,Augst3120

INTRODUCTION
 The Program of Class 1
1. Introduction to GSB 5001
1-1. Syllabus Overview
1-2. A Better Way of Learning

2. Defining Marketing Management

2-1. Defining Marketing
2-2. Defining Marketing Management
2-3. An Overview of Marketing Management

3. Case Discussion on the Company Case 1 (pp. 535-6)

Introduction to GSB 5001
 A Definition of Success
▶ Whenever we plan to DO s.th., we wish to GET s.th.
eg. 1. To study ----- ?
eg. 2. To exercise ----- ?
eg. 3. To play ----- ?
▶ What is the most general term for all the ?s above?
SUCCESS!!
▶ Success means to achieve what intended (i.e., goals)
 Determinants of Success
▶ LUCK
▶ EFFORTS
▶ TALENTS / CAPABILITIES
▶ RESOURCES
▶ And others, you may think of. But the very key factor is …
MANAGEMENT!!
 Management
“ There is always a better way to do anything .”
(T. Edison)
▶ Management is a process of finding out the better
way to do it (or to achieve it successfully)!
▶ “BETTER” in terms of WHAT (criteria)?
1. Effectiveness
2. Efficiency
3. Ease to Adjust to Changes (internal as well as
external)
4. Legal & Ethical Correctness
 Management As a Process
▶ Set the goal(s), the criteria of success
▶ Find out the factors that determine the achievement
of
the goals both effectively and efficiently
▶ Plan what and how to do with the ‘controllable’
determinants under the expected or given conditions
of the ‘uncontrollables’
- Both in abstract forms and concrete forms
- The concept of goal-hierarchy will be helpful
▶ Implement the plans
- Allocation of resources and their full
utilization
- organizing, staffing, & leading
▶ Control the plan, the inputs, and the utilization
process
Goals, Problems, Tasks, & Targets of MGT.

TASKS GOALS
What to
do?
GAP
How to do? = PROBLEM

THE NATURAL
MATTER CONSEQUEN
OF CE
INTEREST

TIME
Pres Specifi
nt c
Future
 An Example of Goal-Hierarchy--The Strategic Profit
Model
Net Sales
- Gross
Margin
Cost of
Goods Sold Net Profit
- Before
Taxes Net Profit
Operating - After
Expenses Taxes
Total Net Profit
+ Expenses Taxes Margin
Interest ∙∙-
Expense Net Sales

x Return on
Accounts Assets
Receivable (ROA)
+
Merchandis Net Sales
e Total
Inventory Current Asset
Assets Turnover
+ ∙
∙-
Total
+
Cash Assets
+ Fixed
Total Assets
Current
Assets
 Internal & External Conditions of
Management

GOALS
TASKS
What to do?
How to do? GAP
= PROBLEM

THE NATURAL
MATTER CONSEQUEN
OF CE
INTEREST

TIME
Pres Specifi
nt c
Future
 Our Target

Our Target
What to Give what kind of answers to which kind of pr
do?
How to do?
GAPS

Interests The End

Problems State of
Knowledge Natural
etc. Maturity

Time
Presen
t End of Semester
 Mapping Strategic Themes (Kaplan & Norton, HBR, Jan. 2008, p. 69)
Vision: By 2013, become the leading company in our industry

Increased return on capital

Financial Increase revenues in Grow revenues in new

Perspective Improve productivity existing segments & markets products & services

Improve Operating Quality Grow High-Value Accelerate

and Efficiency Customer Relationships Product Innovation
Customer
Be a leader in quality
Perspective and reliability Provide valued service, application expertise,
Introduce innovative,
& support high-performance products &

Process
Perspective Improve supply chain Optimize customer Excel
profitability
at technology, product development, & lif
efficiency & effectiveness

Improve quality, cost, & Expand channels, offerings, andIdentify

markets next-generation market opportun
flexibility of operating process
Build & maintain strong customer relationships

Learning & Create a High-Performance Culture

Growth
Perspective
Expand & build strategic skills, Develop leadership and & require continuous learning & sharing of
Capabilities and expertise an execution-drivenEnable
culture
 Course Learning Objectives
To Make a World - Standard MBA Degree Holder
1.To extend capacity to lead in real world
organizational settings ← Let acquire a leadership
mindset through improving confidence in knowledge
bases and through encouraging to take initiative in
resolving real problems
2.To acquire profound knowledge on marketing function of
business ← Make understand the key concepts &
theories to identify the critical decisions issues of
marketing
3.To develop ability to the utmost to resolve real world
marketing problems ← Help develop the decision
making power through case studies and ethics
education
4.To cultivate global perspectives
5.To develop a good enough command of English ← Through
active participation in class discussions and report
writing
 Decision Making Process
Value
Premise Problem Recognition
s
Factual Information Search &
Premise Analysis
s
Alternatives Development

Alternatives Evaluation
Selection of An
Alternative(s)

Execution
 Pedagogy
1.To utilize the textbook and a few articles to
understand the basic concepts and frameworks on
current marketing management issues.
- A mix of multiple choices and true/false quiz is
given at the beginning of each session.
- Q & A based lecture guides this learning process.
2. To use one or two selected cases from the textbook
and/or a real world cases suggested by a volunteer
for the class discussion section of each session.
3. To ask each student to hand in two “individually
prepared” reports, each of which analyzes one assigned
case. The cases will be handed out 2 weeks before the
due dates.
4. To assign two exams—the one in the middle and the
other at the end of the semester. The exams will be a
mix of short essays and case analyses.
 Session Operation
1.Taking a quiz of 10 questions of either multiple
choices or of true/false type.
2.Summary of the key concepts and theories to be
discussed.
3.Lecture in a Q & A style
4.Discussion on case(s)--selected from the textbook and/or
suggested by a volunteer
5.Wrap-up and discussion on textbook discussion questions
 Evaluation
COURSE ASSIGNMENTS AND POINTS
ASSIGNMENTS POINTS
QUIZES: 12 times 12
DISCUSSION PARTICIPATION 12 sessions 12
VOLUNTEER LEADING 6
EXAMINATIONS: Mid-Term 25
Final
25
CASES ANALYSIS REPORTS: Twice 20 (10 each)
TOTAL
100
 
GRADING
Students who achieve less than 70 points in total will fail the
course, that is, they will get grade “F.” Among the students who pass
the course, the top 20% of the course-enrolled students in the
total points will get grade “A+,” the next 20% “A,” the next 30%
after the next “B+,” and the remaining students “B,” at maximum.
 
The full - time and the part - time students will be evaluated
separately .
 Course Motto

Study Less , Learn More !!

ØPossible? How?
ØYes, through better managing learning
 Management of Learning/Studying
▶ The main goal of LEARNING is…
- To get knowledge useful to solve the problem at hand.
▶ Management Problems of Learning,
i.e., the factors that determines the success of learnin
1. What to study
- Importance of the problem the knowledge can solve
- Relevance & sufficiency of knowledge to the probl
2. How to study
- Efficient way of learning
- Whether you can apply the knowledge to solve it
3. When to study
4. Where to study, etc.
The Principles of Accumulation &
Utilization

Utilization
When/Where/To Whom/How

FLOWS STOCKS

Accumulation
By when/What/How/How much

B/S P/L
Equity Revenues
Debts Costs
A Mechanism of Making Money with Knowledge
Accumulation through “Studying”
Knowled
Time ge

Payment Task

Utilization through “Problem Solving”

 A Better Way of Learning
孔子 ( 論語 爲政編
▶ 學而不思卽罔 ) said
, 思而不學卽殆 . (Reading without thinking is
always in vain; Thinking without reading is always in
peril.)
▶ Learning becomes perfect only through both reading &
thinking.
Nonaka’s Classification of Knowledge
▶ Tacit knowledge vs. explicit knowledge
▶ Explicit knowledge can be stored and transferred easily.
▶ Only tacit knowledge is applicable to problem solving.
“Practice Makes (Learning) Perfect!”
▶ Reading is for learning explicit knowledge, while thinking
transforms explicit knowledge into tacit one.

程子’ s Interpretation of 孔子
博學 審問 愼思 明辨 篤行 , 五者廢其一 ( 卽 ) 非學也 .
▶ 博學 : Read a lot
▶ 審問 : Raise questions
▶ 愼思 : Answer the questions thoughtfully
▶ 明辨 : Criticize & Synthesize the answers
▶ 篤行 : Execute the synthesized answer & Check the validity
 CHAPTER ONE
Marketing: Creating and Capturing
Customer Value
 Rest Stop: Previewing the Concepts
1.Define marketing and the marketing process.
2.Explain the importance of understanding
customers and identify the five core
marketplace concepts.
3.Identify the elements of a customer-driven
marketing strategy and discuss the marketing
management orientations that guide strategy.
4.Discuss customer relationship management and
identify strategies for creating value for
and capturing value from customers.
5.Describe the major trends and forces that are
changing the marketing landscape.
 What Is Marketing?
Your idea?
▶
▶
▶
▶
▶
▶
▶
Marketing as an Exchange Process (Economic)
▶ Process by which two or more parties give something
of value to each other to satisfy perceived needs.
▶ To actualize an exchange, some obstacles (i.e.,
economic discrepancies/separations) must be
removed. Marketing is the process of resolving the
discrepancies.
▶ Through the process, marketing creates flows &
utilities.
- Form Utility: Transformation of raw materials and/or
labor into a finished good and/or service that the
consumer desires.
- Place Utility: Availability of a good and/or service
where the consumer wants or needs it.
- Time Utility: Availability of a good and/or service
when consumer wants/needs it.
- Ownership Utility: Transferring title of a good
and/or service from producer to consumer.
 Marketing Facilitates Exchange

-Marketing Functions
-Marketing Activities
- Marketing Flows
 Economic Separations & Marketing
Separations Functions Activities
Information Informational market research, ad, promotion, self-choice, complaining

Valuation Value Matching price negotiation, marcomm.

Commerce
Accumulation·
Quantity Allocation
accumulation, allocation, packaging
Sorting Out
standardization, classification by kind or by grade
(Type; Grade)
Quality
Assortment combining items across types and/or grades
Buying·
Ownership Selling
contracting, title transfer, physical delivery
collection, distribution, stocking, embarking/debarking,
Spatial
Physical

Transportation check-up, packaging

Dis

inventory mgt., debarking, packaging,

Temporal Storage distributive processing
factoring, loan, credit
Payment
Supporting

Financing
provision/collection
risk mgt., safety mgt., risk
Risks Insurance
pooling
 What Is Marketing?
▶ Simple definition: Marketing is
managing profitable customer
relationships.
▶ Goals:
1.Attract new customers by promising
superior value.
2.Keep and grow current customers by
delivering satisfaction.
 Marketing Defined
▶ Marketing is an organizational function and
a set of processes for creating,
communicating, and delivering value to
customers and for managing customer
relationships in ways that benefit the
organization and its stakeholders.
▶ Marketing is the activity, set of
instructions, and processes for creating,
communicating, delivering, and exchanging
offerings that have value for customers,
clients, partners, and society at large.
- OLD view of marketing: Making a sale
—“telling and selling”
- NEW view of marketing: Satisfying customer
needs
 Definition of Marketing w.r.t. Biz Goals
▶ (Function, Process, or System of) Facilitating
EXCHANGE
▶ of Managing DEMAND for the outputs of a firm
▶ of Managing CUSTOMER SATISFACTION with the firm
▶ of Managing CUSTOMER RELATIONS to the firm
▶ et cetera
Marketing as a Dynamic Organizational
Process
 Major Business Functions

Biz Firms under the Capitalism:

Seeking Profits through Production of Added Values
and Sell them

The main role of marketing is selling the output(s), but,

to sell the outputs smoothly, coordination is inevitable.

TRANSFORMAT
PROCUREMENT SELLING
ION
(RESOURCES ) (REVENUE)
(ADD VALUE)
 The Mechanism of Profit Generation

Properties Benefits
- Cores &
- Others Experience
Valu
Price e

Costs Costs
- Various
Economies
- Technology

Profits Purchase
= Sales
3 Major Issues Determining Biz Performance

Sales? ◀ Value Drivers

- Biz Models
Make
- Competitive Advantages
How to

◀ Cost Drivers & Value Drivers

Profits - Resources Procurement &
Allocation
Make
How to
(Costs & Quality)
- Value Drivers (Sales & Price)
◀ Sustainability of Biz Model
◀ Sustainability of Competitive
Sustain?
Advantages
How to
◀ Sustainability of Good Relations
3 Issues of Biz Performance and Marketing

◀ Value Drivers
Sales?
- Biz Models
Make
- Competitive Advantages
How to

◀ Cost Drivers & Value Drivers

- Resources Procurement &
Profits
Allocation
Make
(Costs & Quality)
How to
- Value Drivers (Sales & Price)
◀ Sustainability of Biz Model
◀ Sustainability of Competitive
Sustain?
Advantages
How to
◀ Sustainability of Good Relations

Regis McKenna says…

“Marketing is
Everything.”
 Different Views on Marketing
Academia Field/Practice

Traditional View Marketing Marketing/Selling

Modern View Marketing Strategic Mgt.

Marketing
Operations
Supply Chain
Human Resources
Finance
 A Simple Model of the Marketing Process
▶ Understand the marketplace and customer
needs and wants.
▶ Design a customer-driven marketing strategy.
▶ Construct an integrated marketing program
that delivers superior value.
▶ Build profitable relationships and create
customer delight.
▶ Capture value from customers to create
profits and customer quality.
 Core Marketing Concepts
▶ Needs, wants, and demands
▶ Target markets, positioning, and segmentation
▶ Offerings and brands
▶ Value and satisfaction
▶ Exchange and relationships
▶ Marketing channels
▶ Supply chain
▶ Competition
▶ Marketing environment
 A Market and a Marketer
▶ A Market:
- Is the set of actual and potential buyers of a
product who share a need or want that can be
satisfied through exchange relationships.
- Is a grouping of customers: need markets, Product
markets, demographic markets, geographic markets,
etc.
▶ What is Marketed?
•Goods •Places
•Services •Properties
•Events •Organizations
•Experiences •Information
•Persons •Ideas

▶ A marketer is someone who seeks a response

from another party, called a prospect.
 Needs, Wants, and Demands
▶ Needs: basic human requirements
▶ Wants: directed to specific objects that
might satisfy the need
▶ Demands: wants for specific products backed
by an ability to pay
 Needs, Wants, and Demands
▶ Needs: State of felt deprivation including
physical, social, and individual needs.
- Physical needs: Food, clothing, shelter,
safety
- Social needs: Belonging, affection
- Individual needs: Learning, knowledge, self-
expression
▶ Wants: Form that a human need takes, as
shaped by culture and individual personality.
▶ Demand = Wants + Buying Power
 Need/Want Fulfillment
▶ Needs and wants are fulfilled through a
marketing offer.
▶ Market Offerings
- Some combination of products, services,
information, or experiences offered to a
market to satisfy a need or want.
- Products: Persons, places, organizations,
information, ideas.
- Services: Activity or benefit offered for
sale that is essentially intangible and
does not result in ownership.
- Brand experiences: “. . . dazzle their
senses, touch their hearts, stimulate their
minds.”
 Offerings and Brands
▶ Value proposition: a set of benefits
offered to satisfy customers’ needs
▶ Offering: a combination of products,
services, information, and experiences.
▶ Brand: an offering from a known source
 Marketing Myopia
▶ Occurs when sellers pay more attention to
the specific products they offer than to the
benefits and experiences produced by the
products.
▶ They focus on the “wants” and lose sight of
the “needs.”
 Customer Value and Satisfaction
▶ Value : the sum of the perceived tangible
and intangible benefits and costs to
customers
- Customer value triad = quality, service, &
price
▶ Satisfaction : a person’s comparative
judgment of a product’s perceived performance
(or outcome) in relation to expectation
▶ Care must be taken when setting expectations:
- If performance is lower than expectations,
satisfaction is low.
- If performance is higher than
expectations, satisfaction is high.
 Exchanges and Relationships
▶ Exchange: Act of obtaining a desired object
from someone by offering something in return
▶ Relationships: Marketing actions build and
maintain relationships with target audiences
involving an idea, product, service, or other
object.
 Modern Marketing Systems
▶ Main elements in a modern marketing system include:
- Suppliers
- Company (marketer)
- Marketing intermediaries or Marketing Channels
- Final users (consumers)
- Competitors
▶ Major environmental forces effect each element.
- Task environment includes the immediate actors
involved in producing, distributing, and promoting the
offering.
- Broad environment includes six environments:
§Demographic
§Economic
§Physical
§Technological
§Political-legal
§Social-cultural
 Marketing Management
▶ The art and science of choosing target
markets and building profitable relationships
with them.
- Requires that consumers and the marketplace
be fully understood.
- Aim is to find, attract, keep, and grow
customers by creating, delivering, and
communicating superior value.
▶ Designing a winning marketing strategy
requires answers to the following questions:
1. What customers will we serve?
- What is our target market?
2. How can we best serve these customers?
- What is our value proposition?
 Demand Management
▶ Demand management
Finding and increasing demand, also changing
or reducing demand, as in demarketing.
▶ Demarketing
Temporarily or permanently reducing the number
of customers or shifting their demand.
 Demand and Marketing Tasks
Market
Characteristics of Demand Names
Tasks
Negative D Converse Conversional

D < No Demand Stimulate Stimulating

Supply Latent D Develop Developmental
Quantit Remarketing
Declining D Rebuild
y
D = Maintenance
Perfect D Maintain
Supply
D > Demarketing
Exceeding D Reduce
Supply
Countermarketin
Existence Unhealthy D Destroy g
Synchromarketin
Timing Mismatch Fluctuating Match g
D
 Selecting Customers to Serve
▶ Market segmentation
- Dividing the market into segments of
customers
-Identify and profile distinct groups of
buyers examining demographic, psychographic,
and behavioral differences.
▶ Target marketing
- Selecting one or more segments to cultivate.
▶ Target market
- Segments presenting the greatest opportunity
 Choosing a Value Proposition
▶ Value proposition: The set of benefits or
values a company promises to deliver to
consumers to satisfy their needs.
▶ Value propositions dictate how firms will
differentiate and position their brands in
the marketplace.
▶ Positioning: what the offering means in the
minds of the target buyers as delivering some
central benefit(s).
 Marketing Management Orientations
Organizations design and carry out their
marketing strategies under five alternate
concepts:
▶Production Concept
▶ Product Concept
▶ Selling Concept
▶ The Marketing Concept
▶ Societal Marketing Concept
 Production Concept
▶ Premise : Consumers prefer products that are
widely available and inexpensive.
▶ Focus on :
- High production efficiency
- Low costs
- Mass distribution
 Product Concept
▶ Premise : Consumers favor products offering
the most quality, performance, or innovative
features.
▶ Focus on :
- Making superior products
- Improving them over time
 Selling Concept
▶ Premise : Customers, if left alone, will not
buy enough of the organization’s products.
▶ Focus on :
- Aggressive selling and promotion efforts
 ‘The’ Marketing Concept
▶ A marketing management philosophy that holds
that achieving organizational goals depends
on knowing the needs and wants of target
markets and delivering the desired
satisfaction better than competitors.
▶ Premise : Find the right product for your
customers.
▶ Focus on :
- Needs of the buyer
 The Selling and Marketing Concepts
Contrasted
Starting
Concept Focus Means Ends
point

Existing Selling and Profits thru

Selling Factory
products promoting Sales volume

Integrated Profits thru

Customer
Marketing Market (holistic ) Customer
needs marketing satisfaction
 Societal Marketing Concept
▶ Societal marketing concept—following the
marketing concept while preserving or
enhancing customers’ and society’s long-term
well-being.
▶ Premise : Find the right product for your
customers and for the society in the long run.
▶ Focus on :
-Needs of the buyer from a long-term
perspective
-Long-term well-being of the society
-Balance among company’s profit, consumers’
need satisfaction, and society’s long-run
welfare.
 Holistic Marketing Concept
▶ Premise : “Everything matters” with
marketing.
▶ Focus on :
- Relationship marketing aims to build mutually
satisfying long-term relationships with key
constituents in order to earn and retain their
business.
- Integrated marketing requires the marketer to
devise marketing activities and assemble fully
integrated marketing programs that create,
communicate, and deliver value for customers.
- Internal marketing ensures that everyone in the
organization embraces appropriate marketing
principles, especially senior management. Everyone
in the organization must “think customer.”
- Performance marketing emphasizes financial
accountability and social responsibility marketing
 The Integrated Marketing Plan
▶ Transforms the marketing strategy into
action.
▶ Includes the marketing mix and 4 Ps of
marketing:
- Product
- Price
- Place (Distribution)
- Promotion
 Building Customer Relationships
▶ Customer relationship management ( CRM ) :
The overall process of building and
maintaining profitable customer
relationships by delivering superior
customer value and satisfaction.
▶ CRM deals with all aspects of acquiring,
keeping, and growing customers.
▶ Customer value and satisfaction are the
keys.
 Relationship Building Blocks
▶ Customer perceived value: Customer’s evaluation
of the difference between all of the benefits and
all of the costs of a marketing offer relative to
those of competing offers.
- Perceptions may be subjective
- Consumers often do not objectively judge values
and costs.
▶ Customer satisfaction: Dependent on the product’s
perceived performance relative to a buyer’s
expectations.
- Customer satisfaction often leads to consumer
loyalty.
- Some firms seek to DELIGHT customers by exceeding
expectations.
 Customer Relationship Levels and Tools
▶ Loyalty and retention programs build
relationships and may feature:
- Financial Benefits
e.g., frequency marketing programs
- Social Benefits
e.g., club marketing programs
- Structural Ties
▶ Focus is on relating directly to profitable
customers, for the long term.
 Changing Nature of Relationships
▶ Selective relationship management: Customer
profitability analysis eliminates losing
customers and selects profitable ones.
▶ Relating more deeply and interactively via
blogs, social network Web sites, email, and
video sharing.
- Marketing by attraction vs. intrusion
▶ Increased amounts of consumer generated
marketing.
 Partner Relationship Marketing
▶ Marketing partners help create customer
value and assist in building customer
relationships.
▶ Partners inside the firm:
- All employees customer focused
- Teams coordinate efforts toward customers
▶ Partners outside the firm:
- Supply chain management
- Strategic alliances
 Capturing Value From Customers
▶ Customer Lifetime V alue ( CLV )
- The entire stream of purchases that the customer
would make over a lifetime of patronage.
▶ Share of Customer
- The share a company gets of the customers
purchasing in their product categories.
▶ Customer Equity
- The combined discounted customer lifetime values
of all the company’s current and potential
customers.
- Classify customers by loyalty and potential
profitability
- Manage accordingly
 Customer Relationship Groups
industy

Source: Renartz, Werner and V. Kumar (2002), “Mismanagement of Customer Loyalty," HBR, July, p. 92.
 Customer Relationship Groups and Strategy

Source: Renartz, Werner and V. Kumar (2002), “Mismanagement of Customer Loyalty," HBR, July, p. 93.
 Changing Marketing Landscape
▶ The digital age
▶ Rapid globalization
▶ Call for more ethics and social
responsibility
▶ Growth of not-for-profit marketing
 Key Functions of the CMO
▶ Strengthening the brands
▶ Measuring marketing effectiveness
▶ Driving new product development based on
customer needs
▶ Gathering meaningful customer insights
▶ Utilizing new marketing technology
 Rest Stop: Reviewing the Concepts
1.Define marketing and the marketing process.
2.Explain the importance of understanding
customers and identify the five core
marketplace concepts.
3.Identify the elements of a customer-driven
marketing strategy and discuss the marketing
management orientations that guide strategy.
4.Discuss customer relationship management and
identify strategies for creating value for
and capturing value from customers.
5.Describe the major trends and forces that are
changing the marketing landscape.
Case Discussion
 P&G’s Tide – Building Relationships
Value Creation for Building Relationships
Tide •Research Process: Explored the
•History: Tide is an emotional connections women
innovative brand, have with their laundry via
historically positioned consumer immersion.
on the basis of •Findings: Women are linked
superior functional emotionally to clothing.
performance. Fabrics allow women to
•At Issue: Competitors express their attitudes,
can copy product personality, and multiple
benefits quickly, but facets of being female.
can not copy feelings •“Tide Knows Fabrics Best”
toward the brand. campaign featured rich
•Challenge: Understand visual imagery and
what the brand means to meaningful emotional
consumers and how it connections.
fits into their lives. •Result: 7% sales increase.
•Goal: “Speak eye-to-eye
with consumers.”
 Discussion Questions for Build-A-Bear
1.Give examples of needs, wants, and demands that Build-A-
Bear Customers demonstrate, differentiating each of
these three concepts. What are the implications of
each on Build-A-Bear’s action?
2.In detail, describe all facets of Build-A-Bear’s product.
What is being exchanged in a Build-A-Bear transaction?
3.Which of the five marketing management concepts best
describes Build-A-Bear Workshop?
4.Discuss in detail the value that Build-A-Bear creates
for its customers.
5.Is Build-A-Bear likely to be successful in continuing
to build customer relationships? Why or why not?
Session Wrap-up
 Discussion Issues
1.Explain the goal of marketing and how companies achieve
it.
2.Compare and contrast customer needs, wants, and demands.
3.Why is target market selection important for a customer-
driven marketing strategy? How might target market
selection impact customer satisfaction?
4.Name and describe the five different marketing
management orientations. Which orientation do you
believe your school follows when marketing its MBA
program?
5.Explain the difference between share of customer and
customer equity. How does an understanding of share of
customer help marketers attain higher customer equity?
6.Discuss how the Internet impacts marketing.
•This is a PPT file introducing the
course and marketing
management. Please read the file.
It is strongly recommended to read
chapter 1 and Company Case 1 (pp.
535-536) of the textbook before
attending the class.