MCD2050

MARKETING 1
Lecture 1 - What is Marketing?

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Icons

Pages
6 - 10

Prescribed
Pages
6 - 10

Recommended Answer the Case Study - Watch the

!
Important
reading. Refer reading. Refer question Real world video via the point to
to textbook to textbook example link remember

Assessed Task

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Overview of today’s lecture

Core
Definition of Marketing
Marketing
Marketing Approach
Concepts

Marketing CSR &

Process Model Sustainability

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Teaching Team Contact Details

MCD2050 Teaching Team:

Unit Leader - Stephanie Joshua-Anandappa:
stephanie.anandappa@monashcollege.edu.au

Teachers/Lectures EMAIL

Aysha Siddiqua aysha.mohammedyasserarafat@monashcollege.edu.au

Charindra Keerthipala charindra.keerthipala@monashcollege.edu.au

Cindy Lim cindy.lim@monashcollege.edu.au

Geetu Tuteja geetu.tuteja@monashcollege.edu.au

Hassnain Sadiq hassnain.sadiq1@monashcollege.edu.au

Jing Zhou jing.mcloughlin@monashcollege.edu.au

Suresh Perera suresh.perera@monashcollege.edu.au

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Learning Skills Advisor
Learning Skills Advisers Page
 https://lms.monashcollege.edu.au/course/view.php?id=7330

 Email: Learning.Advisers@monashcollege.edu.au

 Start formatting from this slide.

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Guidelines in this class

 Concentrate, focus and absorb

 Avoid any outside and unnecessary distractions.
 The message, Facebook post or WeChat message you wish to
write, read or send are all distractions which limit your ability
to focus and may impact on your success in the unit.
 If requested to work on a task, do so. You may be required to
present your discussions or answers to the class.

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Unit Outline

 Objectives
 Time commitment
 Resources
 Textbook
 Lecture and tutorial program
 Assessment
 Examination

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Text Book

 Elliot, G., Rundle-Thiele S., Waller, D., Smith,

S., Eades, L and Bentrott I., (2021)
Marketing, 5th ed. Wiley, Milton

 You cannot use previous editions, or any

other textbook
 Do not use the Chinese version of the
textbook
 Critical for undertaking all assessment

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Text Book

https://wileybn.ipublishcentral.net/home
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Where/how to purchase this text?
MONASH Campus
WILEY Direct ONLINE RETAILERS
Bookstore

There are multiple formats and options available:

INTERACTIVE
SUBSCRIPTION PRINT:
E-TEXT:
$6.95p/m $125.95
$75.00

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Required Reading

 Kotler, Burton, Deans, Brown and

Armstrong, (2013), Marketing (9th ed.),
Frenchs Forest NSW, Australia: Pearson
Australia.

 There are chapters in this textbook which

are required for the unit.
 This is critical for undertaking assessment
 The readings are provided for you on
Moodle

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Related Weeks and Topics:
Marketing 5th Edition (Elliott et al., 2021)
•Week 1 – What is Marketing?
•Week 2 – Marketing Environment
•Week 3 – Consumer Behaviour
•Week 5 – Market Research
•Week 6 – Product Management
•Week 8 – Promotion
•Week 9 - Distribution
•Week 10 – Services Marketing
•Week 11 – Digital Marketing

Marketing 9th Edition (Kotler et al., 2012)

•Week 1 – What is Marketing?
•Week 4 – Segmentation, Targeting, Differentiation and Positioning
•Week 7 - Pricing

**ALL OF THESE READINGS ARE AVAILABLE FOR FREE ON MOODLE**

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Assessment
 Weekly Online Quiz 5%
 Lectorial Quiz 5%
 Tutorial Essay Questions 10%
 Group Video Project 10%
 Individual Essay 10%
 Mid Trimester Test 10%
 Exam – (Hurdle) 50% (45%)
You will be going through each of these assessment tasks in detail in tutorials

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Activity 1 – 5 Minute Task

Reflect on the following questions & post your thoughts on

Chat:

– In your own words, what do you think marketing is?

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Marketing Defined

Marketing is the activity, set of institutions, and processes for

creating, communicating, delivering and exchanging offerings
that have value for customers, clients, partners and society at
large (American Marketing Association).

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Breaking Down the Definition

Page 4

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The marketing approach to business

 Marketing is an approach to business that puts the customer,

client, partner and society at the heart of all business
decisions.
 Marketers need to learn what customers, clients, partners and
society want.
 Marketers must be creative and able to develop new ideas.

Page 5-6

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Why should you learn about marketing?
 Be a better customer - Having studied marketing you will understand that
companies that are serious about marketing welcome customer feedback.

 Higher quality of life - Marketing has helped to drive economic growth.

 Improve business performance – A range of marketing practices have been linked

to company performance along with other different business functions.

 Contributes to a better world - The marketing discipline has much to offer to the
social arena. Indeed, many marketers work in the not‐for‐profit sector and/or in
social marketing, where their work is directed towards social good.

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Who uses marketing?

 Small business and large multinationals

 Businesses selling goods and businesses selling services
 For-profit and not-for-profit organisations
 Private and public organisations, including governments

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Every single business relies on marketing.

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The 5 Core Concepts – From the Kotler Textbook

5.
1.  In order to provide value for
Needs, Wants
Markets
& Demands customers, marketers need to
understand customers needs
and wants, how different
market offerings can provide
2.
4.
Exchange, Transactions Market
customer satisfaction and
& Relationships Offerings
value and how buyers make
exchanges to increase their
3.
Customer Value
and Satisfaction
own value in different
markets.

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1. Needs, Wants and Demands
 Needs: Emerge from a state of felt deprivation
– Example: Physical (food, safety, clothing, shelter); social (belonging and affection);
individual (knowledge and self-expression).

 Wants: The form taken by human needs as they are shaped by

culture and individual personality. Different people have different
wants based on geographical differences, gender, age, wealth.
– Example: A hungry person in Australia might want a meat pie and a cola but a hungry
person in Vietnam might want a bowl of phở (Vietnamese noodle soup).

 Demands: Human wants that are backed by buying power

– Consumers view products as bundles of benefits and choose products that give them the
best bundle for their money.

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Needs, Wants & Demands Example
Needs: A more comfortable way to
travel from point of origin to destination
i.e. Home to Work
Wants: Ideal desires based on
personality, culture, age and wealth is to
purchase a Bentley Continental Sports
Demands: Although the Bentley
Continental Sports would be ideal, the
buyer is not willing and/or able to by
their desired car and will therefore
purchase another car that sufficiently
satisfies their wants i.e. Mercedes C-
Class Sports
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2. Market offerings – goods, services and experiences

 People satisfy their needs and wants through a market offering,

which means a combination of goods, services, information and
experiences.
 A market offering may include services, activities or benefits that are
intangible.
 The importance of a market offering lies not so much in the good or
service itself as the benefits it provides.

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What is Marketed?

 Physical objects
 Services
 Persons
 Places
 Organisations
 Ideas

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A selection of our examples:

 Physical Object: https://youtu.be/13GTbEW0bco

 Service: https://youtu.be/03vtjIcNvBg
 Places: https://youtu.be/o6pm5zyOUnE?si=ItEYACA92oAYGOGl
 Experiences:
https://youtu.be/L6D551WNXlY?si=wTnL6MoCc7v6j2AB
 Ideas: https://youtu.be/3noalme3jXM

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3. Customer value and satisfaction

 Customer value:
– The difference between the benefits the customer gains from
owning and using a product and the costs of obtaining the
product.
– Customers often do not judge the offer values and costs
accurately or objectively. They act on perceived value.

 Customer Satisfaction:
– Customer satisfaction is the extent to which a product’s
perceived performance matches a buyer’s expectations.

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4. Exchanges and relationships (The exchange of value)
 Exchange is the underlying theory of marketing and explains why we need
to work in order to get the things we want.

 Two or more parties must participate, each with something of value

desired by the other party
 All parties must benefit from the transaction
 The exchange must meet both parties’ expectations (e.g. quality, price)
– Example:
A hungry person might offer money in exchange for food.

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Who is involved in the exchange?

 The market
– Actual and potential customers with similar needs and wants
 Customers/clients
– Purchasers of products and services
 Partners
– External parties involved in the marketing process
 Society
– Members of the community

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5. Markets

 A market is the set of all actual and potential buyers of a product. They
share a particular need or want that can be satisfied through exchange.
This represents the overall potential market. The actual size of a market
depends on the number of people who exhibit the need, have resources
and authority to engage in exchange and are willing to offer their resources
for what they want.

Actual
buyers
Potential
buyers

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Value Creation and the Marketing Process – From Kotler Textbook

Page 5

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Step by Step - The Marketing Process

Step 1 Understand the market place and customer needs and

wants.
This step involves functions the firm uses to create value.

Marketing Functions completed in step 1:

UNDERSTAND
 Marketing information Systems
 Consumer Behaviour
 Environment Scan

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Step by Step - The Marketing Process

Step 2 Design a customer driven marketing strategy

This step involves functions the firm uses to create value.

Marketing Functions completed in step 2:

DESIGN  Segmentation, Targeting, Differentiation and
Positioning

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Step by Step - The Marketing Process

Step 3 Construct an integrated marketing program that delivers

superior value.
This step involves functions that the firm uses to communicate
and deliver value.
Marketing Functions completed in step 3:
CREATE,
COMMUNICATE,
 Product  People
DELIVER
 Price  Process
 Place  Physical Evidence

 Promotion
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Step by Step - The Marketing Process

Step 4 Building Profitable relationships

This step is crucial to deliver value in an increasingly competitive
market

Marketing Functions completed in step 4:

BUILD  A combination of managing the
marketing effort.

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Step by Step - The Marketing Process

Step 5: Capture value from customers to create profits and

customer equity.
This step is crucial to deliver value in an increasingly competitive
market

Marketing Functions completed in step 5:

CAPTURE
 A combination of managing the marketing effort.

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Corporate social responsibility

 The concept of corporate social responsibility is simply that

businesses have an obligation to act in the interests of the
societies that sustain them.

 At the heart of corporate social responsibility is a business’s

obligation to act ethically, lawfully and in the best interests of
all of its stakeholders, including the society — increasingly the
global society — in which it operates.

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Sustainability

 Sustainability is currently being widely debated as a business

philosophy that is needed to ensure our future.

 Sustainable development is defined by the Brundtland Report

as ‘development that meets the needs of the present without
compromising the ability of future generations to meet their
own needs’.

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Summary

 Marketing is a broad discipline that is relevant to all types of

organisations
 Marketing is something organisations do, as well as something they
believe
 Marketing has a long history, but change significantly when supply
became greater than demand
 Marketing is NOT simply advertising
 Above all marketing involves exchange
 Preparation and looking at the world around you is the key to doing
well in marketing and ensuring it is sustainable.

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Online Weekly Quiz

 Reminder to complete the online weekly quiz on Moodle.

 Quiz will close 5pm Saturday

 The test is open book – you can refer to your lecture notes and
textbook(s)

 The test is timed – 60 minutes to complete from when you start it.

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