Summary Year 2 Block 1 - Principles of Marketing (Pearson), Global Edition, 17th edition, ISBN: 9781292220284 Marketing & Sales
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Course
Marketing & Sales
Institution
Hogeschool Rotterdam (HR)
Book
Principles of Marketing plus Pearson MyLab Marketing with Pearson eText, Global Edition
This document summarizes the following key concepts of marketing: Marketing strategies, Market segmentation - Market targeting - Differentiation and Positioning (STP), Product development strategies, Pricing strategies, Promotion mix, Advertising decisions, Personal selling process, Digital marketi...
Marketing and Sales
Summary
Year 2 Block 1
Book: Principles of marketing
(Pearson), 17th edition, Philip Kotler &
Gary Armstrong
Chapters: 1-2, 7, 9-11, 14-18.
1
,Venture strategy: Year 2
Chapter 1 – Marketing: Creating Customer Value and Engagement
Marketing = the process by which companies engage customers, build strong customer
relationships, and create customer value in order to capture value from customers in return.
- Attract new customers by promising superior value and to keep and grow current
customers by delivering value and satisfaction.
The marketing process – Creating and Capturing Customer Value:
Understanding the marketplace and customer needs - Customer needs, wants, and demands:
- (Human) Needs: states of self-deprivation. They include basic physical needs for food,
clothing, warmth, and safety; social needs for belonging and affection; and individual
needs for knowledge and self-expression.
- Wants: the form human needs take as they are shaped by culture and individual
personality. Wants are shaped by one’s society and are described in terms of objects
that will satisfy those needs.
- Demands: human wants that are backed by buying power. Given their wants and
resources, people demand products and services with benefits that add up to the most
value and satisfaction.
Chapter 2 – Company and Marketing Strategy: Partnering to Build Customer Engagement,
Value, and Relationships
Each company must find a game plan for long-run survival and growth that makes the most
sense given its specific situation, opportunities, objectives and resources. This is the focus of
strategic planning.
Strategic planning: the process of developing and maintaining a strategic fit between the
organization’s goal and capabilities and its changing marketing opportunities. The company
starts the strategic planning process by defining its overall purpose and mission; see the steps
below.
2
, Venture strategy: Year 2
Defining the company mission: many organizations develop a mission statement that states
what the purpose of the organizations is – what it wants to accomplish in the larger environment.
Setting company objectives and goals: the company needs to turn its broad mission into detailed
supporting objectives for each level of management.
Designing the business portfolio: guided by the company’s mission statement and objectives, the
business portfolio must now be planned – it’s the collection of businesses and products that
make up the company. This involves two steps:
1. Analyze the current business portfolio (portfolio analysis): management evaluates the
products and businesses that make up the company and determines which business
should receive more, less, or no investment.
- Growth-share matrix: a portfolio-planning method that evaluates a company’s
strategic business units in terms of market growth and relative market share.
2. Shape the future portfolio by developing strategies for growth and downsizing:
- Product/market expansion grid: identifies company growth opportunities through
market penetration, market development, product development, or diversification.
3
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