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MARK1012: MARKETING FUNDAMENTALS
UNSW
1. CREATING AND CAPTURING CUSTOMER VALUE
Marketing is when companies create value for
customers and build strong customer relationships
in order to capture value.
• Marketers aim to create products that
satisfy needs, wants and demands
Exchange is the way to obtain products and
services.
Value is the perceived benefit gained from
having/using a product – the cost of obtaining it.
The marketing focus of the last century has been:
• Production, product, selling, marketing,
social
The marketing paradigms of the last century have
been:
• Consumer goods, industrial, social,
services, consumer based and online
marketing
The types of demand are negative, latent, falting,
irregular, full, overfull, unwholesome and no
demand.
2. MARKETING STRATEGY AND
ENVIRONMENT
The marketing process:
1. Understand the marketplace and customer
needs, wants and demands
2. Develop a customer driven strategy
3. Create a marketing program that delivers
and communicates superior value
4. Build profitable relationships and create
customer satisfaction
The microenvironment affects the firm’s immediate
context. The macroenvironment contains larger,
forces that affect all firms.
Analysis tools:
• SWOT & PEST analysis
• BCG and product-market matrix
Strategies help companies develop marketing
plans.
3. MARKETING INFORMATION AND RESEARCH
Marketing research is the process of collecting,
analysing and interpreting data environment so as
to improve marketing effectiveness.
Market research can be syndicated or custom.
Research types can be qualitative or quantitative.
• Research Design is a plan that outlines
what information they will collect and how
they will collect the data (sources of data).
Primary data can be collected via exploratory,
descriptive or causal research (and sampling).
Secondary data can be collected through
internal or external sources.
4. CONSUMER & MARKET BEHAVIOUR
When making decisions, consumers, the process is:
stimuliàinterpretàrespond
• Cultural, environmental, social,
psychological and personal factors affect
one’s decision making
The consumer buying process:
• Need recognition
• Information search
• Evaluation of alternatives
• Purchasing decision
• Post-purchase behaviour
THE BUSINESS BUYING PROCESS:
• Problem recognition
• General need Description
• Product specification
• Supplier selection
• Proposal solicitation
• Supplier search
• Order (purchase)
• Performance review (post-purchase)
When buying, consumers and businesses have
several roles to play in influencing/initiating the
decision.
Consumer and Business markets are inherently
different:
o Consumer markets have few sellers and
many buyers and have geographically
dispersed markets
o Business markets have many sellers and
buyers and industries tend to concentrate
in specific areas
New product adoption process:
• Awareness
• Interest
• Evaluation

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• Trial
• Adoption
Consumers must evaluate the product for:
• Relative advantage
• Compatibility
• Complexity
• Divisibility
• Communicability
5. MARKET SEGMENTATION
Market segmentation is the act of dividing the
market into smaller segments that share particular
characteristics.
A target market is a group of customers (created
from segmenting the market) for whom a
marketing mix is designed.
Segmentation steps:
• Segmentation
1. Identify basis for segmentation
2. Develop segment profiles
• Targeting
3. Develop measures of attractiveness
4. Select target market.
• Positioning
5. Develop a positioning for each product.
6. Develop a marketing mix for each segment
• Differentiation
7. Decide on value proposition
Markets can be segmented based on geography,
demographics, psychographics and behaviour.
Segmentation is successful when it is measurable,
actionable, accessible, differentiable and substantial.
When selecting a market segment, one must
consider:
• Company objectives and resources
• Structural Attractiveness
• Size and Growth of segment
Strategies include, mass, segmented and niche
marketing.
Positioning is how the company wishes consumers
to perceive the brand.
6. PRODUCTS
Products are anything that can be offered to a
market for acquisition, use or consumption that
may satisfy a want/need.
Services are a type of product but are intangible
and may not necessarily result in the ownership of
anything.
There is a core, actual and augmented product.
Products can be classified as:
• Convenience
• Shopping
• Specialty
• Unsought
Services are intangible, highly personal, perishable,
synchronous in delivery and consumption and vary
in delivery and customer experience.
Product design considers quality, features and
design.
Branding allows for businesses to distinguish their
product from competitors and enables positioning.
When developing a new product, the following
factors must be considered:
• Product Line Decisions
• length
• stretching
• filling
• featuring
• Product Mix Decisions
• width
• length
• depth
• consistency
New product adoption process (AIETA):
AWARENESS, INTEREST, EVALUATION OF
ALTERNATIVES, TRIAL, ADOPTION
There are varying levels of product newness:
• New to the world
• New product lines
• Line extensions
• Product improvements
• Product repositioning
• Cost

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7. PROMOTION
Advertising: creative media designed to engage,
inform and persuade consumers to consume the
product
Sales promotion: offer price incentives and bonuses
to attract customer’s attention
Personal selling: one-on-one, real-time marketing to
the consumer
Public relations: unpaid media coverage by external
parties
Direct marketing: this is targeted marketing, usually
via electronic media which address the consumer
directly
• Companies may also employ a push or pull
strategy
Advertising is the process of communicating the
brand’s value proposition to customers.
• Advertising plans involve budgeting,
formulating a central message and
deciding on media forms
The Public Relations Mix:
Product à Press Relations à Public Affairs
àLobbying àInvestors à Development
Direct marketing is the use of an interactive
marketing method that uses several forms of
advertising media to induce a measurable response
or transaction from the recipient.
• It is highly targeted and aims to evoke a
prolonged positive response and cultivate
lasting relationships
• Direct marketing has flourished in recent
years with the growth of online and social
media marketing
8. DISTRIBUTION
Logistics is the process of ensuring an efficient flow
of goods and information from point of origin to
consumption.
Marketing Logistics Network is a system of
efficiently and effectively making and getting
products and services to end users.
there are four man logistics functions:
• Warehousing, inventory, transportation and
information systems
A marketing (distribution) channel is a group of
interdependent organisations that work together to
produce and deliver a product to consumers (such
as intermediate retailers).
Distribution channels add value in three ways:
• Overcoming discrepancies and
consolidation
• Specialization
• Contractual efficiency
Types of Distribution Channels:
• Horizontal
• Vertical
• Vertical marketing network
• Hybrid networks
Distribution levels can be intensive, selective or
exclusive.
9. PRICING
There are four main pricing objectives:
• Survival
• Current Profit Maximisation
• Market Share
• Price quality leadership
pricing techniques for breaking into new markets
are:
• Price skimming
• Market penetration (at-cost or low-cost
pricing)
There are 2 cost-plus pricing strategies:
• Mark-up on sales
• Mark-up on cost
Price elasticity measures the responsiveness of
demand to changes in price.
• A product is said to have inelastic demand
if a marginal change price creates a <100%
proportionate change in quantity
demanded.
• a product is elastic demand if a marginal
change in price creates a >100%
proportionate change in quantity
demanded.
The break-even point is the quantity of sales that
represents the point where revenue=costs.
Contribution margin refers to the marginal revenue
contribution per unit sold.

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