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Breakout Activity Seminar 1: Needs, wants and Demands, Holistic Marketing Concept,Macroenvironment factors, Market researchBreakout Activity Seminar 2: Customer perceived value, Managing customer base, Customer Relationship Management, Factors that influence a consumer, 5 Stages of buying decisionBr...

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Breakout Activity Seminar 1: Needs, wants and Demands, Holistic Marketing Concept, Macroenvironment factors, Market research Breakout Activity Seminar 2: Customer perceived value, Managing customer base, Customer Relationship Management, Factors that influence a consumer, 5 Stages of buying decision Breakout Activity Seminar 3: Modes of market entry, Segmentation Variable, Target Market, POP and POD, Product Life Cycle, Market Segmentation Breakout Activity Seminar 4: Levels of Value Hierarchy, Product/Service differentiation, Product mix pricing, 4 characteristics of services, Pricing objective and Pricing method, Price adaptation strategy Breakout Activity Seminar 5: Service outputs, Distribution strategy(Intermediaries), Type of channel conflict, Managing channel conflict, Target audience, Creative strategy, Mass communication tools Breakout Activity Seminar 6: Digital communication tools, Mass communication tools, Personal communication tools

SU1: Needs, wants and Demands, Types of entities, Key players in a market, Core marketing concepts, Holistic Marketing Concept, Macroenvironment, Market research SU2: Customer perceived value, Customer value proposition, Maximising customer value, Customer relationship management, Factors that influence consumer, Psychological process, 5 stages of buying decision SU3: Segmentation variables, Targeting, Brand positioning, POD and POP, Product life cycle, Product life cycle marketing strategies, Entry strategy (Waterfall/Sprinkler), Mode of entry SU4: Customer value hierarchy, Product/Service differentiation, Product design, Luxury products, Product line management, Product mix pricing, Packaging, Characteristics of Services, 6 step price setting: Price objective, Price sensitivity, Estimating costs, Analysing competitors, Price setting method, Adapting the price SU5: Channel levels, Channel design decisions (5 steps), Service outputs, Number of intermediaries (Channel distribution strategy), Channel management decisions, Types of channel conflict, Managing channel conflict, Marketing communication mix, Mass communication tools SU6: Digital communication tools, Personal communication tools, Socially responsible marketing

Study Unit 1 Types of marketing activities The 10 entities are: Goods (eg: IKEA), services (eg: Counseling), events (eg: SG-50), experiences (eg: USS), person (eg: Election Candidate), place (eg: Singapore), property (eg: The Foresta Condo), organization (eg: SUSS), information (eg: The Straits Time) and idea (eg: “Don’t drive and drink” Campaign). Jewel marketed goods and services. The meaning of goods is merchandises such as clothing, books, etc. The meaning of services is the action of providing assistance to facilitate needs or wants such as storing luggage services, etc. In reference to the given article, 280 shops and F&B outlets will open ranging from the largest nike store in SEA, to local favorites like Muji and Uniqlo. Services that are marketed are example, early check in lounge, facilities like integrated ticketing and baggage services for fly-cruise and fly-coach transfer, which enhances travel experience.

Consumer needs, wants and demands Consumer needs: For basic communications via text messages or phone calls. Consumer wants: Nostalgic design Consumer demands: Just a basic-talk-and-text-centric phone without features that allow smartphone games or distractions such as social media and cheap pricing at below $100.

Macroenvironment trends The Demographic Environment a) Size and growth rate of populations in cities, regions, and nations; b) Age distribution and ethnic mix; c) Educational levels; d) Household patterns; and e) Regional characteristics and movements. The Economic Environment 1) current incomes and savings; 2) prices; and 3) debt, and credit availability.

Socio-Cultural Environment From our socio-cultural environment, we absorb, almost unconsciously, a world view that defines our relationships to ourselves, others, organisations, society, nature, and the universe: i) Views of ourselves; ii) Views of others; iii) Views of organisations; iv) Views of society; v) Views of nature; and vi) Views of the universe. b. Core beliefs and values are passed on from parents to children and are reinforced by social institutions. Secondary beliefs and values are more open to change. Marketers have some chance of changing secondary values, but little chance of changing core values. Although core values are fairly persistent, cultural swings do take place. c. Each society contains subcultures, groups with shared values emerging from their special life experiences or circumstances. 1 socio-cultural trend that will impact success of Jewel is lifestyle changes. There is an increasing trend towards the popularity of family-oriented malls. With the opening of Jewel, there are many facilities that caters to families with kids such as play areas like the 14,000 sqm Canopy park featuring bouncing nets and variety of mazes, cinema with child-friendly features such as reduced brightness and volume of the theatre. There are also 280 shops and food and beverages outlets- with such a huge number of shops, means that there is a plethora of options that caters to all ages. As it is located in the airport, there are baby care facilities such as free to use strollers, nursing rooms and changing facilities. These facilities and features of Jewel would definitely attract families, as well as people of all ages. Hence, contributing to the success of Jewel. Socio-cultural trend: Popular South Korean/Japanese celebrities endorses a product and it created a trend which most people will follow. As a result of this trend, it may increase sales for Watsons. Natural Environment a) Shortage of raw materials, such as water; b) Increased cost of energy, such as oil; c) Increased pollution levels, such as carbon monoxide and nitrogen oxide pollution; and d) Changing role of governments.

Technological Environment a) Accelerating pace of change; b) Unlimited opportunities for innovation; c) Varying R&D budgets; and d) Increased regulation of technological change. 1 technological force is the increasing innovation and designs of the mall are only made possible with the advancement of technology through focus of technological efforts and huge spending on R&D. Innovations such as the rain vortex- world’s tallest indoor waterfall. The waterfall is supplied through harvested rainwater and then re-used. Such innovations resulted from the advancement of technology contributes to the success of Jewel as it attracts more customers. Technological factor: Using AI to predict customer’s wants and needs as well as their schedule of buying products. OR Augmented Reality for customers to view products through their phones and computers before buying. One possible development in the technological environment can possibly be the integration of touchscreen for Nokia 3310. As it is increasingly popular in the market, it could attract more consumers with its adaptation to the everchanging demand of the consumer market, by keep up with the latest trend yet not losing its retro design. Having such added feature on a nostalgic model of Nokia could spark curiosity of consumers on how the retro Nokia 3310 can be revamped. This will likely impact and increase the consumer demand of Nokia 3310.

Political-Legal Environment a. The political and legal environment consists of laws, government agencies, and pressure groups that influence various organisations and individuals. Sometimes, these laws create new business opportunities. b. Increase in business legislation. This includes legislations to protect companies from unfair competition, consumers from unfair business practices and society from unbridled business behaviour; and charge businesses with the social costs of their products or production processes. c. Growth of special interest groups. The growth of special interest groups, such as Consumer Association of Singapore (CASE), has seen more actions and pressures undertaken by some of these groups to protect the rights of consumers and other stakeholders in communities. d. The personal data economy worries consumers. There will be regulations for consumer protection.

Holistic Marketing Concept a. Holistic Marketing involves four components: 1) Integrated marketing; 2) Internal marketing; 3) Relationship marketing; and 4) Performance marketing. b. Integrated Marketing involves designing and implementing marketing activities/programmes to create, communicate, and deliver value for consumers such that “the whole is greater than the sum of its parts.” Integrated marketing entails: 1) Products & Services; 2) Communications; and 3) Channels. c. Internal Marketing ensures everyone in the organisation embraces appropriate marketing principles. It recognises that marketing succeeds only when all departments work together to achieve customer goal. Internal marketing requires vertical alignment with senior management and horizontal alignment with other departments to ensure everyone understands, appreciates, and supports the marketing effort. Corporate communications and staff training are important for internal marketing. d. Relationship Marketing aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business. These constituents include: customers, employees, marketing partners (channels, suppliers, distributors, dealers, agencies), governing bodies, and the members of the financial community (shareholders, investors, analysts). e. Performance Marketing requires understanding both the financial and nonfinancial returns to business and society from marketing activities and programmes. Performance marketing calls for financial accountability of marketing activities. It is therefore important that companies conduct tracking studies to link the marketing activities to sales revenue, and brand and customer equity. Performance marketing also calls for social responsible marketing and urges marketers to consider legal and ethical aspects of marketing, and the impact of business activities to the environment and communities.

Relationship marketing key constituents One key constituent is Jewel’s customers. Jewel can solicit customer feedback through surveys such as providing a link to google forms to customers to fill their experiences and feedback on what could be improved. After which, reward completed surveys with loyalty benefits such as discounts or vouchers. Through these, it gives customers the impression that their opinions are valued and heard, giving them a sense of importance so customers will likely stay long-term. Loyalty benefits are attractive as they feel like they earned something that also benefits them. These vouchers and discounts also create sales opportunities as customers return to Jewel to use the vouchers. Another key constituent is its stakeholders such as the employees and retailers like Uniqlo. Relationship marketing can be adopted by constantly communicating Jewel’s view that stakeholders are partners in a joint effort to satisfy end users of products (such as customer dining in Jewel). Jewel can also keep closely in touch with stakeholder’s needs and wants and tailor their offering to provide superior value. This way, stakeholders will feel more motivated and loyal towards Jewel.

Study Unit 2 Factors that influence a consumer A consumer’s buying behaviour is influenced by cultural, social, and personal factors. Cultural Factors. Culture, subculture, and social class are particularly important influences on consumer buying behaviour. Culture is the fundamental determinant of a person’s wants and behaviours. Each culture consists of smaller subcultures that provide more specific identification and socialisation for their members. Social Factors such as reference groups, family, and social roles and statuses affect our buying behaviour. Personal Factors that influence a buyer’s decision include: 1) age and stage in the life cycle; 2) occupation and economic circumstances; 3) personality and self-concept; and 4) lifestyle and values. One social factor is through reference group such as celebrities to endorse the product which could influence a consumer’s decision to purchase the Samsung Fold phone. The celebrity endorsement could affect the self-concept of how the consumer see themselves after possessing a phone that is endorsed by their favourite celebrity. One personal factor is the occupation and economic circumstances. The foldable phone might be too expensive for a typical student with little to no income to purchase. A huge deciding factor to purchase the product or not could be the consumer’s financial status if they can afford it. 1 likely personal factor would be lifestyle. There is a lifestyle shift of interests and opinions towards spectacles and these are shaped by the change in prices of spectacles to becoming all-in-one affordable pricing and the trend driven by celebrities. The article states that the glasses are so popular these days that even those with perfect eyesight are putting them on. Korean celebrities are a huge drive towards this trend. There is an upward trend on how wearing spectacles are viewed. It used to be uncool and dorky but now, a lot of people are wearing it as a fashion accessory. Hence this lifestyle shift will have an influence on buying behaviour of spectacles.

Another personal factor would be self-concept. Driven from the lifestyle of having an upward trend of wearing spectacles, the availability of wide variety and fashionable spectacles can have an impact on consumer’s self-concept, on how they see themselves. Consumer needing or wanting to wear spectacles choose spectacles that look good on them as it affects how people think of them. This can be seen evident from the article that Mr James Wong said that he thinks what he wears affects how he looks and what people think of him. So, naturally he wears spectacles that makes him look more attractive. This implies that selfconcept of how he views himself and how others view him have an influence on consumer buying behaviour for spectacles. A social factor that could affect a consumer to buy an apple watch is clique. A consumer might be affected by other clique members who owns an Apple Watch and the frequent discussion of the apple watch and benefits may induce a consumer to try out and buy the watch so that they would have similar view and conversations about the apple watch. The age and life stage of a consumer is one of two personal factors that could influence a consumer to buy an Apple watch. For instance, a young woman in her 20s who likes hiking would find the Series 5 useful as she is able to track her direction and elevation during a hike. Furthermore, the menstrual cycle tracking feature could be a convenient and useful feature for her to track her menstrual cycle. The second personal factor could be a consumer’s economic circumstances. A consumer with higher spending power may choose to buy a Series 5 instead of a Series 4 because they want the more expensive titanium or ceramic case finishes. This is a symbol of status and affluent to them.

Customer Relationship Management (Relationship building/Loyalty bulding) 1) Personalised marketing; 2) Customer empowerment; 3) Management of customer reviews and recommendations; and 4) proper handling of customer complaints.

Oblique Eyewear can solicit customer feedback through surveys such as providing a link to google forms to customers to fill their experiences and feedback on what could be improved. After which, reward completed surveys with loyalty benefits such as discounts or vouchers. Through these, it gives customers the impression that their opinions are valued and heard, giving them a sense of importance so customers will likely stay long-term. Loyalty benefits are attractive as they feel like they earned something that also benefits them. These vouchers and discounts also create sales opportunities as customers return to Oblique Eyewear to use the vouchers. This way, they build loyalty among consumers while increasing profits hence, increasing market share for its eyewear business. Oblique Eyewear can also create a loyalty point system. This can be done through free membership sign up where they offer various types of reward points. An example would be, with every $10 spent, a point is awarded and when the customer reached certain points, they can redeem a gift or vouchers. The point system can also lead to different tier loyalty. For example, bronze tier for the basic membership where you can get 5% discount, whereas silver tier membership can grant up to 10% discount and priority queue, and so on and so forth, with increasing rewards for each increasing tier. With free memberships and a strong and honest loyalty point system, customers will be enticed to stay loyal towards Oblique Eyewear. Hence, building market share for its eyewear business.

Increasing Customer Base Value 1) Reducing the rate of customer defection; 2) Increasing the longevity of the customer relationship; 3) Enhancing the growth potential of each customer through “share-of-wallet, cross-selling, and up-selling”; 4) Making low-profit customers more profitable or terminating them; and 5) Focusing disproportionate effort on high-value customers.

Buying Decision Model 1) Problem recognition; 2) Information search; 3) Evaluation of alternatives; 4) Purchase decision; and 5) Post purchase behaviour. a. Step 1: The buying process starts when the buyer recognises a problem or need. With an internal stimulus, one of the person’s normal needs – hunger, thirst, etc. – rises to a threshold level and becomes a drive; or a need can be aroused by an external stimulus such as an advertisement. b. Step 2: Information search. Through market research, a consumer gathers information about the competing brands of a product and their features. The consumer then advances through four sets with respect to brands before a decision is reached. The four sets are: 1) the total set; 2) the awareness set; 3) the consideration set; and 4) the choice set. c. Step 3: Evaluation of alternatives. Consumers are searching for certain benefits from the product. They see each product as a bundle of attributes with varying abilities to deliver the benefits. They then form beliefs and attitudes from the evaluations. d. Step 4: At the purchase decisions stage, the attitudes of others and unanticipated situational factors may intervene and affect decision making. A consumer’s decision is also heavily influenced by perceived risks such as functional risk, physical risk, financial risk, social risk, psychological risk and time risk. e. Step 5: Post purchase behaviour. Consumers may experience dissonance from product usage or competitive information. Marketers need to monitor post purchase satisfaction, post purchase actions, & post purchase uses and disposals.

Customer Satisfaction a. Satisfaction is the person’s feelings of pleasure or disappointment from comparing a product’s perceived performance to expectations. If the performance falls short of expectations, the customer is dissatisfied. If it matches expectations, the customer is satisfied. If it exceeds expectations, the custoer is highly satisfied or delighted. b. Expectations are formed from past experiences; friends’ and associates’ advice; and marketers’ and competitors’ information and promises. It is important that company’s product performance matches customer expectations, which are influenced by the company’s promises and the market movement. c. Satisfaction is highly dependent on product and service quality. High product quality leads to satisfaction, which supports higher prices and leads to higher profitability. d. The handling of customer complaints is very important for customer satisfaction. Given the potential downside of having an unhappy customer, it is critical that markets deal with negative experiences properly. e. Companies should proactively monitor customer satisfaction through research such as periodic surveys and mystery shoppers. They should also monitor brand health indexes such as customer loss rate and customer complaints. Product ...