MKTG1001 Week 2 Lecture PDF

Marketing Fundamentals

MKTG1001 Overview

  • Course Title: Marketing and Value Creation

  • Institution: Macquarie University Business School, Sydney, Australia

Acknowledgment

  • Acknowledge and pay respect to the Traditional Custodians of the land.

  • Show respect to Aboriginal and Torres Strait Islander peoples present.

Unit Support Resources

Unit Convenor Contact Information

  • Unit Convenor: Lisa Rohanek

  • Contact Emails:

    • Lisa's Email: Lisa.Rohanek@mq.edu.au

    • Unit Email: mktg1001@mq.edu.au

Ways to Seek Help

  1. Ask your Tutor

    • Tutors available for questions at the end of each session.

  2. Drop-in Sessions

    • Attend online drop-in sessions for immediate assistance.

  3. Virtual Peer Support

    • Check in on Microsoft Teams for 24/7 support for any questions.

  4. Explore iLearn

    • Watch explainer videos and examples related to assessments.

  5. Email Support

    • Contact the Unit Convenor if previous steps do not yield answers.

    Macquarie Connect

Definition of Marketing

  • What is Marketing?

    • Connecting with people to understand their wants/needs.

    • Offering products/services that meet those needs effectively.

    • Blend of creativity, communication, strategy to enhance brand visibility and customer satisfaction.

Case Study: Marketing of Apple

  • Apple sells more than just products; it promotes a vision and identity.

  • Marketing success driven by:

    • A deep understanding of customer desires.

    • Simplifying messages and ensuring high-quality product delivery.

Critical Reflection on Purchases

  • Asked questions about memorable purchases and consumer behavior.

  • How decisions align with identity and experiences.

Course Content Overview

Ethical Marketing Practices

  • Focus on practicing marketing ethically and responsibly.

  • Emphasis on understanding and identifying customer segments.

Unit Resources and Activities

  • Lecture Schedule: Live lectures (Weeks 2, 4, 6, 8, 10) and pre-recorded lectures (Weeks 1-13).

  • Weekly Tutorials: Engage with foundational marketing concepts.

Assessment Breakdown

  1. Professional Writing (Social Media Writing)

    • Weight: 30%, Due: Week 5

  2. Consumer Report

    • Deep dive into consumers, Weight: 40%, Due: Week 8

  3. Group Presentation (Shark Tank Pitch)

    • Weight: 30%, Due: Weeks 11-13

Market Segmentation (Concepts)

Understanding Market Segmentation

  • The process of dividing broader consumer markets into homogeneous groups based on shared characteristics.

Key Variables in Segmentation

  • Traditional Segmentation:

    • Demographic, geographic, psychographic, and behavioral aspects.

  • Modern Segmentation:

    • Data-driven approaches, micro-segmentation, needs-based, occasion-based.

Section on Tesla's Market Dynamics

Current Market Challenges

  • 2024 Analysis: Tesla faces challenges from new competition and changing consumer expectations.

  • Shift in sales due to:

    • Declining quality perception.

    • Brand image issues related to public controversies.

Market Segments for EVs

  1. Luxury EVs:

    • Competitors: Tesla, Mercedes, Lucid Motors.

  2. Mass-market EVs:

    • Competitors: BYD, Hyundai, Ford.

  3. Hybrid/AEVs:

    • Includes brands like Toyota and Honda.

Example of Market Segmentation Analysis

Identifying Target Markets

  1. Evaluating Segment Attractiveness:

    • Distinctiveness, accessibility, measurability, and profitability.

  2. Analyze Customer Needs:

    • Assess alignment of product/service with segment needs.

  3. Assess Brand's Capability:

    • Resource availability and long-term alignment with business objectives.

  4. Target Market Strategy:

    • Options include mass marketing, differentiated marketing, niche targeting, or micro-marketing.

  5. Testing and Refining:

    • Conduct A/B tests to assess audience response.

Example of A/B Testing in Marketing

  1. Objective: Target eco-conscious Millennials by creating ads.

  2. Ad Versions:

    • Ad A: Focus on sustainability.

    • Ad B: Highlight ingredients.

  3. Results: Measure click-through rate, conversion rate, and engage metrics.

Identifying Target Market Personas

Customer Persona Example: Alex

  • Demographics:

    • 27 years old, vegan, single.

  • Motivations: Health-conscious, prefers natural products.

  • Challenges: Limited time for shopping; seeks convenience.

Customer Persona Example: Ashley

  • Demographics:

    • 38 years old, married, sales associate.

  • Goals: Improve self-confidence, comfortable in shapewear, products that support self-image.

Assignment Overview

Critical Exploration Requirements

  1. Examine how AI transforms segmentation through real-time data.

  2. Evaluate pros/cons of ultra-specific segmentation for niche markets.

  3. Analyze brand repositioning case studies in response to changing consumer preferences.