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Foundations of Marketing summary / lecture notes
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All of the 14 lectures given for this course are in this document with additional notes about what is important for the exam. Grade achieved: 9,2
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Foundations of marketingExam
- Slides (down below)
- Marketing an introduction, Armstrong and Kotler 12th edition chapters:
1,2,3,5,6,7,8,9,10,11,12,13,14
LECTURE 1 - chapters 1 + 2
What is marketing?
- The process of by which companies create value for customers and build strong
customer relationship in order to capture value from customers’ return
Goals:
- Attract new customers by promising superior value
- Keep and grow current customers by delivering satisfaction
OLD view of marketing
- Making a sale—“telling and selling”
NEW view of marketing
- Satisfying customer needs
Marketers must understand five core customer and marketplace concepts:
- Needs, wants, and demands
- Market offering (products, services, and experiences)
- Value and satisfaction
- Exchanges and relationships
- Markets
Modern marketing system:
Organisations design and carry out their marketing strategies under five alternative concepts:
- Production concept
- Product concept
- Selling concept
- Marketing concept
- Societal marketing concept
Societal marketing:
,Calls for sustainable marketing, socially and environmentally responsible marketing that
meets the present needs of consumer while also preserving the ability of future generations
to meet their needs.
Preparing an integrated marketing plan and program:
Mixing marketing tools:
- Product
- Price
- Place (all activities that make it available for you)
- Promotion
The firm must blend each marketing mix tool into a comprehensive integrated marketing
program.
Customer relationship management:
The overall process of building and maintaining profitable customer relationships by
delivering superior customer value and satisfaction
Customer lifetime value:
The value of the entire stream of purchases that the customer would make over a lifetime of
patronage.
Share of customers:
The portion of the customer’s purchasing that a company gets in its product categories.
LECTURE 2 - Chapter 3
Strategic planning:
The process of developing and maintaining a strategic fit between the organization’s goals
capabilities and its changing marketing opportunities.
Steps in strategic planning:
The BCG Growth-Share Matrix:
, On the vertical axis, market growth rate provides a measure of market attractiveness. On the
horizontal axis, relative market share serves as a measure of company strength in the
market. Under the classic BCG portfolio planning approach, the company invests funds from
mature, successful products and businesses (cash cows) to support promising products and
businesses in faster-growing markets (stars and question marks), hoping to turn them into
future cash cows. The company must decide how much it will invest in each product or
business (SBU). For each SBU, it must decide whether to build, hold, harvest, or divest.
The Product/Market Expansion Grid:
Companies can grow by better penetrating current markets with current products. Through
diversification, companies can grow by starting up or buying businesses outside their current
product/markets.
Strengths are not necessarily things that you do well.
SWOT is done by external council:
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