Introduction to Marketing:

Definition of marketing
Marketing mix (4 Ps)
Marketing orientation and customer focus
Marketing research and analysis
Introduction continued:
B.C.G. and Ansoff's Market Expansion Theory
SWOT and PESTLE analysis
Competitive advantage
Marketing Information Systems (MIS) & Market Environment:
MIS and its components
Types of market environment (micro and macro)
Understanding market trends and dynamics
Consumer Buyer Behaviour (C2B) & Business Buyer Behaviour (B2B):
Factors influencing consumer and business buying decisions
Types of buying behaviours
Buyer decision-making process
Segmentation, Targeting & Positioning (S.T.P):
Segmentation and targeting strategies
Positioning and differentiation
Target market identification
Product Decisions - Part 1:
Product lifecycle and stages
Product development and innovation
Branding and brand management
Pricing Decisions:
Pricing objectives and strategies
Factors influencing pricing decisions
Price elasticity and demand
Place (Distribution & Logistics):
Channels of distribution and intermediaries
Logistics and supply chain management
Retailing and e-commerce
Promotion:
Promotional mix (advertising, personal selling, sales promotion, etc.)
Integrated marketing communication (IMC)
Budgeting and measuring effectiveness
International Marketing:
Globalization and international trade
Cultural and legal differences
Market entry strategies
Competitive Advantage/ Review Session:
Competitive analysis and strategies
.
Introduction to Marketing:
Definition of marketing: Marketing is the process of identifying, anticipating, and
satisfying customer needs and wants through the creation, promotion, and
distribution of goods and services.

Marketing mix (4 Ps): The marketing mix refers to the combination of product,
price, promotion, and place that a company uses to market its products or services.

Marketing orientation and customer focus: Marketing orientation means that a

company focuses on understanding and meeting customer needs and wants.
Customer focus means that a company prioritizes the needs and wants of its
customers over other factors.

Marketing research and analysis: Marketing research is the process of gathering

and analyzing information about customer needs and wants, market trends, and
competitor activities to make informed marketing decisions.

Introduction continued:
B.C.G. and Ansoff's Market Expansion Theory: The Boston Consulting Group
(B.C.G.) matrix and Ansoff's Market Expansion Theory are frameworks for
analyzing a company's product portfolio and growth opportunities. The B.C.G.
matrix categorizes products into four quadrants based on their market share and
growth rate, while Ansoff's matrix identifies four strategies for expanding a
company's product offerings and market reach.

SWOT and PESTLE analysis: SWOT analysis is a framework for assessing a

company's internal strengths and weaknesses and external opportunities and
threats. PESTLE analysis considers the political, economic, social, technological,
legal, and environmental factors that may impact a company's business
environment.
Competitive advantage: Competitive advantage refers to the unique attributes that
allow a company to outperform its competitors. These may include superior
product quality, lower prices, better customer service, or stronger brand
recognition.

Marketing Information Systems (MIS) & Market Environment:

MIS and its components: A marketing information system (MIS) is a set of
procedures and tools for collecting, analyzing, and reporting marketing
information. MIS components may include data sources, data analysis tools, and
reporting systems.

Types of market environment (micro and macro): The market environment

includes factors that impact a company's business operations and performance.
Microenvironmental factors include customers, suppliers, competitors, and
intermediaries, while macroenvironmental factors include economic, social,
technological, legal, and environmental factors.

Understanding market trends and dynamics: Understanding market trends and

dynamics is important for companies to make informed marketing decisions. This
may include analyzing market size, growth rates, consumer preferences, and
competitor activities.

Consumer Buyer Behaviour (C2B) & Business Buyer Behaviour (B2B):

Factors influencing consumer and business buying decisions: Consumer and
business buying decisions are influenced by various factors, including personal
preferences, perceptions, attitudes, and past experiences. Business buying
decisions may also be influenced by organizational needs, policies, and procedures.

Types of buying behaviours: Consumer buying behaviours may be classified as

routine, limited, or extensive, while business buying behaviours may be classified
as new-task, modified re-buy, or straight re-buy.
Buyer decision-making process: The buyer decision-making process involves
several stages, including problem recognition, information search, evaluation of
alternatives, purchase decision, and post-purchase evaluation.

Segmentation, Targeting & Positioning (S.T.P):

Segmentation and targeting strategies: Segmentation involves dividing a market
into smaller groups of customers with similar needs and characteristics. Targeting
involves selecting one or more segments to focus on based on their attractiveness
and compatibility with the company's capabilities and objectives.

Positioning and differentiation: Positioning involves creating a unique image and

value proposition for a product or service in the minds of customers.
Differentiation refers to the unique attributes that distinguish a product or service
from its competitors.

Target market identification: Target market identification

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segmentation, targeting and positioning
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above:

Segmentation, Targeting & Positioning (S.T.P) (continued):

Marketing mix adaptation: Once a company has identified its target market, it may
need to adapt its marketing mix to better meet the needs and preferences of its
customers in that segment.

Types of segmentation: Segmentation can be based on various factors, such as

geographic, demographic, psychographic, and behavioral.

Advantages of segmentation: Segmentation allows companies to better understand

and serve the needs of their customers, improve marketing effectiveness and
efficiency, and increase customer loyalty and satisfaction.

Targeting strategies: Targeting strategies may include undifferentiated marketing,

differentiated marketing, concentrated marketing, and micromarketing.

Positioning strategies: Positioning strategies may involve creating a unique brand

image or using a unique selling proposition (USP) to differentiate a product or
service from its competitors.

Product Decisions - Part 1:

Product development process: The product development process involves several
stages, including idea generation, concept development and testing, product design
and development, market testing, and commercialization.

Product life cycle: The product life cycle describes the stages that a product goes
through from introduction to decline. These stages include introduction, growth,
maturity, and decline.

Product differentiation and branding: Product differentiation involves creating

unique product features or benefits that distinguish a product from its competitors.
Branding involves creating a unique name, design, and image for a product or
service to establish its identity and value proposition.

Pricing Decisions:
Pricing strategies: Pricing strategies may include cost-based pricing, value-based
pricing, competition-based pricing, and dynamic pricing.

Factors affecting pricing decisions: Pricing decisions may be influenced by various

factors, such as costs, market demand, competitor prices, and consumer
perceptions of value.

Price elasticity of demand: The price elasticity of demand refers to the degree to
which changes in price affect the quantity of a product demanded by consumers.

Place (Distribution & Logistics):

Distribution channels: Distribution channels refer to the intermediaries and
methods used to transport and deliver products from manufacturers to customers.
Examples of distribution channels include wholesalers, retailers, and online
marketplaces.

Types of intermediaries: Intermediaries may include wholesalers, retailers, agents,

and brokers.

Logistics management: Logistics management involves the planning,

implementation, and control of the movement and storage of products and
materials.

Promotion:
Promotion mix: The promotion mix refers to the combination of advertising, sales
promotion, personal selling, public relations, and direct marketing that a company
uses to promote its products or services.

Advertising: Advertising involves using paid media channels, such as TV, radio, or
print, to communicate with and persuade customers.

Sales promotion: Sales promotion involves using short-term incentives, such as

discounts or free samples, to encourage customers to buy a product.

Personal selling: Personal selling involves using salespeople to build relationships

with customers and persuade them to buy a product.

Public relations: Public relations involves managing a company's image and

reputation through media and community relations.

Direct marketing: Direct marketing involves using direct communication channels,

such as mail or email, to communicate with and sell products to customers.

International Marketing:
International market entry strategies: International market entry strategies may
include exporting, licensing, joint ventures, and direct investment.

Cultural considerations: Cultural differences in language, customs, and values may

impact a company's international marketing strategy and require adaptation.

International marketing mix: The international marketing mix may need to be

adapted to better meet the needs and preferences of customers in different
countries and cultures.
Competitive Advantage/ Review Session:
Review session: A review session may include reviewing and summarizing the key
concepts covered throughout the course, discussing case studies and real-world
examples, and answering any remaining questions.

Competitive advantage: Competitive advantage refers to a company's ability to

outperform its competitors in areas such as product quality, pricing, marketing, or
customer service. A company may achieve competitive advantage through various
means, such as innovation, cost leadership, differentiation, or focus.

SWOT analysis: A SWOT analysis is a tool used to assess a company's strengths,

weaknesses, opportunities, and threats. This analysis can help a company identify
areas where it has a competitive advantage and areas where it may need to
improve.

PESTLE analysis: A PESTLE analysis is a tool used to assess the political,

economic, sociocultural, technological, legal, and environmental factors that may
impact a company's operations and strategy.

BCG matrix: The BCG matrix is a tool used to assess a company's product
portfolio based on market growth rate and market share. This analysis can help a
company determine which products or services to invest in and which to divest.

Ansoff's Market Expansion Theory: Ansoff's Market Expansion Theory is a tool

used to assess a company's growth potential through market penetration, market
development, product development, or diversification.
What is segmentation, targeting, and positioning (STP) in marketing, and why is it
important?
Answer: STP refers to the process of dividing a heterogeneous market into smaller,
homogeneous segments and then selecting and targeting specific segments based
on their attractiveness and fit with the company's capabilities and objectives. Once
a target market is selected, a company can then position its products or services in
a way that resonates with the needs and preferences of that segment. STP is
important because it allows a company to tailor its marketing efforts and offerings
to specific customer groups, which can improve customer satisfaction, loyalty, and
profitability.

What is a SWOT analysis, and how can it be used in marketing?

Answer: A SWOT analysis is a tool used to assess a company's strengths,
weaknesses, opportunities, and threats. It can be used in marketing to help a
company identify areas where it has a competitive advantage and areas where it
may need to improve. For example, a company might identify a strength in its
innovative product development capabilities, which it could use to develop new
and differentiated products. Conversely, a company might identify a weakness in
its poor customer service, which it could work to improve in order to better satisfy
and retain customers. Overall, a SWOT analysis can help a company make more
informed decisions about its marketing strategy and tactics.

What are the four types of business buyer behavior, and how do they differ from
consumer buyer behavior?
Answer: The four types of business buyer behavior are: (1) the straight rebuy, in
which the buyer simply reorders products that it has purchased before; (2) the
modified rebuy, in which the buyer modifies its product specifications, prices,
terms, or suppliers; (3) the new task, in which the buyer purchases a product or
service for the first time; and (4) the system selling, in which the buyer purchases a
complex set of products and services to satisfy a specific need. These types of
buyer behavior differ from consumer buyer behavior in several ways, such as the
level of complexity and the number of decision makers involved in the buying
process, the importance of personal relationships and reputation, and the role of
emotions and impulse buying.
What is competitive advantage, and how can a company achieve it?
Answer: Competitive advantage refers to a company's ability to outperform its
competitors in areas such as product quality, pricing, marketing, or customer
service. A company can achieve competitive advantage through various means,
such as innovation, cost leadership, differentiation, or focus. For example, a
company might achieve competitive advantage by developing a breakthrough
product that solves a customer problem in a new and better way, or by offering the
same product at a lower price than its competitors. Ultimately, achieving and
sustaining competitive advantage requires a company to continually adapt to
changing market conditions, customer needs, and competitor actions.

What are the benefits and drawbacks of using a pricing strategy based on cost-plus
pricing?
Answer: Cost-plus pricing is a pricing strategy that involves adding a markup to
the cost of producing a product or delivering a service in order to determine the
selling price. The benefits of cost-plus pricing are that it is simple to calculate,
provides a clear profit margin, and ensures that all costs are covered. However, the
drawbacks of cost-plus pricing are that it does not take into account the
competitive landscape, customer demand, or perceived value, and it can lead to
pricing that is not aligned with the market. As a result, companies may miss out on
opportunities to capture additional value or may price themselves out of the
market.

What are the major components of a marketing information system (MIS), and
how can they be used to support marketing decision making?
Answer: A marketing information system (MIS) is a set of procedures and tools
designed to gather, store, analyze, and distribute marketing intelligence to decision
makers. The major components of an MIS include internal databases, marketing
research, competitive intelligence, and marketing analytics. These components can
be used to support marketing decision making in several ways, such as by
providing insights into customer preferences and behavior, identifying market
trends and opportunities, assessing the competitive landscape, and evaluating the
effectiveness of marketing campaigns and tactics.

What is meant by the term "international marketing," and what are some of the key
challenges and opportunities associated with it?
Answer: International marketing refers to the process of planning and executing
marketing activities that involve crossing national borders. This can include
exporting products, licensing technology, franchising, joint ventures, or wholly
owned subsidiaries. Some of the key challenges of international marketing include
cultural differences, language barriers, legal and regulatory requirements, logistics
and supply chain issues, and political instability. However, international marketing
also offers opportunities for companies to expand their customer base, leverage
economies of scale, access new markets, and tap into global talent and innovation.

What is the BCG matrix, and how can it be used to guide product portfolio
decisions?
Answer: The BCG matrix is a tool used to assess a company's product portfolio
based on two dimensions: market growth rate and relative market share. Products
are classified into one of four categories: (1) stars, which have high market share
and high growth potential; (2) cash cows, which have high market share but low
growth potential; (3) question marks, which have low market share but high
growth potential; and (4) dogs, which have low market share and low growth
potential. The BCG matrix can be used to guide product portfolio decisions by
helping a company identify which products to invest in, which to divest, and which
to maintain. For example, a company might invest in stars to maximize growth
potential, maintain cash cows to generate profits, divest dogs to free up resources,
and either invest or divest question marks depending on their potential for growth
and profitability.
What are the key differences between consumer buyer behavior (C2B) and
business buyer behavior (B2B)?
Answer: Consumer buyer behavior (C2B) refers to the actions and decisions made
by individual consumers when purchasing goods or services for personal use.
Business buyer behavior (B2B) refers to the actions and decisions made by
organizations when purchasing goods or services for use in their operations. Some
of the key differences between C2B and B2B include the number of decision-
makers involved, the complexity of the purchase process, the level of risk
involved, and the type of relationship between the buyer and seller. In general,
B2B purchases tend to be more complex and involve multiple decision-makers,
while C2B purchases tend to be simpler and involve only one decision-maker.

What is the role of segmentation, targeting, and positioning (STP) in the marketing
process, and how can it be used to create a successful marketing strategy?
Answer: Segmentation, targeting, and positioning (STP) is a process used by
marketers to identify and target specific customer segments with tailored
marketing messages and offers. Segmentation involves dividing the market into
distinct groups based on similar needs, characteristics, or behaviors. Targeting
involves selecting one or more of these segments as the focus of the marketing
strategy. Positioning involves developing a unique value proposition for the target
segment that differentiates the product or service from competitors. STP can be
used to create a successful marketing strategy by helping companies identify and
understand their customers' needs and preferences, tailor their marketing messages
and offers to specific segments, and develop a competitive advantage that
resonates with their target audience.

What is competitive advantage, and how can companies create and sustain it over
time?
Answer: Competitive advantage refers to the unique set of advantages that a
company has over its competitors in the marketplace. This can include advantages
in product quality, price, distribution, branding, or customer service. Companies
can create and sustain competitive advantage over time by continually innovating
and improving their products and services, developing strong brand recognition
and loyalty, building relationships with key suppliers and partners, investing in
research and development, and maintaining a customer-centric focus. Additionally,
companies can sustain competitive advantage by regularly analyzing their market
and competitive landscape, adapting to changes in customer preferences and
behavior, and investing in their employees to build a strong organizational culture
and talent pool.

What are some of the key factors that companies need to consider when entering
international markets, and what strategies can they use to achieve success in these
markets?
Answer: When entering international markets, companies need to consider a range
of factors, including cultural differences, regulatory requirements, economic
conditions, and competition from local and international players. They also need to
develop a clear understanding of the market and target audience, including factors
such as purchasing power, consumer behavior, and distribution channels. To
achieve success in international markets, companies can use a range of strategies,
including adaptation, standardization, and localization. Adaptation involves
modifying products or marketing messages to suit local market conditions and
cultural preferences. Standardization involves maintaining a consistent product or
marketing message across different markets. Localization involves tailoring
products or marketing messages to specific local markets, taking into account
cultural and language differences. Companies can also form strategic partnerships
or joint ventures with local companies to gain access to local expertise and
distribution networks.

How can companies use marketing information systems (MIS) to gain insights into
the market environment and inform their marketing decisions?
Answer: Marketing information systems (MIS) can provide companies with
valuable insights into the market environment and help inform their marketing
decisions. MIS involves the collection, analysis, and dissemination of information
related to the marketing activities of a company and the market environment in
which it operates. This can include information on customer behavior, competitor
activities, regulatory changes, and economic conditions. By using MIS, companies
can gain a better understanding of the needs and preferences of their target
audience, identify new market opportunities, and develop effective marketing
strategies. MIS can also help companies track the performance of their marketing
activities and make adjustments as needed to optimize their marketing efforts.

How can companies use pricing decisions to achieve their marketing objectives,
and what are some of the key pricing strategies available to them?
Answer: Pricing decisions are an important aspect of the marketing mix, and
companies can use pricing strategies to achieve their marketing objectives. Pricing
decisions can impact a company's market share, profitability, and customer
perception of the brand. Some of the key pricing strategies available to companies
include cost-based pricing, value-based pricing, penetration pricing, and skimming
pricing. Cost-based pricing involves setting prices based on the cost of production
or delivery, while value-based pricing involves setting prices based on the
perceived value of the product or service to the customer. Penetration pricing
involves setting low prices initially to gain market share, while skimming pricing
involves setting high prices initially to capture premium customers. Other pricing
strategies include promotional pricing, dynamic pricing, and psychological pricing.
Companies can use these pricing strategies to achieve their marketing objectives,
such as increasing market share, maximizing profitability, or building brand
loyalty.