Lecture 1 Mmm 2010

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Lecture 1 Mmm 2010

  1. 1. Managing The Marketing Mix Lecture 1: Introduction to Marketing and the Marketing Mix Dr. Martin J. Liu Lecturer in Marketing Nottingham Business School China
  2. 2. Module Objectives Brief Introduction • The concept of marketing and marketing’s role in the of Myself firm. Module Outlooks • Understand marketing mix decisions Lecture 1 • Understand the role of product, price, promotion, Objectives • and place (the 4 P’s) and extra 3Ps for services. What is Marketing? • Be able to critique the marketing mix and investigate The Marketing Mix the key marketing challenges (the 4 P’s) Summary
  3. 3. Module Design Brief Introduction Module Delivery of Myself • 10 one-hour lectures + 1 two-hour compulsory seminars. • Main text book: Jobber (2010) Principles and Practice of Marketing, Module Outlooks 4thedition, McGraw-Hill, Maidenhead • Key Readings: academic journals are essential and are detailed in the module outline. Lecture 1 Objectives Seminar Presentation • You are asked to form a group of 4 -5 people in your allocated seminar. What is Marketing? • Each presentation should last in between 25 – 30 minutes. • Attendance of seminar presentations are compulsory. No other excuses The Marketing Mix will be accepted except sickness. Failing to attend seminar will result in (the 4 P’s) failing of this module. • Detailed Presentation guideline will be posted next week by David Todd. Summary Assessment • Examination (100 %) Lecture materials and module outline can be found at: U:3rd Year ShareBusiness SchoolSemester 2 0910Managing the Marketing Mix
  4. 4. Contact Information of the Lecturers Brief Introduction of Myself Module Convenor: Email: Module Outlooks Martin.Liu@Nottingham.edu.cn Lecture 1 Objectives Office Hours: Every Wednesday, 12:30 - 2:30 PM at AB480 What is Marketing? The Marketing Mix (the 4 P’s) Please make an appointment outside regular office hours if you wish to come and talk to me. Summary Seminar Tutor: Email: David.Todd@Nottingham.edu.cn
  5. 5. Module Structure Brief Introduction 1. Introduction to Marketing and the Marketing Mix of Myself 2. Product and New product Development Module Outlooks 3. Place and Channels to Market Lecture 1 4. Pricing Objectives 5. Promotion and Marketing Communications (1) What is Marketing? 6. Promotion and Marketing Communications (2) The Marketing Mix 7. Extending the Marketing Mix: Service Marketing (the 4 P’s) 8. Buyers Behaviour Summary 9. Branding 10. Market Research and Module Review
  6. 6. Lecture 1 Objectives Brief Introduction of Myself • To define marketing • To understand the role of marketing Module Outlooks • To understand the marketing process Lecture 1 Objectives • To introduce the Marketing Mix and its role in the marketing process What is Marketing? The Marketing Mix (the 4 P’s) Summary
  7. 7. What is Marketing? Brief Introduction of Myself • A philosophy of business –Customer-centric Module Outlooks –External focus Lecture 1 Objectives –Focus on customer value & satisfaction What is Marketing? • An organizational function The Marketing Mix • A management process (the 4 P’s) • A set of techniques Summary “The management process responsible for identifying, anticipating and satisfying customer requirements profitably.” Chartered Institute of Marketing (1989)
  8. 8. Marketing Process is: Brief Introduction of Myself • Defining markets; • Quantifying the needs of customer groups Module Outlooks (segments) within these markets; Lecture 1 Objectives • Determining the value proposition to meet those needs; What is Marketing? • Communicating the value proposition, both The Marketing Mix internally and externally; (the 4 P’s) • Monitoring the value actually delivered. Summary (McDonald,M.2003)
  9. 9. The Selling & Marketing Concept Contrast Brief Introduction of Myself Module Outlooks Lecture 1 Objectives What is Marketing? The Marketing Mix (the 4 P’s) Summary Marketing is a matching process between a company’s capabilities and the wants of its customers.
  10. 10. The Marketing Process: Making and Delivering Value Brief Introduction of Myself Module Outlooks Lecture 1 Objectives What is Marketing? The Marketing Mix (the 4 P’s) Summary
  11. 11. Key Characteristics of An Effective Marketing Mix Brief Introduction •The elements are not of Myself independent of each other. Module Outlooks •The mix elements should be Lecture 1 well blended to form a consistent Objectives theme What is Marketing? •The marketing mix matches The Marketing Mix customer needs (the 4 P’s) •The marketing mix matches Summary corporate resources The marketing mix paradigm ( Borden, 1964, McCarthy, •The marketing mix creates a 1978) competitive advantage
  12. 12. Criticism of The Marketing Mix Brief Introduction • Represents the sellers view of of Myself marketing (Kotler, 2003) • Simplification of reality Module Outlooks • The broadening of marketing to include services, not-for- profits and even politics (7Ps, Lecture 1 add People, Processes and Objectives Physical Evidence) • Introduction of Total Quality What is Marketing? Management with its emphasis on “customer satisfaction” The Marketing Mix • B2B-Industrial marketing (the 4 P’s) contexts • A focus on the customer, Summary extending from the transactional to relational marketing • Identification of the firm as a member of a complete value chain
  13. 13. Summary Brief Introduction of Myself • Marketing is an organizational function and set of processes for creating, communicating and Module Outlooks delivering value to customers Lecture 1 • Marketing strategies are implemented through Objectives management of the marketing mix, which can be What is Marketing? summarised as the 4P’s. The Marketing Mix • Effective strategies harmonise the elements of the (the 4 P’s) marketing mix into a consistent approach to target Summary markets • But-action programme based on the 4Ps should account for 21stCentury challenges

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