MARK101 - Week 1 Notes


Lecture Outline & Roadmap for MARK101

  • Marketing Plan Assignment

  • Value Creation

  • Needs, Wants, and Desires (Next time)

  • Recap Brand Identity and Brand Image

Recap: Brand Identity = Brand Image

  • Brand Identity: Marketer-controlled; How you want your brand to be perceived.

  • Brand Image: Consumer interpretation; How people perceive your brand.

Five Factors of Brand Identity

  1. Fundamental beliefs and values that drive the brand.

  2. Brand personality.

  3. Target audience.

  4. Benefits offered.

  5. Consistent communication of these benefits.

  • Tutorial 1 – Week 3

Brand Personality

  1. Sincerity – honest, cheerful, down-to-earth, warm, authentic

  2. Excitement – daring, imaginative, up-to-date, bold, creative

  3. Competence – reliable, efficient, quality

  4. Sophistication – glamorous, charming, romantic, upper class

  5. Ruggedness – tough, strong, durable, adventurous

Brand Benefits (Brand Identity)

  • Functional benefits (utilitarian benefits): Perceptions of functional capability

  • Social benefits: Perceptions of being associated with a group/sense of belonging.

  • Emotional benefits: Brand’s ability to arouse particular feelings.

  • Self-expressive benefits (symbolic benefits): The product enables the person to express themself to others (and for oneself).

  • Experiential benefits: Combination of several benefits (e.g., functional and self-expressive, emotional and functional, social, functional and self-expressive, etc.)

Communicating Brand Identity Consistently

  • Symbols

  • Logos

  • Slogans

  • Colours

  • Remember to check across all brand touchpoints

Customer Needs, Wants, and Demands

  • Needs: States of felt deprivation.

  • Wants: The form human needs take, as shaped by culture and individual personality.

  • Demands: Human wants that are backed by buying power.

Maslow's Hierarchy of Needs

  • Self-actualization: Achieving one's full potential, including creative activities.

  • Esteem needs: Prestige, feeling of accomplishment.

  • Belongingness & love needs: Intimate relationships, friends.

  • Safety needs: Security, safety.

  • Physiological needs: Food, water, warmth, rest.

Example Scenario: Nick and Coffee

  • Situation: Nick is a University Professor who loves coffee. He wakes up tired and needs caffeine for his MARK101 class. He has a limited budget but enjoys treating himself occasionally.

    • Need: Caffeine to stay awake and focused (basic requirement).

    • Want: A specialty latte from his favourite coffee shop.

    • Demand: An affordable coffee option, such as discounted drip coffee or a loyalty program.

Value Creation

  • Value

  • CREATION

The Marketing Mix

  • Product

  • Price

  • Place

  • Promotion

Roadmap for MARK101

  • Weeks 2, 3 & 4: Tutorials 1-4

  • Weeks 5-10: Tutorials 4-6

  • Week 11: International Business

Key Takeaways

  • Brand Identity and Brand Image

  • Needs, Wants and Desires

  • Value Creation

  • Roadmap for Mark 101