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Lect 1 Introduction
Lect 1 Introduction
Management BM2257
Introduction
1
Geoff Parkes
Room Nelson Building NB224
E-mail parkesgs@aston.ac.uk
2
Lecture Format
4-5pm Great Hall
Exception of......
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Important Information
Course Text:
4
Important Information
Assessment:
– Formal closed book examination –3
from 8 questions 70%
– Team assignment (see Module Outline)
30%
Assignment deadline
– Friday, Week 23, before 12 noon
– Deadline is FINAL and non negotiable.
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Assignment Details
To be undertaken in teams
Organise yourselves by end of week 15
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Final Details
Examine the course outline on
Blackboard.
The lecture schedules, expected
readings, and learning times, plus
information on additional readings
are all outlined.
Lectures will be posted on
Blackboard.
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Lecture One:
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Marketing management –
5 key objectives
1. Introduce the theoretical concepts
associated with marketing.
2. Explain the basics of contemporary theory
and practice of marketing.
3. Consider the application of these concepts
in various organisational contexts.
4. Provide a foundation for the study of
marketing on future courses.
5. Provide insights into the marketing
profession, and the wide range of career
opportunities.
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After the course you should be
able to:
1. Identify the main theoretical concepts
about marketing and examine their
application in organisations.
2. Develop an understanding of the process of
marketing management and its potential
benefits to organisations.
3. Consider these insights within various
business situations.
4. Analyse market information.
5. Develop the capacity to work as part of a
‘marketing team’, and exhibit
organisational skills.
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What is marketing?
Satisfying customer needs – not just selling
and advertising
Marketing starts before there is product
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What is marketing?
Marketing is:
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Core marketing concepts
Needs,
Needs, wants,
wants, &
& demands
demands
13
Core marketing concepts
Needs,
Needs, wants,
wants, &
& demands
demands
Products
Products and
and services
services
14
Core marketing concepts
Needs,
Needs, wants,
wants, &
& demands
demands
Products
Products and
and services
services
Values,
Values, satisfaction,
satisfaction, &
& quality
quality
15
Core marketing concepts
Needs,
Needs, wants,
wants, &
& demands
demands
Products
Products and
and services
services
Values,
Values, satisfaction,
satisfaction, &
& quality
quality
Exchange,
Exchange, transactions,
transactions, &
& relationships
relationships
16
Core marketing concepts
Needs,
Needs, wants,
wants, &
& demands
demands
Products
Products and
and services
services
Values,
Values, satisfaction,
satisfaction, &
& quality
quality
Exchange,
Exchange, transactions,
transactions, &
& relationships
relationships
Markets
Markets
17
Needs, wants, demands
Needs – states of felt deprivation
– Physical
– Social
– Individual
Wants– needs shaped by culture
and personality
– Impact of resources!
Demands – human wants which
are backed by buying power
(ability to pay)
18
Products and services
Product– anything that can be offered
to a market to satisfy a need or a want
– Tangible or intangible
Services – activities or benefits which
are offered for sale
Customers seek solutions to their needs
rather than specific products, so focus
on benefit rather than product
Marketing myopia (focus on products
rather than solutions)
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Value, satisfaction and quality
Several
products or services may satisfy
your needs.
– How to choose?
– value that the products/services deliver
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Value, satisfaction and quality
Customer satisfaction
– differences between Expectation and
Experience of Product or Service
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Exchange, transactions, relationships
Marketing occurs when people decide to
satisfy wants or needs through exchange
Exchange =the act of obtaining a desired
object from someone by offering something
in return
– At least two parties must participate with
something of value to offer to one another
– Each party must want to deal with one
another
– Must be free to accept or reject the offer
– Must be able to communicate and deliver
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Exchange, transactions, relationships
Transaction
– the trading of value between two parties
Relationship marketing
– beyond one off transactions
– Repeat customers better for the organisation
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Markets
The concept of exchange and relationships
lead to the concept of a market
A market is the set of actual and potential
buyers of a product
These buyers share a particular need or
want that can be satisfied through
exchanges and relationships
Size of market depends on:
Industry
Industry Market
Market
(a
(acollection
collectionof
of (a
(acollection
collectionof
of
sellers)
sellers) buyers)
buyers)
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A simple marketing system
Products/services
Industry
Industry Market
Market
(a
(acollection
collectionof
of (a
(acollection
collectionof
of
sellers)
sellers) buyers)
buyers)
26
A simple marketing system
Products/services
Industry
Industry Market
Market
(a
(acollection
collectionof
of (a
(acollection
collectionof
of
sellers)
sellers) buyers)
buyers)
money
27
A simple marketing system
Products/services
Industry
Industry Market
Market
(a
(acollection
collectionof
of (a
(acollection
collectionof
of
sellers)
sellers) buyers)
buyers)
money
information
28
A simple marketing system
communication
Products/services
Industry
Industry Market
Market
(a
(acollection
collectionof
of (a
(acollection
collectionof
of
sellers)
sellers) buyers)
buyers)
money
information
29
Marketing
• Managing markets to bring about
exchanges and relationships for the
purpose of creating value and
satisfying needs and wants
Core Marketing Activities include:
– Product development
– Research
– Communication
– Distribution
– Pricing
– Service
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Summary
Needs,
Needs,wants,
wants,&&demands
demands
Products
Productsand
andservices
services
Values,
Values,satisfaction,
satisfaction,&&quality
quality
Transactions,
Transactions,&&relationships
relationships
Markets
Markets
31
Summary
Needs,
Needs,wants,
wants,&&demands
demands communication
Products
Productsand
andservices
services
Products/services
Values, Industry Market
Values,satisfaction,
satisfaction,&&quality
quality Industry
(a(acollection
Market
collectionofof (a(acollection
collectionofof
sellers)
sellers) buyers)
buyers)
Transactions,
Transactions,&&relationships
relationships money
Markets
Markets
32
Summary
Needs,
Needs,wants,
wants,&&demands
demands communication
Products
Productsand
andservices
services
Products/services
Values, Industry Market
Values,satisfaction,
satisfaction,&&quality
quality Industry
(a(acollection
Market
collectionofof (a(acollection
collectionofof
sellers)
sellers) buyers)
buyers)
Transactions,
Transactions,&&relationships
relationships money
Markets
Markets
Reading
For this week, read Ch 1 & 2
For next week, read Ch 3
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Abacus Day Nursery
Introduction to the Case
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Steps involved in producing a
“good” plan
What does the market want –
research the market – Opportunities
and Threats
What can the organisation do –
Resources, Strengths and
Weaknesses
Take a realistic assessment of the
situation
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From Situation Analysis to Plan
What could the organisation do?
What Should the organisation do?
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Contents of a Marketing Plan
(Table 2.2)
Executive Summary
Current Marketing Situation
Threats and Opportunity Analysis
Objectives and Issues
Marketing Strategy
Action Programs
Budgets
Controls
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