Lecture 1

• Components of marketing


  • Engaging customers
  • Building strong customer relationships
  • Creating customer value
  • Capturing value from customers
• Marketing is the process by which marketing organisations engage customers, build strong customer relationships and create customer value in order to capture value from customers in return
• Understanding the marketplace and customer needs

  Marketers need to understand customer needs, wants, and demands, and the marketplace within which they operate
• Customer needs


  States of felt deprivation
• Customer wants


  The form human needs take, as shaped by culture and individual personality
• Customer demands


  Human wants that are backed by buying power
• Market offerings


  • Goods
  • Services/experiences
• Market offerings


  • Some combination of goods, services, information, or experiences offered to a market to satisfy a need or a want
• Market offerings include goods, services/experiences
• Market offerings


  Combination of goods, services, information, or experiences offered to a market to satisfy a need or a want
• Market offerings include

  • Goods
  • Services/experiences
  • Persons
  • Places
  • Organisations
  • Information
  • Ideas
• Customer value and satisfaction

  Customers form expectations about the value and satisfaction that various market offerings will deliver, and buy accordingly
• A brand is a name, term, design, symbol, or any other feature that identifies one seller’s goods or service as distinct from those of other sellers
• American Marketing Association: '“A brand is an intangible asset that is intended to create distinctive images and associations in the minds of stakeholders, thereby generating economic benefit/values”'
• Brand identity


  How you want your brand to be perceived by people
• Brand image


  How people perceive your brand
• Understanding your brand’s identity

  1. Fundamental beliefs and values that drive the brand

  2. Brand personality

  3. Target audience

  4. Benefits offered

  5. Communication of brand identity in a consistent manner
• Benefits provided by brand identity

  • Functional benefits
  • Social benefits
  • Emotional benefits
  • Self-expressive benefits
  • Experiential benefits
• How to communicate brand identity in a consistent manner

  1. Symbols

  2. Logos

  3. Slogans

  4. Colours

  5. Etc.
• Methods to communicate brand identity

  • Website
  • Facebook post