Marketing Principles: Course Overview

• Course evaluation is based on attendance (10%), midterm exam (30%), and final exam (60%).
• The midterm includes presentation, in-class tasks (10%) and a written exam (20%) covering Chapters 1-5 with multiple choice questions.
• The final exam is a 60-minute written test with multiple choice and essay questions.
• The textbook for the course is "Principles of Marketing" (17th edition) by Phillip Kotler and Gary Armstrong.
• "Giáo trình Marketing Căn Bản" by GS.TS Trần Minh Đạo, published by NXB ĐH Kinh tế quốc dân, serves as a reference book.
• "Foundations of Marketing" (7th edition) by William M.Pride and O.C. Ferrell is a reference book.
• The course content includes:

Course Content

• Introduction to Marketing
• Marketing Environment
• Marketing Research
• Consumer Market and Consumer Buying Behavior
• Business Market and Business Buying Behavior
• Market Segmentation, Targeting, and Positioning (STP)
• Products
• Pricing
• Place (Distribution)
• Promotion

Introduction to Marketing

• An introduction to the core concepts of marketing

Definitions of Marketing

• Marketing involves activities that direct the flow of goods and services from producers to consumers.
• Marketing creates, communicates, delivers, and exchanges offerings with value for customers, clients, partners, and society.
• Marketing involves planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy objectives.

The Digital Age

• Digital technology transforms communication, information sharing, and shopping.

Non-Profit Marketing

• Non-profits face competition for membership, funds, and support.

Rapid Globalization

• Rapid globalization involves the spread of financial products, goods, technology, information, and jobs across national borders.

Sustainable Marketing

• Sustainable marketing is when companies deliver value in an environmentally responsible way.

The Marketing Process

• Marketing defines how companies create customer value and relationships to capture customer value in return.

The Marketing Processes Explained

• M = R + STP + MM + CRM + C

Marketing Process Elements

• M = Marketing process
• R = Research
• STP = Segmentation, Targeting and Positioning
• MM = Marketing mix
• CRM = Customer relationship management
• C = Capturing value from customers

Basic Concepts in Marketing

• Needs are states of felt deprivation.
• Conclusions from Maslow's hierarchy of needs state that:
• Human needs are arranged hierarchically.
• People satisfy the most important needs first before progressing higher
• Once a need is satisfied, it stops being a motivator
• Therefore people will attempt to satisfy the next most important need

Needs Explained

• Needs are driving forces for actions.
• Wants shaped by culture and personality.
• Wants are described in terms of objects that can satisfy needs.
• Demands entail wants backed by buying power
• Products are what is offered to satisfy a need or desire.
• Marketing offerings combine products, services, information, or experiences.

Exchange

• Exchange obtains a desired object by offering something in return and forms the basis for marketing activities.
• Customer satisfaction measures the alignment between customer expectations and provided product or service.
• High satisfaction leads to return customers and advocacy, while dissatisfaction harms the company.

Marketing Management Orientations

• There are five alternative concepts: production, product, selling, marketing, and societal marketing.

The Production Concept

• Consumers favor available and affordable products
• Management should focus on improving production and distribution efficiency.
• Marketing myopia happens where companies narrowly focus and lose sight of customer needs and relationship building.

The Product Concept

• Consumers favor products offering the most in quality, performance, and innovative features.
• Continuous product improvements is where the marketing strategy focuses.
• Marketing myopia can result from focusing too much on the product.

The Selling Concept

• Consumers will not buy enough products without large-scale selling.
• The selling efforts emphasizes short-term sales results.

The Marketing Concept

• Achieving organizational goals depends on knowing target markets' needs/wants and delivering better.
• Instead of a "make and sell," it's a "sense and respond" philosophy, finding the right products for your customers.

Comparison of Selling and Marketing Concepts

• Selling Starts with existing products, while marketing starts with well-defined markets
• Selling focuses on profits through sales volume while marketing focuses on profits through customer satisfaction
• Selling uses promotion while marketing uses integrated marketing.

The Societal Concept

• Societal marketing considers consumers' and society's long-run interests.
• It calls for socially and environmentally responsible marketing, meeting present needs and preserving future ability.

Defining Company Mission

• Define the company's goal, target customer, consumer values, and overall mission.
• It should be market-oriented, satisfying basic customer needs.
• Pinterest's mission gives people a social media platform to collecting, organizing, and sharing things they value.
• Microsoft's mission empowers every person/organization to achieve more.

Marketing Strategy

• The marketing strategy defines the marketing logic for creating customer value and achieving profitable relationships.
• It involves selecting customers to serve, and the value proposition.
• A company selects customers it can serve profitably.
• Choosing a value proposition involves deciding how to differentiate and position itself.

Marketing Mix

• It blends the tactical marketing tools used to produce the desired response in the target market.

The Marketing Mix is made of:

• Product: Variety, Quality, Design, Features, Brand name, Packaging, Services
• Price: List price, Discounts, Allowances, Payment period, Credit terms
• Place: Channels, Coverage, Locations, Inventory, Transportation, Logistics
• Promotion: Advertising, Personal selling, Sales promotion, Public relations, Direct and digital
• 4 P's are the tactical marketing tools blended to engage customers and deliver intended customer value.

The 7 P's in Marketing

• People: All human actors influencing buyers’ perceptions.
• Process: Mechanisms and activities for service delivery.
• Physical evidence: The environment where service is delivered.

Marketing Plan

• The plan contains strategies that will help the company attain its overall strategic objectives.
• Key elements include:
• Executive summary
• SWOT analysis
• Major Objectives
• Marketing Strategy
• Action Programs
• Marketing budget
• Controls