Welcome to MKF1120

Marketing Theory and Practice

About the unit

Welcome!
The teaching team
§ Unit Coordinators
– Angela Cruz
• angela.cruz@monash.edu
– Peter Wagstaff
• peter.wagstaff@monash.edu

§ Tutors
– A hand-picked selection of the world’s best!
Why should you learn about Marketing?

§ You are a customer

§ You may become a marketer
§ You will work with marketers
§ You will work with customers
How We Will Learn About Marketing
 Your Weekly Routine
§ Weekly content opens on Moodle from 11:55pm Friday of the previous week

Live (in your

Wednesday tutorials), as
Videos and Workshop
Lesson Quiz at 8am, activities scheduled in
readings
don't be late! your
timetable
Weekly workshop activities
§ Every week, you and a small group of
classmates will work together through
weekly workshop activities that will help you
develop your ability to apply each week's
concepts and theories
§ These activities will take place in your
timetabled tutorials, commencing in week 1
Moodle and Assessments
Moodle
§ Moodle provides online access to materials
necessary for the study of marketing
– Topic schedule and assessment summary
– Assessment instructions and resources
– Weekly lessons
• Video content
• Downloadable readings (free, .pdf format)
• Self-check questions
– Weekly quiz
– Q&A forums
Assessment (see Moodle)
 How to study Marketing
§ Prepare each week
– Complete the online lessons before the deadline
– Don’t leave them until the last minute
§ Read each week
– We provide you with weekly readings and resources
in Moodle
§ Contribute to conversations in your weekly workshop
activities
– … and engage with your tutor and classmates
§ Look around you
– Marketing is everywhere!
What is Marketing?
Marketing Defined
Definitions of Marketing
§ Readings this week:
– “Marketing is human activity directed at
satisfying needs and wants through exchange
processes”
(Kotler, 1983, p. 7)

§ AMA
– “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.”
(https://www.ama.org/the-definition-of-marketing-what-is-marketing/)
Modern Marketing

§ First Professor of Marketing being appointed in

the1880’s
§ Emergence of ‘marketing’ from German
economics to the marketing of agricultural
products in the United States in 1910.
§ Culliton (1948) ‘artist’ or ‘mixer of organisational
ingredients’.
§ Borden (1964) classified these ingredients into 13
elements.
§ McCarthy into the now famous four Ps of
marketing – Price, Product, Place and Promotion
Marketing creates value for whom?

Organisation Value Customers

Alternative marketing philosophies
§ The production philosophy
–
§ The product philosophy
–
§ The selling philosophy
–
§ The marketing philosophy
–
§ The societal marketing philosophy
–

Kotler et al. (1983) pp. 17-20

Marketing philosophy or marketing concept

§ “… achieving organisational goals consists of ..

determining the needs and wants of target markets, and
… satisfying these [needs and wants] more effectively
and efficiently than competitors” (Kotler, et. al., 1983, p.19).

§ “A corporate state of mind that insists on the integration

and coordination of all of the marketing functions which,
in turn, are melded with all other corporate functions, for
the basic objective of producing maximum long-range
corporate profits” (Felton, 1959, p.55).
Marketing creates value for whom?

Society

Organisation Value Customers

Customer Value
Value

“From a customer’s perspective,

customer value is
what they ‘get’ (benefits)
relative to
what they ‘give up’ (costs or
sacrifices).”

(Zeithaml 1988, in Smith & Colgate 2007)

 Source: Smith and Colgate (2007) pp. 7-23.
Customer Value HINT: See Tables and Appendices

•
Functional / •
Instrumental Value •

•
Experiential / Hedonic •
•
Value
•

•
•
Symbolic / Expressive •
Value •
•

•
•
Cost / Sacrifice Value •
•
Customer Value

Functional / Instrumental Value

Customer Value

Experiential / Hedonic Value

Customer Value

Symbolic / Expressive Value

Customer Value

Cost / Sacrifice Value

 Source: Smith and Colgate (2007) pp. 7-23.
Customer Value HINT: See Tables and Appendices

•
Functional / •
Instrumental Value •

•
Experiential / Hedonic •
•
Value
•

•
•
Symbolic / Expressive •
Value •
•

•
•
Cost / Sacrifice Value •
•
Marketing:
How our semester is structured
Our semester of marketing

What is marketing Understanding value Now we understand Bringing it all together

•Week 1 Marketing and in our market value what do we do? •Week 11 Current issues
Value •Week 3 Macro and micro •Week 6 STP and the and practice
•Week 2 Key marketing environments marketing mix •Week 12 A planning
concepts and terms •Week 4 Buyer behaviour •Week 7 Product framework
•Week 5 Marketing •Week 8 Price
information •Week 9 Place
•Week 10 Promotion