Lecture 1 (Jan 18, 2021)

Attendance 10%
Presentation & in-class tasks: 15 %
Mid-term Written exam: 15% (multiple choices Q
from Chapter 1-5)
60%
Final
60m written exam: multiple& essay Qs

Course content
Chapter 1: Introduction to Marketing
Chapter 2: Marketing Environment
Chapter 3: Marketing Research
Chapter 4: Consumer Market & Consumer Buying Behavior
Chapter 5: Business Market & Business Buying Behavior
MIDTERM
Chapter 6: Market Segmentation – Targeting – Positioning (STP)
Chapter 7: Products
Chapter 8: Pricing
Chapter 9: Place (Distribution)
Chapter 10: Promotion

Chapter 1: Introduction to Marketing

1. What is marketing?
1.1. Definition of Marketing:
-Involved in thousands of buying decisions. Convincing and being convinced to sell/ buy
something
-Marketing happens in everyday life
-Marketing concept is very broad, including many different activities directly related to
businesses & customers.
 Q: What does the term ‘Marketing’ mean to you?
-Misconceptions about marketing:
1. Marketing is advertising, PR, sales, branding, etc
2. Only big businesses need to do marketing, because its very expensive
3. If you’re good at FB, GG ad words, SEO, etc., you definitely know about
marketing
4. You have to be creative to be good at marketing!
Qs:
1. In you opinion, are those views appropriate? Why?
1. Not all about advertising, PR, sales & branding (tip of the iceberg).
Much broader than this. Marketing place, customers, products & services to satisfy
them. How people do market research and analyze it.
-PR (public relation): cares only about having good relas with the press and the media
PR is marketing but marketing is not PR.
-Sales: only care about selling G&S to customers
2. Every business needs marketing to promote their products to gain profit. They need to
carry out marketing activities. Even a small bakery needs marketing: Research (price,
menu) - …
3. GG adwords: Top search in GG search
SEO: how to optimize your search engine
 Techniques that a marketer needs, but it’s not all about marketing. It’s also about
marketing logic and sequences.
4. Creativity will help a lot in marketing. It’s not the only criteria. There are lots of other
functions in marketing: research & analysis, which requires logical thinking.
“The aim of marketing is to know and understand the customer so well the product or
service fits him and sells itself.” – Peter Drucker

2. Today, how to understand marketing activities properly?

Understanding customer -> Delivering them with value
-Marketing mix (4P): Product, Price, Place, Promotion
-Fact:
There exists more than 2000 of marketing definitions and there is no one
Can you analyze this definition:
“marketing is an organizational function (marketing is a basic function of a company; but
the marketing department needs to cooperate with other departments so that the
company achieve its goals) and a set of processes for creating, communicating and
delivering value (4P, heart and soul of marketing) to customers and for managing
customer relationships (customers are important, objects to form the marketing plan, we
hope to have the customers and want them to come back and buy other products) in ways
that benefit the organization and its stakeholders (Marketing campaign not only help to
increase profit but also helps to increase the company’s reputation; )” – AMA 2004
1.2. The marketing process:
-Process by which companies create value for customers and build strong customer
relationships in order to capture value from customers in return:
M = R + STP + MM + CRM + C
M: marketing
R: research
STP: Segmentation, targeting, positioning
MM: marketing mix (4P)
CRM: customer relationship management (how to have good rela with customer, how to
make them talk good about the company)
C: capturing value from customers (we sell to them, we have good rela with them and
them capture value)
SIMPLE model of the marketing process:
Understanding the marketplace & customer needs and wants -> Design a customer-driven
marketing strategy -> Construct an integrated marketing program that delivers superior
value -> Build profitable relationships & create customer delight -> Capture value from
customers in return (to create profits & customer equity)
-Digital and social media marketing: websites, social media, mobile apps and ads, online
vid, email and blogs to engage customers anywhere, at any time, via their digital devices
-> Digital marketing landscape
Social media marketing: to extend customer engagement and get people talking about a
brand
& mobile marketing: perhaps the fastest growing digital marketing platform
-The changes in marketing landscape: the change in economic environment + the growth
for non-profit marketing + rapid globalization + sustainable marketing

Lecture 2 (Jan 20, 2021):

1.3.Basic concepts in marketing
1.3.1. Needs: Human needs are states of felt deprivation
-> Abraham Maslow’s Hierarchy of Needs:
-The higher the needs, the lower the priority
-The more basic the needs, the higher the priority
.Physiological needs: the need to eat, sleep, to ensure our survival
.Safety: shelter, law to protect
.Belonging & love needs: want to belong to a place, home, family; belong to school,
organization, office (at each stage of life); friends
.Esteem needs (nhu cầu đc tôn trọng): To be recognized by everyone
Self-actualization (nhu cầu khẳng định bản thân): do what you love to do
 Conclusion:
-Human needs are arranged in a hierarchy, from the most pressing at the bottom to the
least pressing at the top
-A person tries to satisfy the most important need first. When that need is satisfied, it
will stop being a motivator, and the person will try to satisfy the next most important
need
-Needs are driving forces for actions
Q: Why human needs are the most basic concept underlying market?
By knowing that people have different motivators, the marketer can segment the market
Special cases?
1.3.2. Wants: the form of human needs which is shaped by culture and
individual personality
Eg: An American needs food but wants a Big Mac, fries and soft drink.
 Wants are shaped by one’s society and are described in forms of objects that will
satisfy those needs.
 1.3.3. Demands: are human wants backed by buying power
Eg: buying a car/ motorbike (??)
1.3.4. Products: are all goods and services offered to satisfy human need
or desire, attract attention, stimulate shopping and consumption
A product can be tangible or intangible
Consumers are not interested in the products but in the benefits that they brings
Market offerings: Some combination of products, services, information, or
experience offered to a market to satisfy need or want.
“Sell the problem you solve, not the product”
Eg: the customer cares about whether the toothpaste you sell can solve the problem of
their teeth
1.3.5. Exchange: is the act of obtaining a desired object from someone
by offering
Eg: People attend the church and the church want $1 donation for each attendance
People who attend the church want a place to rest their soul
 Exchange relationships
5 conditions of exchange:
1 At least 2 parties
2 Each party has something that might be value to the other party
3 Each party is capable of communication & delivery
4 Each party is free to accept/ reject the offer
5 Each party believes it is appropriate/ desirable to deal with the other party
 The 5th condition helps the company to achieve customers’ satisfaction ->
marketers care about the most
1.3.6. Satisfaction: measures how well the expectations of a customer
concerning a product/ service provided by your company have been met
.When a customer is satisfied w a product, he/she is likely to become return customers &
might recommend it to friends, relatives & colleagues -> powerful marketing advantage
.When he/she isn’t satisfied with a product, they are unlikely to return. Furthermore, they
can hurt the firm by making negative comments about it to prospective customers.
Q: how do these games differ in their method of satisfying customers (Candy crush,
Flappy bird)?
-Bonus, praises,…
-Difference in providing customers’ experience
-There is no one true way to satisfy customers

2. Marketing management
2.1. Marketing management orientations
5 alternative concepts under which organizations design and carry out their marketing
strategies:
2.1.1. production
-consumers will favor products that are available and highly affordable
-focus on improving production & distribution efficiency
Q: In which circumstances can we apply the production concept?
-Supply < Demand (eg: EVN) or
-When there exists economies of scale (lợi thế kinh tế theo quy mô – basic concept in
economy: increase production -> price/unit decrease)
-> marketing myopia: major risk of focusing too narrowly on their own operations and
losing sight of the real objectives
2.1.2. product
-consumers will favor products that offer the most in quality, performance, and
innovative features
-focus on making continuous product improvements
->marketing myopia: căn bệnh thiển cận trong marketing (only focusing on the internal
factors but not the market niche)
Q: A mouse trap that has high quality and innovative features still does not sell. Explain?
Not necessarily mouse trap to kill the mouse with trap. It can be chemical spray, house
cat, etc.
2.1.3. selling
-consumers will not buy enough of the firm’s products unless it undertakes a large-scale
selling and promotion effort
->marketing myopia: focus on short-term results profit via sales now rather than on long-
term…
Q: have you ever come up with a though yourself that you want to buy life insurance/ you
want to donate blood? (unsought goods)
2.1.4. marketing
-focus on external factors from needs and wants of target markets and deliver the desired
satisfactions better than competitors
-> to find the right products for your customers
Selling concept Marketing concept
Starting point Factory/company Target market
“Sell what we have” “Sell what they need”
Focus Existing products Customer needs
Means Selling & promoting Integrated market
(Salesperson using skills) (using all the 4 elements of
marketing mix effectively)
Ends (mục tiêu) Profits through sales volume Profits through customer satisfaction
(short-term profit, try to sell as much (long-term profit, the co. always care
as possible) about whether the customers are
satisfied with the products or not)
2.1.5. societal marketing concept
-balance: society (human welfare), customers (satisfaction) and company (profits)
-> the first 3: traditional marketing philosophy
The last 2: modern marketing philosophy
Qs:
1. Some car manufactures decided to recall the cars because of production errors. Which
marketing management orientation did they apply?
-there are report of accidents, incidents on the streets that do harm to customers; so the
manufacture has to recall the cars. It’s not for the sake of the customers but for the
brand -> Product concept
 Report of malfunctions -> Product concept
-or the cars detect the errors themselves -> the manufactures recall them -> The
company has to pay much money to do it but they still do it -> It’s for the sake of the
customers -> societal concept
 Detect themselves -> Societal concept
2. Which marketing management orientation does FTU apply regarding its educational
services?
 FTU’s educational services:
FTU: company, FTU’s students: customers -> marketing/ societal concept
FTU: company, FTU’s students: product, labor market = customers ->

3. Marketing objectives & functions

3.1. Marketing objectives
-Profit optimization: is not maximization
-Competitive advantage: linked to core competencies
-business safety: based on risk diversification (đa dạng hóa rủi ro) principles
-> 3 basic marketing objectives of companies
3.2. Marketing functions

4. Marketing plan, strategy and mix decisions

-Start from business goals -> develop marketing strategy -> develop marketing plan
.Marketing strategy: marketing logic by which the company hopes to create this customer
value and achieve those profitable relas

-4P’s: based on points of view of company

But the starting point is customer
 4C’s: Consumer value, Cost, Convenience, Communication (modern view)

HW: Analyze the application of MM in a company that you’re interested in.