Chapter 1

An Introduction to Marketing Management

Prepared by
Bùi Ngọc Tuấn Anh (PhD)

What is Marketing?

• Marketing is the process by which companies engage

customers, build strong customer relationships, and
create customer value in order to capture value from
customers in return.
• It is more than just selling and advertising; it is about
understanding and meeting customer needs.

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Marketing is the activity, set of institutions,
and processes for creating, communicating,
delivering, and exchanging offers that have
value for customers, clients, partners,
and society at large.

Marketing management is the art and

science of choosing target markets and
getting, keeping, and growing customers
through creating, delivering, and
communicating superior
customer value.

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 What can be Marketed?
Persons Experiences

Goods Places
Services

What can be Marketed?

Organizations: Events- Cultural, Sports, Fashion
This basically refers to building positive image Competition
of organizations, such as companies,
universities, and charitable organizations.
Ideas:
Every market offering includes a basic idea.
In addition ideas may be marketed by
themselves. For examples, family planning
Information:
production packaging and distribution of
information by organizations such as by
research organizations, providing information as
market information(marketing research agencies),
technology information etc. Properties- real estate

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The marketing exchange

• Marketing involves creating, maintaining, and growing

desirable exchange relationships with target audiences.
• The concept of a market arises from exchange and
relationships; a market is the set of actual and potential
buyers.
• This exchange occurs in various markets: consumer,
financial, government, intermediary, manufacturing, and
resource markets.

Who markets?

Response
Attention
Purchase
Donation
Vote

Marketer Prospect

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Core marketing concepts

• The marketing process

• Key marketplace concepts

The marketing process

1. Understanding the marketplace and customer needs and

wants.
2. Designing a customer value-driven marketing strategy
with the goal of getting, engaging, and growing target
customers.
3. Constructing a marketing program that actually delivers
superior value.
4. Engaging customers, building profitable customer
relationships, and creating customer delight.
5. Capturing value from customers.

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Key marketplace concepts

Needs

Markets Wants

Exchanges and
Demands
Relationships

Value and Market

Satisfaction Offerings

Key marketplace concepts

• Needs: Basic human • Market Offerings: Products,
requirements. services, information, or
• Wants: Needs shaped by culture experiences offered to satisfy
and individual personality. needs or wants.
• Demands: Wants backed by • Value and Satisfaction: A
purchasing power. customer's evaluation of a
• Exchanges and Relationships: product's benefits relative to
Building mutually beneficial its cost, and the resulting level
interactions. of satisfaction.
• Markets: A set of actual and
potential buyers of a product or
service.

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Core Marketing Concepts
Needs, Wants, and Demands Target Markets, Positioning,
and Segmentation

Offerings and Brands

Value and Satisfaction

Marketing Concepts

Quality Create, deliver, and

Innovation communicate value

Production Product Selling Marketing Societal

Mass production
Unsought goods
Mass distribution
Overcapacity

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Relationship Marketing

Build long-term relationships

Develop marketing networks

Integrated Marketing

Create, communicate, and

deliver customer value

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Customer value

• The underlying concept of marketing is that it creates

value for customers in order to capture value from
customers in return.

Marketing myopia

• To focus on the customer need

The mistake of paying more attention to the specific

products a company offers than to the benefits and
experiences produced by these products.

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 The Four P’s of the Marketing Mix

Marketing management tasks

• Developing market strategies and plans
• Capturing marketing insights
• Connecting with customers
• Building strong brands
• Shaping market offerings
• Delivering value
• Communicating value
• Creating long-term growth

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The new marketing realities

• The four major market forces

– Globalization: Companies are expanding into new global
markets.
– Technology: Rapid advancements and digitalization of
marketing.
– Social Responsibility: An increased focus on ethical practices
and sustainability.
– E-commerce: The growing impact of online business.

The new marketing realities

• Three key marketing outcomes

– Customer Engagement: Building a strong connection and
interaction with customers.
– Customer Value: Offering products or services that provide
benefits that exceed costs.
– Customer Relationships: Developing long-term connections
with customers, fostering loyalty and advocacy.

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Holistic Marketing

Value Value
Exploration Creation

Value
Delivery

An Introduction to Marketing Management

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The role of marketing in the organization
• Marketing is no longer limited to a • Marketing includes decisions like
single department; deciding whom the company
• it's a company-wide undertaking wants as its customers, which
that drives the company’s vision, customer needs to satisfy, what
mission, and strategic planning. products and services to offer,
what prices to set, what
communications to send and
receive, what channels of
distribution to use, and what
partnerships to develop.

Company-wide
Key decisions
undertaking

The role of marketing in the organization

• Organizational impact:
– Defining the target customer base.
– Identifying customer needs.
– Determining product and service offerings.
– Setting prices.
– Managing communications.
– Choosing distribution channels.
– Developing partnerships.

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 Organizing the marketing department

Functional Chief Marketing

Other structures
organization Officer (CMO)
• A common • Marketing • A key executive
approach where departments can role, with
specialists report also be organized responsibilities to
to a marketing by geography, drive the
officer. market, marketing strategy.
product/brand, or • The role of the
using a matrix CMO continues to
structure. evolve with the
growing focus on
customer
experience.

Building a customer-oriented organization

Customer- Long-term
Adaptability
Centric focus relationships

Building strong
Organizations must relationships Companies must
prioritize be able to adapt to
with customers is
understanding and changing customer
crucial
meeting customer preferences and
needs. for long-term market conditions.
success.

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