In het document worden de hoofdstukken 1,2,3,5,6,7 + 19&20 behandeld. Dit is de lesstof van het vak marketing van de opleiding International business. Deze samenvatting kan gebruikt worden voor het eerste gedeelte van Marketing dat gegeven wordt in jaar 1.
Summary Marketing book Principles of Marketing, IBS quarter 3, year 1
Samenvatting Principles of Marketing, ISBN: 9781292269566 Marketing
Marketing year 2 quarter 1 Avans
All for this textbook (15)
Written for
Saxion Hogeschool (Saxion)
International Business School
Marketing
All documents for this subject (21)
Seller
Follow
sanneschotman
Content preview
§CHAPTER 1: WHAT IS MARKETING?
Marketing: is engaging customers and managing profitable customer relationships. (for
profit and not-for-profit organisations)
Goal of marketing
To attract new customers by promising superior value
To keep and grow current customers by delivering value and satisfaction
Old traditional form: through TV and massages to the masses
New form: using online reach directly, personally and interactively.
Marketing defined: as the process by which companies engage customers, build strong
customers relationships and create customers value in order to capture value from the
customers in return.
The marketing process (five step model)
For customers
Step 1: Understanding the marketplace and customer needs and wants (understanding)
Customers need, wants and demands
Needs: states of felt deprivation. Physical (food), social (belonging), individual
Wants: the form human needs take as they are shaped by culture and individual
personality
Demand: Human wants that are backed by buying power.
Companies conduct consumer research, analyse of customer data and observe
customers as they shop and interact. (stay close to customers)
Marketing offerings (products, services and experience)
Marketing offerings: some combination of products, service, information or
experience offered to a market to satisfy a need or want. Also include other entities
Service-> activities or benefits offered for sale
Marketing myopia: the mistake of paying more attention to the specific product a
company offers that to the benefits and experiences produced by these products.
They focus only on product and the wants. They forget that a product is only a tool t
solve a customer problem.
Smart marketers create brand experience for consumers.
Value and satisfaction
Customers form expectations about the value and satisfaction that various market
offerings will deliver and by accordingly. Satisfied customers buy again tell to
other.
Marketers must be careful with the expectations. Low fail enough buyers
High buyers will be disappointed
Exchanges and relationships
Exchanges: the act of obtaining a desired object from someone by offering
something in return. Marketers tries to bring about a response to sone marketing
offering.
, Marketing consists of actions taken to create, maintain and grow desirable exchange
relationships with target audience involving a product, service, idea or other object.
Markets
Market: The set of all actual and potential buyers of a product or service.
Marketing activities: Sellers must search for and engage buyers, identify their needs,
design good market offerings, set prices for them, promote them and store and
deliver them.
Customers market when they search for products, interact with companies to obtain
information and make their purchases. The digital technologies have empowered
consumers.
Marketing involves serving a market of final consumers in the face of competitors.
Figuur 1.2 staan
Step 2: design a customer-driven marketing strategy (creating customer value)
Marketing management can design a customer value-driven marketing strategy.
What customers will we serve? (what’s our target market)
Whom it will serve diving the market into segments of customers and selecting
which segment it will go after. Timing and nature of their demand.
How can we serve these consumers best? (what’s our value proposition)
The company must also decide how it will serve target customers (how it will
differentiate and position itself in the marketplace). A brand’s value proposition is
the set of benefit or values it promises to deliver to consumers to satisfy their needs.
Such value propositions differentiate one brand from another.
Marketing management: the art and science of choosing target markets and building
profitable relationships with them. 5 alternative concepts under which organisations design
and carry out their marketing strategies:
o The production concepts
The idea that consumers will favour products that are available and highly
affordable; therefore the organisation should focus on improving production
and distribution.
Useful in some situations, the production concept can lead to marketing
myopia.
o The product concept
The idea that consumers will favour products that offer the most quality,
performance and features; therefore, the organisation should devote its
energy to making continuous product improvements. Only focussing on the
company’s product can also lead to marketing myopia.
o The selling concept
The idea that consumers will not buy enough of the firm’s products unless
the firm undertakes a large-scale selling and promotion effort. The aim often
is to sell what the company makes rather than to make what the market
wants.
o The marketing concept
, A philosophy in which achieving organisational goals depends on knowing the
needs and wants of target markets and delivering the desired satisfactions
better than competitors. Under marketing concept, customer focus and value
are the paths to sales and profits. To find the right products for your
customers.
Figuur 1.3 moet hier komen te staan
Marketing concept often means more than simply responding to customers
stated desires and obvious needs. Customer-driven companies clear need
exists and when customers know what they want. Understanding customers
needs even better than customers themselves do an creating product and
services that meet both existing and latent needs.
o The societal marketing concept
The idea that a company’s marketing decisions should consider consumers
wants the company requirements and the long-term interests of consumers
and society.
Conflicts between consumer short-run wants and long-run welfare
sustainable marketing: socially and environmentally responsible marketing
that meets the present needs of consumers and businesses while also
preserving or enhancing the ability of future generations to meet their needs.
Shared value: focuses on creating economic value in a way that also creates
value for society
The companies should balance three considerations in setting their marketing
strategies: company profits, consumers wants and society’s interests.
Step 3: construct an integrated marketing programme that delivers superior value (creating
customer value)
The marketing programme builds customer relationships by transforming the
marketing strategy into action marketing mix: the set of marketing tools the firm
uses to implement its marketing strategy.
Four Ps of marketing: product, price, place and promotion.
o Product: create a need-satisfying marketing offering
o Price: decide how much it will charge for the offering
o Place: how it will make the offering available to target customers
o Promotion: engage target customers, communicate about the offering and
persuade consumers of the offer’s merits.
Step 4: build profitable relationships an create customer delight (build strong customer
relationships)
Customer relationships management (CRM): the overall process of building and maintaining
profitable customer relationships by delivering superior customer value and satisfaction.
o Customer-perceived value: the customer’s evaluation of the difference
between all the benefits and all the costs of marketing offer relative to those
of competing offers.
The customer act perceived value 1) value might mean sensible products
at affordable prices. 2) value might mean paying more to get more
o Customer satisfaction: the extent to which a product’s perceived
performance matches a buyer’s expectations
, Companies aim to delight customers by promising only what the can deliver
and then delivering more than they promise deliver high customer
satisfaction relative to competitors, it does not attempt to maxims customer
satisfaction. Increase customer satisfaction by lowering its prices or
increasing its service.
Company with many low-margin customers may seek to develop basic relationships
Company with few customers an high margins, sellers want to create full
partnerships with key customers.
Stronger bond with customers specific marketing tools
The old marketing: involved marketing brands to customers
o Frequency marketing programmes: reward customers who buy frequently or
in large amount
o Club marketing programmes: offer members special benefits and create
member communities
New customer relationships-building tools digital and social media
o Customer-managed relationships: which customers connect with companies
and with each other to help forge and share their own brand experiences.
o Attraction: creating market offerings and messages that engage customers
rather than interrupt them.
The key to engagement marketing is to find ways to enter consumers’ conversations
with engaging and relevant brand massages.
The new marketing customer-engagement marketing: marking the brand a
meaningful part of consumer’s conversations and lives by fostering direct and
continuous customer involvement in shaping brand conversations experiences and
community
o Consumer-generated marketing: brand exchanges created by consumers
themselves – both invited and uninvited – by which consumers are playing an
increasing role in shaping their own brand experiences and those of other
consumers.
Ask consumer for new product and service ideas, inviting customers to play
an active role in shaping ads.
Brands incorporate user-generated social media content into their own
traditional marketing and social media campaigns difficult, because
consumers have so much control over social media content, inviting their
input can sometimes backfire.
Partner relationship management: working closely with partners in other company
departments and outside the company to jointly bring greater value
Every functional area in the organisation must understand marketing and be
customer focused to create customer value
Supply chain: a longer channel, stretching from raw materials to components to final
products that are carries to final buyers. Supply chain management: companies
today are strengthening their connections with partners all along the supply chain.
Value form customers
Step 5: capture value from customers to create profits and customer equity
Creating customer loyalty and retention
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller sanneschotman. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.74. You're not tied to anything after your purchase.
