These are the summaries of the chapters indicated in the book Principles of Marketing for a Digital Age. These notes have been used for my Open Book exam. The page numbers are attached to every question, so you can still look it up if you're stuck. Attention! Notes & Page Numbers have been applied ...
Principles of Marketing for a Digital Age - Summary
Summary Principles of Marketing for a Digital Age, ISBN: 9781526423344 Marketing Principles
Summary principles of marketing_Tracy L. Tuten Open book exam HU
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Marketing Principles
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Chapter 1:
What has been the evolution of marketing over time? In what ways has marketing shifted in
response to consumer demands? Page 4-9
Marketing is relatively young. It developed with the first industrial revolution, grew in recognition and
relevance with the second, and experienced substantial changes during the third. (Fig. 1.1) The fourth
industrial revolution, Industry 4.0, is at and an with it we have come to a new era of marketing. The
marketing concept era began. This era focused on identifying and meeting the needs of target markets and
doing so better than competitors. The result of all of this is called "societal marketing concept".
What is marketing? What are the core concepts of marketing? Page 10-14
The American Marketing Association (AMA) define marketing as the activity, set of institutions
(vastgesteld, instanties), and processes for creating, communicating, delivering, and exchanging offerings
that have value for customers, clients, partners, and society at large.
The core concepts of marketing are Market, Exchange, Needs and Utility.
What are the elements of the marketing mix? What can be marketed? Page 14-17
(Fig, 1.3) The classic marketing mix includes the 4 Ps: product, price, place, and promotion. The Mix
expanded to three additional Ps: people, process, and presence. Elements that can be marketed are
product, promotion, people, process, and presence.
How are the technologies of Industry 4.0 revolutionizing marketing and customer experience? Page
17-24
Industry 4.0 applies physical and digital technologies, including
the Internet of Thing, advanced analytics, robotics, high-performance computing, artificial intelligence
and cognitive technologies, virtual and augmented reality, and multi-source data manufacturing. These
technologies make the way we approach customers with products, distribution, channels, media and
promotions, and pricing possible. Customers interact with brands online and offline, data is produced and,
when captured, stored, and used in analytics. Industry 4.0 drives powerful insights into buyer behaviour.
What is MarTech, and how does it support marketing in the age of convergence? Page 24-26
MarTech is a combination of digital technology and marketing. (Tab. 1.4)
Review questions:
What are the four stages of the industrial revolution? How did each stage influence the marketing
orientation that prevailed during and after?
,(Fig. 1.1) The four stages of the industrial revolution are Industry 1.0 - Simple trade era, Industry 2.0 -
Production and Sales era, Industry 3.0 - Marketing Concept and Societal Marketing era, and Industry 4.0 -
Holistic Marketing and Marketing Convergence era.
Industry 1.0: Introduced mechanization and factories powered by steam capable of production
efficiencies. The demand for products was more than the supply. Starting the production era
Industry 2.0: Increased the supply resulting in more competition. Creating the selling era, which valued
persuasion, to push product and convince buyers.
Industry 3.0: The development of computers and robotics marked an age of information. The marketing
concept era began, focused on the goals and needs of the target market. Then Industry 4.0 began ^.
What are the eras of marketing? How are societal marketing and the era of marketing convergence
different from the eras that preceded the marketing concept?
Production and Sales era
Marketing Concept and Societal Marketing era
Holistic Marketing and Marketing Convergence era.
How do you define marketing?
marketing is the activity, set of institutions (vastgesteld, instanties), and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and
society at large. (AMA)
How can Maslow's Maslow's hierarchy of needs be applied to organizational needs? Page 12-
13&188
According to Maslow, physiological needs (hunger, thirst) are first, followed by security needs, social
needs (affiliation;aansluiting), self-esteem needs (purpose-driven achievement), cognitive needs to know
and understand, aesthetic needs, and finally self-actualization needs. This need hierarchy can also be
applied to organizations.
What are the 7 Ps? What kinds of marketing decisions are associated with each one?
Product: Core benefit, Design, Packaging, Quality, and Branding
Price: Value, Elasticity for demand, Costs, and Strategy.
Place: Distribution channel - Online/Offline, Directness, and the use of intermediaries.
Promotion: Communication - Advertising, Public relations, Social media marketing, Selling.
People: Influences and experiences - Service providers, Customer relationship management, and Internal
marketing to employees.
Process: ^ Customer journey, Experience (CX).
Presence: ^ "Built" environment cues (physical, online, virtual), Spatial layout, and Aesthetic visual
design.
What are the primary forms of technology used in Industry 4.0 and influencing MarTech stacks?
, Chapter 2:
What is buyer behaviour, and why do marketers seek to understand it? Page 44-45
Buyer behaviour is understanding the needs and wants of the market, that is, how prospective
customers evaluate, select, buy, use, and dispose of products. Understanding the thoughts,
feelings, and actions of our target audiences helps marketers make better decisions.
How are purchase decisions made? What factors and do characteristics influence these
behaviours? Page 47-56
The consumer decision-making model is set as five stages of activities a person experiences
when making a purchase.
1. Need recognition
2. Information search
3. Evaluation of alternatives
4. Purchase
5. Post-purchase outcomes
Each stage can be influenced by a consumer's individual characteristics such as personality and
lifestyle, social influence including culture and family, friends, and reference groups, and
situational factors like the time available to make a decision and the degree of risk perceived.
Why are customer journey maps used to describe consumer decision processes? Page 56-58
Companies engage in the research activity of customer journey mapping to capture the details of
consumer decision-making, and the resulting customer journey maps are then used along with
other target audience insights to guide marketing decision-making.
What are moments of truth and micro-moments? How do they relate to the growing
importance of customer experience management? Page 59-63
Moment of Truth (MoT) is a moment in the customer journey at which the relationship between
consumer and brand is at stake. They are the critical moments, moments that determine whether
a brand wins the customer's business and whether the customer will be satisfied. Micro-moments
are "intent-driven moments of decision-making and preference-shaping that occur throughout the
entire consumer journey". Micro-moment focuses on the different motives and desires customers
may experience on the path to purchase. Customer experience management empowers
companies to match marketing strategies and tactics to improve the buyer journey experience.
What do we know about organizational (B2B) buyer behaviours and the factors and
characteristics that influence them? Page 63-69
B2B buyer behaviour differs from B2C because of the characteristics of the organization and the
nature of the purchase task and situation.
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