MKT 201 – Fundamentals of

Marketing

Dr. Laiba Ali

[Link]@[Link]
Room # 304
Fridays: 11:00 AM – 1:00 PM and/or By Appointment
 Educational & Professional Background
2023: Assistant Multiple Awards at
2016: BBA (Hons) – Professor at National International
Pakistan University of Science Conferences
and Technology

Working in Hospitality
2018: MSc (Hospitality
2021- 2022: Visiting & Tourism Marketing,
Management) –
Lecturer– Cyprus Advanced Statistics
Malaysia
and SEM

More than 15
2023: PhD
Research Publications
(Marketing/Tourism 2019 - 2023: Research
(Articles + Conf.
Management) – Associate – Cyprus
Papers + Books and
Cyprus
Book Chapters)
Interesting Stuff

 Love adventures i.e., hiking, rafting, thrill rides, etc

 Travelling – it inspires me.

 I enjoy cooking

 I have petted 15 different species of animals.

Lets Hear it from You …!!!
 An introduction. You may want to answer the following questions. You are
welcome to share anything you want.
 Your name

 Your hometown

 Your educational background

 Interest within your subject

 Something interesting about yourself

Things to remember!!
 75% attendance is Mandatory
 Attendance in first 10 Minutes
 Keep your mobile phones on silent
Overview of Syllabus
 10 Chapters from textbooks
 Class activities
 Case Studies
 Marketing Plan for a real entity
 Quizzes
 Presentations
 1 mid term exam
 1 final exam
 Module 1
Introduction to Marketing

• Why we should study marketing?

• Definition of marketing
• Components of Marketing
• Customer Orientation
Point to Ponder

 Discuss why we should study Marketing?

Activity: Definition of Marketing
 Your task in this activity is to firstly review the various views of
marketing in the conversation below. Then see if you can come up with
your own definition of marketing (based on some of these views and
your general understanding of marketing).

Key points on marketing (from the

below conversation)
Other points that you think should be
included
Therefore, your definition of marketing
is.
What is Marketing?
 Marketing = Sales? = Advertising?

Marketing

Promotional Non-promotional Marketing is the art and

Element Other Elements science of finding, retaining
Elements
& growing profitable
Sales Product Research customers.

Advertising Information
Price
Systems

Distribution Planning
Customer Orientation
 Purpose of a business
 Create and maintain satisfied & profitable
customers.
– Customers are attracted/retained when their needs are met.
– Word of Mouth

 Which one is more important?

 Profits  LONG TERM VALUE
 Customer Satisfaction

 Put the customer first and reward employees

for serving the customer well.
 A Five-Step Marketing Process Model

1 2 3

Figure 1-1
A simple model
of the marketing
process.
5 4
Step 1: Understanding the Marketplace &
Customer Needs
 Needs: a state of felt deprivation
 Physical; Social; Esteem; Individual

 Wants: the form of human needs take as they are shaped by culture and individual personality
 Demands: Human wants that are backed by buying power

KFC vs
Macdonald’s
Step 1: Understanding the Marketplace &
Customer Needs
 Consumer needs and wants are fulfilled through a market offering.
 Tangible Goods

 Intangible Product – customer service

 Experiences & Memories

 At a Ritz-Carlton Resort, every evening at sunset they set up chairs on the beach & hire a
cellist to play

To the consumer, these are all products (benefit or limitation?)

Step 1: Understanding the Marketplace &
Customer Needs
 Customer value
 The difference between benefits the customer gains from owning and/or using a
product, and the costs of obtaining the product.
 Monetary
 Nonmonetary ([Link]

 Customer expectations are based on past buying experiences, the opinions of friends,
and market information.
 Customer Satisfaction
 Delight
 Satisfied
 Dissatisfied
 Step 2:
Designing Customer-Driven Strategy
 To design a winning marketing strategy two important questions require
answers:
 –What customers will we serve? (what is our target market)?
 Divide the market into segments of customers
 Select which segment it will go after

 Select ONLY customers that it can serve well and profitably.

 – How can we serve these customers best? (what’s our value proposition)?
Step 2:
Designing Customer-Driven Strategy
 Marketing Management Orientation
What weight should be given to the interests of customers, the organization, and
society?

 Five Alternative Concepts

Consumers

1. Production: production and distribution efficiency

 Customer Dissatisfaction
Orientation

2. Product: Product quality, performance and innovative features

 Marketing Myopia Organization Society
Step 2:
Designing Customer-Driven Strategy
3. Selling: Get every possible sale, not worry about satisfaction or the revenue
contribution of the sale
 No long-term profitable relationship

4. Marketing
Achieving organizational goals depends on determining needs & wants of target
markets and delivering the desired satisfaction more effectively and efficiently
than competitors
Step 2:
Designing Customer-Driven Strategy
Step 2:
Designing Customer-Driven Strategy
The pure marketing concept ignores possible conflicts between short-run consumer
wants & long-run societal needs.

5. Societal Marketing
Deliver customer satisfaction in a way that maintains or improves BOTH the consumer’s
and society’s well-being.

How do you perceive Chipotle’s marketing concept?

[Link]
Step 3:
Preparing an Integrated Marketing Plan

 Marketing Plan:
 How to transform the marketing strategy into action
 How to implement the marketing strategy?

 Marketing Mix: 4P
 Step 4:
Building Profitable Customer Relationships
 Three value-building tools

 Financial benefits (e.g. coffee card, loyalty program)

Easy to be imitated

 Financial benefits + Social benefits (Turn customers into clients)

Client will follow that specific person when he/she changes jobs

 Financial benefits + Social benefits + Structural tie

It is difficult to implement, but it’s also harder for competitors to match
Step 4:
Building Profitable Customer Relationships
 Selective Customer Relationships

Table 1-1 Types of customers.

 Step 5:
Capturing Value from Customers
 Benefits of customer loyalty

 Continued patronage
 Reduced marketing costs
 Decreased price sensitivity
 Partnership activities (WOM, business referrals, publicity etc.)

“ a 5 percent increase in customer retention resulted in a 25-125 percent increase in

profits in service industry.”

 Lifetime value = (how much a member of a market segment produces per year) x
(the average life of a member of that segment)
Wrap Up
 What is marketing and why is it important?
 Customer Orientation

 A Five-Step Marketing Process Model

 Customer needs/wants/demands
 Customer value, expectation and satisfaction
 Five alternative marketing management strategies
Internet Exercise:
 Choose three brands on the internet. Based on the information
provided on their websites;

 1. Describe how each of these companies tries to satisfy a

consumer’s want?
 2. How does each of these companies create value for the
customer?
 3. Select the company you would purchase from and why?
Discussion: A ‘Too-Simple’ view of Marketing
 In simplest terms, key goals of marketing.
 Attract new customers
 Grow share of customer
 Retain profitable customers

 Do you agree that the goals of marketing can be simplified down to just three words (that is,
get, build, hold)? Why, why not?

 Outside of these customer goals, does marketing have any other purpose? Please outline
your thoughts.