Marketing principle final exam

Topic 1: Marketing introduction
1. Definition of marketing
Marketing is the science and art of exploring, creating, and delivering value to satisfy the
needs of a target market at a profit.
Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and
society at large.
2. Related concept
● Need
- Needs are a state of felt deprivation
- Deprivation = lack of something
- Felt = Consumers must feel/recognize their needs
- Marketers do not create needs; they are a part of human make up
- Marketers remind people of unsatisfied needs and recommend how to satisfy
needs
- When a need is not satisfied, a person will do one of two things:
+ Look for an object that will satisfy it
+ Try to reduce the need
● Want
- Wants are the form human needs take as they are shaped by culture and
individual personality.
- For example:
+ We need FOOD.
+ But we may want
● Demand
- People have narrow, basic needs (e.g. for food or shelter), but almost unlimited
wants. However, they also have limited resources.
- Demand = want + buying power.
We need to contact with friends → I wants a smartphone → I have
limited amount of money, I chose an average smartphone in the
market (Oppo, maybe) but my friend is a rich kid → Iphone 11 Max

Pro
3. The evolution of marketing concepts
● Production concept
- Consumers will favour products that are available and highly
affordable, and that management should therefore focus on
improving production and distribution efficiency → Mass
production.
- The production concept is a useful philosophy in two types of situation.
+ The first occurs when the demand for a product exceeds the supply.
Here, management should look for ways to increase production.
+ The second situation occurs when the product’s cost is too high and
improved productivity is needed to bring it down.
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● Product concept
- Consumers will favour products that offer the most quality, performance and
innovative features, and that an organisation should thus devote energy to
making continuous product improvements.
● Selling concept
- Consumers will not buy enough of the organisation’s products unless it
undertakes a large-scale selling and promotion effort.
- Focuses on creating sales transactions rather than on building long-term,
profitable customer relationships.
- The concept is typically practised with unsought goods (funeral service,
insurance, …) – those that buyers do not normally think of buying.
● Marketing concept
- Focuses on customer needs, coordinates all the marketing activities affecting
customers and makes profits by creating long-term customer relationships
based on customer value and satisfaction.

● Societal marketing concept
- The organisation should determine the needs, wants and
interests of target markets → deliver the desired satisfactions
more effectively and efficiently than competitors in a way that
maintains or improves both the consumer’s and society’s wellbeing.
- Is the newest of the five marketing management philosophies.
4. Marketing process
● (1) analysing marketing opportunities;
● (2) selecting target markets;
● (3) developing the marketing mix
● (4) managing the marketing effort.
Topic 2: Marketing environment
● Two levels:
- The macroenvironment of broad societal forces that influence a business
- Microenvironment of forces closer to the company that affects its ability to serve its
customers
1. Company’s micro environment
The forces close to the company that affect its ability to serve its customers – the company,
market channel firms, customer markets, competitors and publics, which combine to make up
the firm’s value delivery system.
● The company
- Top management sets the company’s mission, objectives, broad strategies and
policies.
- Marketing managers make decisions within the plans made by top
management.
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Finance is concerned with finding and using funds to carry out the marketing
plan.
- The R&D department focuses on the problems of designing safe and attractive
products.
- Purchasing worries about getting supplies and materials,
- Operations is responsible for producing the desired quality and quantity of
products.
- Accounting has to measure revenues and costs to help marketing know how
well it is achieving its objectives.
● Suppliers
- Provide the resources needed by the company to produce its goods and
services.
- Marketing managers must watch: supply availability – supply
shortages or delays, labour strikes → can cost sale in the short
run and damage customer satisfaction in the long run.
- Rising supply costs may force price increases → harm the
company’s sales volume.
● Marketing intermediaries
- Marketing intermediaries are firms that help the company to promote, sell and
distribute its goods to final buyers.
- They include:
+ Resellers: distribution channel firms that help the company find
customers or make sales to them. These include wholesalers and
retailers
+ Physical distribution firms: help the company to stock and move goods
from their points of origin to their destinations.
+ Marketing services agencies: are the marketing research firms,
advertising agencies, media firms and marketing consultancies that help
the company target and promote its products to the right markets.
+ Financial intermediaries.

● Customers
- Consumer markets: individuals and households that buy goods and services
for personal consumption.
- Business markets buy goods and services for further processing or for use in
their production process.
- Reseller markets buy goods and services to resell at a profit.
- Institutional markets are made up of schools, hospitals, nursing homes, prisons
and others. Institutions that provide goods and services to people in their care.
- Consumer markets: individuals and households that buy goods and services
for personal consumption.
- Business markets buy goods and services for further processing or for use in
their production process.
- Reseller markets buy goods and services to resell at a profit.
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Institutional markets are made up of schools, hospitals, nursing homes, prisons
and other. Institutions that provide goods and services to people in their care
● Competitors
- To be successful, a company must provide greater customer
value and satisfaction than its competitors do. → Marketers
must do more than simply adapt to the needs of target
consumers.
● Public
- Financial publics. Financial publics influence the company’s ability to obtain
funds. Banks, investment houses and stockholders are the principal financial
publics.
- Media publics. Media publics include newspapers, magazines and radio and

television stations that carry news, features and editorial opinion.
- Government publics. Management must take government developments into
account. Marketers must often consult the company’s lawyers on issues of
product safety, truth in advertising and other matters.
- Citizen action publics. A company’s marketing decisions may be questioned by
consumer organisations, environmental groups, minority groups and other
pressure groups. Its public relations department can help it stay in touch with
consumer and citizen groups
- Local publics. Every company has local publics, such as neighbourhood
residents and community organisations. Large companies usually appoint a
community-relations officer to deal with the community, attend meetings,
answer questions and contribute to worthwhile causes.
- General public. A company needs to be concerned about the general public’s
attitude towards its products and activities. The public’s image of the company
affects its buying. Thus, many large corporations invest huge sums of money to
promote and build a healthy corporate image.
- Internal publics. These include its workers, managers, volunteers and the
board of directors. Large companies use newsletters and other means to inform
and motivate their internal publics. When employees feel good about their
company, this positive attitude spills over to their external publics.
2. Company’s macro environment
PEST
● Political
- This can include – government policy, political stability or instability in
overseas markets, foreign trade policy, tax policy, labour law, environmental
law, trade restrictions and so on.
● Economic
- Factors that affect consumer buying power and spending patterns.
- Buying power:
+ Country: Experiencing economic crisis → Consumer

purchasing power is reduced → consumers tend to spend
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more carefully and seek greater value in the products and
services they buy.
+ For example, ‘thrift shops’ have been booming in Japan,
whose economy has been in recession → Value marketing
becomes popular → Rather than offering high quality at a
high price, or lesser quality at very low prices, marketers
have to look for ways to offer the more financially
cautious buyers greater value – combination of product
quality and good service at a fair price.
Income distribution/ average income:
+ Higher socioeconomic groups: Consumers with the
greatest purchasing power → their rising incomes mean
that their spending patterns are less sensitive to
economic downturns than those of lower-income groups
→ target for expensive/luxury products.
+ Middle income: more careful about spending, but can afford a good life
sometimes.
+ Lower income: afford basic food, housing, …
+ Underclass: struggling to make basic purchases.

● Social
- The Socio-Cultural forces link to factors that affect society’s basic values,
preferences and behavior. The basis for these factors is formed by the fact that
people are part of a society and cultural group that shape their beliefs and

values. Many cultural blunders occur due to the failure of businesses in
understanding foreign cultures. For instance, symbols may carry a negative
meaning in another culture. To understand these forces, Hofstede’s cultural
dimensions can be used: Power Distance, Individualism versus Collectivism,
Masculinity versus Femininity, Uncertainty Avoidance etc.
● Technological
- Forces that create new technologies, creating new product and market
opportunities.
- Companies that fail to keep up with technological change soon find their
products outdated.
- But keeping pace with technological change is becoming more
challenging for firms today → Technology life cycles are getting
shorter.

Topic 3: Marketing information system (MIS)
1. Definition
Marketing information system (MIS): People, equipment and procedures to gather, sort,
analyse, evaluate and distribute needed, timely and accurate information to marketing
decision makers.
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2. MIS
The MIS begins and ends with marketing managers.
- First, it interacts with these managers to assess their information needs.
- Next, it develops the needed information from internal company records, marketing
intelligence activities and the marketing research process. Information analysis
processes the information to make it more useful.
- Finally, the MIS distributes information to managers in the right form at the right time
to help them in marketing planning, implementation and control.

Topic 4: Marketing research
1. Definition
The function that links the consumer, customer and public to the marketer through
information that is used to identify and define marketing opportunities and problems, to
generate, refine and evaluate marketing actions, to monitor marketing performance, and to
improve understanding of the marketing process.
2. Marketing research process
● Step 1: Define the problems and research objective
● Step 2: Develop research plan
● Step 3: Implementing the research plan
● Step 4: Interpreting and reporting data
3. Primary data and secondary data
● Primary data:
- Information collected for the specific purpose at hand
- Primary data is data that is collected by a researcher from first-hand sources.
This data can be extracted from qualitative or quantitative research.
● Secondary data
- Information that already exists somewhere, having been collected for another
purpose
4. Qualitative or quantitative research
● Qualitative research: Exploratory research used to uncover consumers’ motivations,
attitudes and behavior
● Quantitative research: Research which involves data collection from a sufficient
volume of customers to allow statistical analysis
Topic 5: STP (quan trọng)
1. Definition
● Market segmentation means dividing a market into distinct groups of buyers with
different needs, characteristics or behaviours, who might require separate products or
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marketing mixes. The company identifies different ways to segment the market and
develops profiles of the resulting market segments.
● Market targeting involves evaluating each market segment’s attractiveness and
selecting one or more of the market segments to enter.
● Market positioning is setting the competitive positioning for the product and creating
a detailed marketing mix.
2. Segmentation
● Level of market segmentation
- No segmentation → Mass Marketing
- Complete segment → Micro marketing
- Or something in between (segment marketing or niche marketing)
● Segmenting consumers’ market
- Geographic segmentation: Dividing a market into different geographical units
such as nations, states, regions, counties, cities or neighbourhoods.
- Demographic segmentation: Dividing the market into groups based on
demographic variables such as age, sex, family size, family life cycle, income,
occupation, education, religion, race and nationality.
- Psychographic segmentation: Dividing a market into different groups based
on social class, lifestyle or personality characteristics.
- Behavioural segmentation: Dividing a market into groups based on consumer
knowledge, attitude, use or response to a product.
- Occasion segmentation: Dividing the market into groups according to
occasions when buyers get the idea to buy, actually make their purchase, or use
the purchased item.
- Benefit segmentation: Dividing the market into groups according to the
different benefits that consumers seek from the product.
3. Targeting
● Two steps of targeting

- Step 1: Evaluate a target market
- Step 2: Choose customer group(s)
● Undifferentiated Marketing Strategy
- A market-coverage strategy in which a firm decides to ignore market segment
differences and go after the whole market with one offer
- The company designs a product and a marketing programme that appeal to the
largest number of buyers. It relies on quality, mass distribution and mass
advertising to give the product a superior image in people’s minds.
- Pros:
+ Lower production, inventory and transportation cost
+ Keep down advertising cost
+ Keep down advertising cost
- Cons
+ Effectiveness of one-size-fit-all approach?
+ Competition
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● Differentiated Marketing Strategy
- A market-coverage strategy in which a firm decides to target several market
segments and designs separate offers for each
- Pros: Better satisfy the needs of customers, medium risk and competition
- Cons: Cost, product portfolio management
● Concentrated Marketing Strategy
- A market-coverage strategy in which a firm goes after a large share of one
market or a few submarkets.
- Pros: Competitive advantage + best way to satisfy customers
- Cons: Risky
4. Positioning strategy
● Value positioning: Value positioning is a range of positioning alternatives based on the

value an offering delivers and its price.
- More for more
+ More for more’ positioning involves providing the most upscale product
or service and charging a higher price to cover the higher costs.
+ Pros: High quality & prestige
+ Cons: Imitators & economic downturn
+ Example: Starbucks coffee
- More for the same
+ Companies can attack a competitor’s more for more positioning by
introducing a brand offering comparable quality but at a lower price
+ Example: Lexus and Mercedes
- The same for less: Amazon e-commerce and traditional bookstore
- Less for much less
- .More for less
● Product positioning
- The way the product is defined by consumers on important attributes – the
place the product occupies in consumers’ minds relative to competing products.
- A product’s position is the complex set of perceptions, impressions and feelings
that consumers hold for the product compared with competing products
● Positioning Strategy
- Product attributes position many technical products. The positioning of
Nokia’s 6600 is based on integration: ‘Zoom in and take a picture or video.
View it in full colour . . . Add text and send a multimedia message . . . Save
it . . . Transfer wirelessly over Bluetooth . . .’; while much of BMW’s
advertising promotes individual technical items, such as fresh air filters. In the
exclusive watch market Breitling, Baume & Mercier and Audemars Piguet’s
positioning are on their mechanical movements. Some of their designs leave
the mechanisms exposed and one ad argues ‘Since 1735 there has never been a
quartz Blancpain. And there never will be.
- Benefits offered, or the needs they fill, position many products – Crest

toothpaste reduces cavities, Aim tastes good and Macleans Sensitive relieves
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the pain of sensitive teeth. In the confectionery industry, Italian Baci and
Ferrero Rocher are gifts, while Mars and Snickers bars satisfy hunger.
Usage occasions position many products. Mentadent Night Action toothpaste,
for instance, is for evening use. In the summer, Gatorade is positioned as a
drink for replacing athletes’ body fluids; in the winter, it can be positioned as
the drink to use when the doctor recommends plenty of liquids. KitKat and
After Eight mints sell alongside Snickers and Ferrero Rocher, but the
positioning is on usage occasion. Internationally, KitKat means ‘Have a break’,
while After Eight is an after-dinner mint to share.
Users help position products. Johnson & Johnson improved the market share
for its baby shampoo from 3 per cent to 14 per cent by repositioning the
product towards a new user category of adults who wash their hair frequently
and need a gentle shampoo. Often products are positioned by associating them
with their user class. Nescafé Gold Blend increased sales dramatically after
showing a series of ads romancing thirty somethings, as did Tango soft drinks
as a result of the youthful ‘You’ve been Tangoed’ campaign.

Activities are often used to sell expensive products. The Geneva-based SMH
group positions its watches using sports. Thus Rado has come to specialise in
tennis, Omega in sailing and aerospace, ‘the first and only watch on the moon’,
and Longines in skiing and aviation
Personalities often help positioning. Prestigious brands are often positioned
using successful personalities who can add to a product’s character. American
Express runs ads showing caricatures of famous businesspeople who are also
users; Jameson Irish Whiskey uses sportsmen in its positioning; and Hugo Boss
identifies successful people as models in its ‘Men at Work’ campaign
Origin positions product by association with its place of manufacture. Much of
Perrier’s success depended on the sophistication its French origin gave to it
Other brands can help position products. Clinique’s advertising for its ‘skin
supplies for men’ prominently features a Rolex watch
Competitors provide two positioning alternatives. A product can be positioned
directly against a competitor. For example, in ads for their personal computers,
Compaq and Dell directly compared their products with IBM personal
computers

Topic 6: Product
1. Definition of product
Product is anything that can be offered to a market for attention, acquisition, use
consumption that might satisfy a want or need. It includes physical objects, services, persons,
places, organisations and ideas.
2. Product classification
● Non-durable product: A Consumer product that is normally consumed in one or a few
uses
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● Durable product: A consumer product that is usually used over an extended period of

time and that normally survives many uses
● Consumer product: A product bought by final consumers for personal consumption.
● Industrial product: A product bought by individuals and organisations for further
processing or for use in conducting a business
3. Consumer product
● Convenience products are consumer goods and services that the consumer usually
buys frequently, immediately and with a minimum of comparison and buying effort.
Examples are soap, sweets, newspapers and fast food. Convenience goods are usually
low priced, and marketers place them in many locations to make them readily
available when customers need them.
- Example: Closeup toothpaste, Omo laundry, chocopie cake, head and shoulder
shampoo
● Shopping products are less frequently purchased and consumers spend considerable
time and effort gathering information and comparing alternative brands carefully on
suitability, quality, price and style.
- Example: LG OLED TV, Dell Laptop, Honda motorbike,..
● Speciality products are consumer goods with unique characteristics or brand
identification for which a significant group of buyers is willing to make a special
purchase effort.
- Example: Gucci clothing, Mercedes car, Vertu mobile phone, Channel perfume,
Rolex watch
● Unsought products are consumer goods that the consumer either does not know about
or knows about but does not normally think of buying
- Example: home security systems, funeral services, blood donation
4. Industrial product
● Materials and parts are industrial goods that become a part of the buyer’s product,
through further processing or as components. They include raw materials and
manufactured materials and parts.
● Raw materials consist of farm products (wheat, cotton, livestock, fruits, vegetables)
and natural products (fish, timber, crude petroleum, iron ore).

● Manufactured materials and parts include component materials (iron, yarn, cement,
wires) and component parts (small motors, tyres, castings). Component materials are
usually processed further
5. Product lifecycle
The course of a product’s sales and profits over its lifetime. It involves five distinct stages:
product development, introduction, growth, maturity and decline.
● Product development begins when the company finds and develops a new-product
idea. During product development, sales are zero and the company’s investment costs
mount.
● Introduction is a period of slow sales growth as the product is being introduced in the
market. Profits are non-existent in this stage because of the heavy expenses of product
introduction.
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● Growth is a period of rapid market acceptance and increasing profits.
● Maturity is a period of slowdown in sales growth because the product has achieved
acceptance by most potential buyers. Profits level off or decline because of increased
marketing outlays to defend the product against competition.
● Decline is the period when sales fall off and profits drop.
Topic 7: Pricing
1. Definition of price
Price: The amount of money charged for a product or service, or the sum of the values that
consumers exchange for the benefits of having or using the product or service.
2. Factors affecting price
● Internal factors:
- Marketing objectives: Survival, Profit maximization, Market-share
maximization, Product-quality maximization
- Marketing-mix strategy
- Costs

+ Fixed costs: do not vary with production or sales level
+ Variable costs: vary directly with the level of production
+ Total costs: The sum of the fixed and variable costs for any given level
of production
+ Classify these costs: factory rent bill, employee salary, incentive, fuel
cost, insurance
- Organization
+ There are many parties getting involved in pricing including top
management, sales managers, production managers, finance managers
and accountants.
● External factors
- Nature of the market and demand
+ Oligopolistic competition— A market in which there are a few sellers
that are highly sensitive to each other’s pricing and marketing strategies
+ Pure monopoly: A market in which there is a single seller – it may be a
government monopoly, a private regulated monopoly or a private nonregulated monopoly.
- Competition
+ What are the pricing options for these cases:
Product A > Product B
Product A = Product B
Product A < Product B
- Other environmental factors
+ Economic conditions
+ Resellers
+ Government
+ Social concerns
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3. General pricing approaches

● Cost-based
- Cost-plus pricing: Adding a standard mark-up to the cost of the product.
- Pros: Easy to calculate
- Cons:
+ Only works if expected sales is achieved
+ Ignore competition & customers demand
● Value-based
- Value-based pricing: Setting price based on buyers’ perceptions of product
values rather than on cost.
● Competition-based
- Setting price based largely on following competitors’ prices rather than on
company costs or demand.
4. New product pricing
● Market-skimming pricing: Setting a high price for a new product to skim maximum
revenues layer by layer from the segments willing to pay the high price; the company
makes fewer but more profitable sales.
● Market-penetration pricing: Setting a low price for a new product in order to attract
large numbers of buyers and a large market share.
5. Price adjustment strategies
● Discount & Allowance
- Cash discount: A price reduction to buyers who pay their bills promptly.
- Quantity discount: A price reduction to buyers who buy large volumes
- Quantity premium: A surcharge paid by buyers who purchase high volumes of
a product.
- Functional discount (trade discount): A price reduction offered by the seller to
trade channel members that perform certain functions, such as selling, storing
and record keeping.
- Seasonal discount: A price reduction to buyers who buy merchandise or
services out of season.
- Trade-in allowance: A price reduction given for turning in an old item when

buying a new one.
- Promotional allowance: A payment or price reduction to reward dealers for
participating in advertising and sales support programmes.
● Segmented Pricing
- Segmented pricing: Pricing that allows for differences in customers, products
and locations. The differences in prices are not based on differences in costs.
● Psychological pricing
- Psychological pricing: A pricing approach that considers the psychology of
prices and not simply the economics; the price is used to say something about
the product.
● Promotional pricing
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Promotional pricing: Temporarily pricing products below the list price, and
sometimes even below cost, to increase short-run sales
● Geographical pricing
- Geographical pricing: Pricing based on where customers are located.
Topic 8: Distribution
1. Supply chains and the value delivery network
● A supply chain is a network between a company and its suppliers to produce
and distribute a specific product to the final buyers
● Value delivery network: A network made up of the company, suppliers,
distributors and customers who ‘partner’ with each other to improve the
performance of the entire system.
2. The nature of distribution channel
- Marketing channel (distribution channel): A set of interdependent organisations
involved in the process of making a product or service available for use or

consumption by the consumer or industrial user.
- Marketing channel can affect other marketing decisions
- Marketing channel can create competitive advantage (for example: Dell,
Amazon, McDonald…)
- Information, Promotion, Contact, Matching, Negotiation, Physical distribution,
Financing, Risk taking
3. Marketing channel decision
- Direct channel: A marketing channel that has no intermediary levels
- Indirect channel: A marketing channel containing one or more intermediary
levels
- Step 1: Analyse customer needs
- Step 2: Setting channel objectives
- Step 3: Identifying alternatives
- Step 4: Evaluating the main alternatives
4. Wholesaler
Wholesaler: A firm engaged primarily in selling goods and services to those buying
for resale or business use.
- Merchant wholesaler: Independently owned business that takes title to the
merchandise it handles.
- Broker: A wholesaler who does not take title to goods and whose function is to
bring buyers and sellers together and assist in negotiation.
- Agent: A wholesaler who represents buyers or sellers on a relatively permanent
basis, performs only a few functions, and does not take title to goods.
5. Retailers
Retailers: Businesses whose sales come primarily from retailing.
- Department store: A retail organisation that carries a wide variety of product
lines – typically clothing, home furnishings and household goods; each line is
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operated as a separate department managed by specialist buyers or
merchandisers.
Convenience store: A small store located near a residential area that is open
long hours seven days a week and carries a limited line of high-turnover
convenience goods
Supermarkets: Large, low-cost, low-margin, highvolume, self-service stores
that carry a wide variety of food, laundry and household products.

Topic 9: Integrated marketing communication
1. Definition
The concept under which a company carefully integrates and coordinates its many
communications channels to deliver a clear, consistent, and compelling message about the
organisation and its products
2. Advertising
Any paid form of non-personal presentation and promotion of ideas, goods or services by an
identified sponsor.
Characteristics of advertising:
- Can reach masses of geographically dispersed buyers
- Build brand image + boost up sales
- Consumers tend to view advertised products as standard and legitimate
- Dramatise products through the artful use of visuals, print, sound and colour.
- Not persuasive
- One-way communication
- Costly
3. Personal selling
Personal Selling: Personal presentation by the firm’s sales force for the purpose of making

sales and building customer relationships
Characteristics of personal selling
- Personal + allow adjustment
- Long-term relationship
- The buyer usually feels a greater need to listen and respond
4. Sales promotion
Sales Promotion: Short-term incentives to encourage purchase or sales of a product or
service.
Characteristics of sale promotion
- Attract attention that may lead to purchases
- Provoke quick response (sales)
Types of promotion
- Consumer promotion: Sales promotion designed to stimulate consumer purchasing,
including: Samples, Coupons, Cash refund offers, Premiums, Patronage rewards,
Point-of-sales promotion, Contests & games.
- Trade promotion: Sales promotion designed to gain reseller support and to improve
reseller selling efforts, including: Discount, Allowance, Free Goods
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Business promotion: Sales promotion designed to generate business leads, stimulate
purchase, reward business customers and motivate salespeople: Conventions and trade
shows, Sales contest
5. Public relations
Public Relation: Building good relations with the company’s various publics by obtaining
favourable publicity, building up a good ‘corporate image’, and handling or heading off
unfavourable rumours, stories and events.
Characteristics of PR

- Believable stories
- Able to deal with avoidance
- Dramatise a company or product with stories
6. Direct marketing
Direct Marketing: Direct communications with carefully targeted individual customers to
obtain an immediate response.
Characteristics of Direct Marketing
- Direct marketing is non-public as the message is normally addressed to a specific
person.
- Direct marketing is immediate as messages can be prepared very quickly.
- Direct marketing can be customised, so messages can be tailored to appeal to specific
customers.
- Direct marketing is interactive

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