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Lecture 1 - Introduction to Marketing Recap of Lecture and Class Slides
Globalisation One to many Traditional
Role of marketing?
Plato: in an economy of specialisation, we need an established marketplace and an acceptable communication. Marketing = link between production and consumption
? Latent demand -- (marketing) ? Effective demand Drucker: the only business purpose is to create a consumer. Thus, the only two functions are innovation and marketing. Narver and Slater - market orientation can be of three types: Customer, Competitor (or inter-functional coordination) Change in media Localisation Digitisation Fragmentation One to few One to one Many to many Segmented Customised e.g. YouTube Post Recession Trends Simplify, Ethical Governance, Trift, Less loyalty
o o o
Strategic marketing About identifying and creating opportunities for the firm Operational marketing About achieving a target market share through tactical means Marketing = culture + analysis + action Orientations: Product Orientation with Passive marketing
? Good quality products sell themselves. Standardized products industry, such as technology, commodities etc.
? Marketing takes a backseat to operations, finance etc. Sales Orientation with Operational marketing
? Customers need to be convinced strongly about buying the product. Focus on firm rather than customer satisfaction.
? Sales teams need to achieve targets of the firm.
? Important component: ACTION Customer orientation with operational-strategic marketing: FMCG
? Need to find niche markets, target segments of customers
? Marketing important - to find goals and to achieve them
? Important component: ANALYSIS Market orientation with Market-driven management
? Emphasis on globalisation of markets, culture similarities and differences and sustainability of environment
? Important component: CULTURE The majority rule fallacy = core market saturation
Marketing focus is changing from firms to customers "market-as-network" perspective: actors and relationships matter more than the product happened because the corporate level has given way to smaller, localised SBUs
Webster Jr. and Co. Market is in disintegration instead of integration (see above) Problems Solutions
Uncertain definition of marketing Inability to measure Increased demands of CRM Moving resources to sales Limited role at firms, pushed down to SBUs
A way to measure marketing productivity Long-term instead of short-term focus Involve marketing in innovation Building brand equity
Levit Marketing Myopia - sustained growth depends on how broadly you define your business and how carefully you gauge your customer's needs. The marketing effort should be customer, not product oriented.
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