profitably.

Consumer behavior studies how consumers select, purchase, use, and dispose of products.
Consumer behavior has systematic patterns.
Aspects of consumer behavior: value creation, consumer decision-making, attitudes.
Customers have both tangible (smell, taste, quality) and intangible (convenience, service) needs.

Market leaders may be slow to react to new competition due to mindset, overconfidence, and resistance to change.
Companies should analyze potential competitors by considering customer positioning, distribution, and pricing.
Methods of analyzing competitors: customer judgment, consideration sets, purchase records.
Competitive strategies include low cost, product/service differentiation, and customized solutions.

Positioning is about creating a distinct position in the minds of consumers.
Positioning statements should consider customers, competitors, and the company's unique strengths.
The 5-Box Positioning Statement: evaluates current beliefs and desired beliefs to create brand advantage.
Repositioning is changing target markets, the differential advantage, or both.

Price discrimination is charging different prices to different customers.
Factors which affect price sensitivity: buyers' knowledge of substitutes, payment methods, size of purchase, and other factors.
Place (distribution) - physical location affects brand perception.
Intermediaries in distribution: Wholesalers.

Promotion is marketing communications aimed at increasing awareness and attractiveness.
Marketing objectives must be consistent with analysis/positioning.
The consumer purchase funnel illustrates customer awareness, consideration, and preference stages.
Promotion methods include advertising, consumer promotions, events, and public relations.
Marketing objectives should contain an objective for time horizon, target, communication, and effect desired.

Include practice questions and answers on each week's topics. Examples of topics: Market analysis, Segmentation, Positioning, Pricing, Place/Distribution

Comprehensive summaries and lists of key concepts throughout the course. Examples: Consumer behaviour, Competitive pricing, Marketing analysis, Competitive intelligence, Marketing strategy and marketing mix(4Ps).