MKT10007 Fundamentals of Marketing

Semester 1, 2022.

Assignment 1

Date of Submission: _25_/_09_/_2004_____

Name: __Nguyen Dang Tuan__

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Table of Contents

Item Page Number

Part 1. Public Opinion (“Vox Pop”) 3

Part 2. Formal Definitions

5

Part 3. Synthesis
5-6

References
7

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Part 1. Public Opinion (“Vox Pop”) – My three Personas are as follows

Fake Name; Bobby (insert the stock photo (not

a cartoon character) here or below this table).

Age and Gender; 18 Residence; Cau Giay, Education; first-year Occupation; Full-time
Hanoi Bachelor of Business student
Management
Life Cycle Stage; Major life goal in the next three years; To graduate and start his career in the
Currently studying as a fitness industry
full-time student and
working part-time
Other significant things about this person are: Bobby is a competitive individual who always wants to excel
among peers in his interests. He is also a studious, ambitious, and progressive person who has a goal to aim
for. However, he is sometimes easily distracted and loses track of time. Bobby also has strong emotions.
This person’s definition of Marketing is; marketing is the practice of advertising and selling goods or
services, exchanging value, and involving market analysis and advertisement.

What do you think Bobby is fond of business and marketing. Therefore, his chosen major is
influenced their Business Management. He wants to understand the concept of business and
definition? marketing to support his dream career in the fitness industry. Therefore, he has
done several research on marketing and eventually gained a substantial amount
of knowledge in this field.

Fake Name; Danny (

Age and Gender; 19 Residence; Viet Tri, Phu Education; second year Occupation; Tutor
Tho Bachelor of International
Business
Life Cycle Stage; Major life goal in the next three years; Graduate and live independently.
Studying as a Full-time
student and working as
an English and Math
tutor.
Other significant things about this person are: Dan is a 19-year-old teenager who enjoys praying, social
media, and reading. He is exciting and entertaining but can also be rude and lazy. He grew up in a working-
class neighborhood. His mother raised him, his father having left when he was young. At the moment, the
university where he attends is the Swinburne University of Technology.
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 This person’s definition of Marketing is; For potential clients to purchase your product from you, you must
inform them of its existence and how it will benefit them.

What do you think Dan is a 19-year-old teenager who likes using social media and reading. As a
influenced their sophomore student enrolled in International Business, Dan certainly has a
definition? purpose while choosing this degree. He is also a tutor, which might indicate that
he knows how to advertise himself correctly to attract customers for them to
hire him. He has little practice in this field since he has not honestly pursued
any career in this field. Eventually, his opinion on marketing might be overly
simple and lack information.

Fake Name; Lilly

Age and Gender; 22 Residence; Melbourne Education; Bachelor in Occupation; Full-stack

Computer Science developer
Life Cycle Stage; Primary life goal in the next three years; advance in her career and buy an
working full-time and in apartment
an open relationship
Other significant things about this person are: Lilly is a 22-year-old CS student who enjoys watching
television, painting, and relaxing. She is friendly and gentle but can also be untrustworthy and dull. She is
currently single. Her most recent romance was with a gym assistant the same age as her. She graduated
from the Swinburne University of Technology one year ago in CS.
This person’s definition of Marketing is; It simply refers to how a company promotes itself, sets its prices,
decides where and how to sell its products, and so on.

What do you think Lilly is expected to have encountered numerous advertisements as a person
influenced their who enjoys watching TV shows. This might indicate that she might have
definition? various opinions on what marketing is. However, she has specialized in
Computer Science, so this person’s definition of Marketing is considerably
subjective.

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Part 2. Formal Definitions

Term Definition Reference (Harvard method)

marketing “Marketing is the activity, set of institutions, American Marketing Association 2017,
and processes for creating, communicating, Definitions of Marketing, American Marketing
delivering, and exchanging offerings that
Association, American Marketing
have value for customers, clients, partners,
and society at large.’’ Association, viewed 25 September 2022,
<https://www.ama.org/the-definition-of-
marketing-what-is-marketing/>.

CIM 2015, A Brief Summary of Marketing

marketing “ The management process responsible for
identifying, anticipating and satisfying
customer requirements profitably.”
and How It Works, viewed 25 September
2022,
<https://www.cim.co.uk/media/4772/7ps.pdf>.

Part 3. Synthesis
The concept of Marketing

"Marketing is to develop, promote a valuable product or service, then identify, analyze the market and provide
it by demands, thence eventually create a win-win relationship among customers, consumers, and providers
through a value."

Understanding the importance of having a suitable, comprehensive, fulfilling definition of marketing for
academic and practical purposes, this essay reports on various formal and public ideas on marketing, assesses
them, and shows how and why they have or have not contributed to the goal of creating a new definition.

The definition mentioned above results from research studies on marketing carried out by the American
Marketing Association and the Chartered Institute of Marketing. Simultaneously, public viewpoints on
marketing are also evaluated carefully.

American Marketing Association (2017) suggests that marketing is a structured process of "creating,
communicating, delivering, and exchanging goods, services that offer value for the customer.". On the other
hand, marketing should focus more on searching, predicting, and meeting customers' demands while exploiting
benefits from such activity (CIM, 2015). Subsequently, the definition above is summarized from the CIM and
AMA organizations' marketing concepts.

Accordingly, it might be acknowledged that the two concepts have certain similarities and differences. In detail,
AMA's way of marketing focuses on creating products before promoting and offering value to the ones who
need them. Nevertheless, according to CIM, marketing is more inclined to find the potential group of customers
and predict their behavior and their desires, then satisfy them. We may consider both of the concepts to be
applicable and feasible for companies and marketers to use. However, a successful marketing campaign or
strategy requires different factors and methods. The development and execution of a sufficient marketing
strategy depend heavily on these essential social marketing components, known as 4Ps: product, price, place,
and promotion (Grier & Bryant, 2004). Therefore, the definition of marketing should be consisted of creating a
product with a price that is profitable and promoting it in the correct channels, locations, and transport. At the
same time, it should also have to identify clients, learn about their requirements, preferences, and behavior,

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examine the factors that affect their purchasing choices, and satisfy them by providing their needed products
and services before the opponents.

Regarding public viewpoints, marketing differs between individuals, depending on many aspects. Indeed, it is
acknowledged that the way we see the world or our perception is affected by heredity, physical needs, peer
influence, and personal interests and expectations (Saylor Academy, 2012). We would look up three randomly
interviewed individuals to have a broader, objective view of marketing and its definition. Three following
personas were created with a certain number of questions about personal information, along with their point of
view on what marketing is and what influenced them to think as such. First is Bobby, a new-to-uni student at
the Swinburne University of Technology who majored in Business Management. He mentioned that marketing
is the practice of advertising and selling goods or services, exchanging value, and involving the market analysis
and advertisement. His definition might be lacking, but a few notable points that some marketers tend to neglect
here is market analysis and exchanging value. By virtue of his opinion, an essential idea for a comprehensive
marketing strategy, market analysis, is added to our definition. The reason is that market analysis may guide
you on how to position your company more effectively to serve consumers and remain competitive (Freedman,
2022). Another interviewee named Danny agreed to share his perspective on marketing while studying at the
same university. Danny is currently in the second year of his International Business major. "For potential
clients to purchase your product from you, you must inform them of its existence and how it will benefit them.
That is marketing", he said during the interview. Despite being a sophomore in International Business, Danny's
definition is severely incomplete and overly simple. It only mentioned one factor, promotion, while lacking
fundamental contributors to a successful marketing campaign like mentioned above. In other words, this
definition could be used as a basic understanding for non-experts but should not be considered utilized expertly
and academically. Finally, Lilly is a 2-year-old graduate student of the Swinburne University of Technology
who attended Computer Science. When asked the same question, Lilly indicated that marketing is how a
business markets itself, decides its prices, chooses where and how to sell its goods, and so on. This idea shares
similarities with the 4Ps (Product, Price, Place, Promotion); however, it is straightforward and does not mention
the value exchanged between customers and the ones provided. Thus, Lilly's definition should also be used as a
straightforward approach, a simple interpretation for newcomers to the academic study of marketing and
business or non-experts.

As reported in the essay, we must consider many factors academically and objectively to acquire a good
definition of marketing. This is when we need to research academic-certified definitions and collect the ideas of
the public. Consequently, after analyzing AMA and CIM's marketing concept and interviewing a few random
adults, a new definition is created, placed at the start of this essay.

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MKT10007 Fundamentals of Marketing – Assignment 1 Assessment Task – Semester 1, 2022

References
American Marketing Association 2017, Definitions of Marketing, American Marketing Association, American
Marketing Association, viewed 25 September 2022, <https://www.ama.org/the-definition-of-marketing-what-
is-marketing/>.

CIM 2015, A Brief Summary of Marketing and How It Works, viewed 25 September 2022,
<https://www.cim.co.uk/media/4772/7ps.pdf>.

Freedman, M 2020, What Is a Market Analysis for Business? - businessnewsdaily.com, Business News Daily,
viewed 25 September 2022, <https://www.businessnewsdaily.com/15751-conduct-market-analysis.html>.
(Grier & Bryant 2005)

Saylor Academy 2019, Human Relations: Perception’s Effect, Github.io, viewed 25 September 2022,
<https://saylordotorg.github.io/text_human-relations/s05-03-human-relations-perception-s-e.html>.

VCCORP 2016, Vietnamese student [Image], Mới 18 tuổi, cậu du học sinh này đã là tác giả sách và ứng dụng
dạy IELTS, kenh14.vn, viewed 25 September 2022, <https://kenh14.vn/doi-song/moi-18-tuoi-cau-du-hoc-sinh-
nay-da-la-tac-gia-sach-va-ung-dung-day-ielts-20160317235433727.chn>.

VietNamNet Global 2020, Graduated student [Image] Young woman who felt ‘different’ wins scholarship,
travels the world, and returns to Vietnam to work, Vietnamnet.vn, viewed 25 September 2022,
<https://vietnamnet.vn/en/young-woman-who-felt-different-wins-scholarship-travels-the-world-and-returns-to-
vietnam-to-work-686648.html>.

Hanoi University Of Industry 2020, Vietnamese student [Image], Nearly 300 College Students Intern at
Samsung Electro-Mechanics Vietnam and M1 Company, haui.edu.vn, viewed 25 September 2022,
<https://www.haui.edu.vn/en/haui-students/nearly-300-college-students-intern-at-samsung-electro-mechanics-
vietnam-and-m1-company/62807>.

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