Theory:-

I. Understanding Marketing Management

1. Marketing for the 21st Century
a. The importance of marketing

- Financial success often depends on marketing ability:

Successful marketing ability => sales/revenues => net incomes
- Successful marketing builds demands for products and services => creates jobs
=> allows firms to more fully engage (tham gia) to socially responsible activities.
- Marketing builds strong brands and a loyal customer base which are intangible
assets that contribute heavily to the value of a firm.
83% felt that marketing and sales capabilities were a top priority for their organization's success,
6% felt that they were doing an “extremely good” job => Hard to make the right marketing

b. What is marketing

- Marketing is about identifying and meeting (đáp ứng) human and social needs.
Marketing is meeting needs profitably.
- Marketing management is choosing target market, and getting + keeping +
growing customers through creating + delivering + communicating customer
value
- Marketed? Goods, services, events, experiences, persons, places, properties,
organizations, information, ideas.

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- Page 8, figure 1.1

c. Core marketing concepts

- Needs wants, and demands
+ Needs: basic requirements: air, food, water, slothing, shelter, education,
entertainment.
+ Wants: needs to be wants when one object can directly satisfy the needs exist
+ Demands: wants which be able to pay
+ ‘Marketers create needs’ - Marketers make ppl buy things they dont want
+ ‘Marketers do not create needs’ - cùng vs social factors thúc đây wants
+ 5 types of needs:
● Stated needs: want a cheap car
● Real needs: chi phí vận hành xe thấp
● Unstated needs: good service with dealer
● Delight needs: lắp thêm các chưcs năng cho xe
● Secret needs: muốn bạn bè biết họ là customer thông thái
 d. Company orientations toward the marketplace

PRODUCT PORTFOLIO:
- Decision-making tools like BCG Matrix—or Boston Consulting Group Matrix, có
nên giữ, bán hay đầu tư thêm vào sản phẩm hay không
- A product portfolio represents all products offered by a company. The items in the
portfolio can be related or unrelated.
- A business can concentrate on producing single or multiple products directed
towards the same or different target market based on their strategies.
- Like an informative tool, it helps management in the decision-making process
regarding product development.
- Producing various product serving benefits include spreading (phân tán) risk,
innovation, enriching cash flow, following business strategy, optimum resource
allocation (phân bổ nguồn lực tối ưu), and brand awareness.
- helps the business and its stakeholders to have insight into its portfolio and
business operations.
- Phân biệt các sản phẩm dựa trên market performance (hiệu suất thị trường) của
chúng, chẳng hạn như sản phẩm tốt nhất và sản phẩm tệ nhất.

+ Star: high market share and growth rate

+ Dog: low market share and growth rate
+ Cash cow: high market share and low growth rate
+ Question mark: Low growth rate but high market share