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Summary Advanced Marketing
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Summary of Advanced Marketing for MA1 Business Engineering at the VUB.
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By: hiyam • 1 year ago
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Advanced Marketing1. Marketing Recap.:
1. Marketing:
1.1. Conceptualization:
Marketing is... ‘the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and
society at large’.
Marketing is... ‘the management process of anticipating, identifying and satisfying customer
requirements profitably’.
Marketing as an exchange:
à a two-way (dyadic) process (non-profit, B2C vs. B2B marketing)
Marketing = products?
à No, for example Trump campaign.
Marketing = sales?
à No, the aim of marketing is to know and understand the customer so well, the
product of service fits him and sells itself (relational vs. transactional marketing, goods
vs. service-dominant logic).
1
,Marketing = advertising?
à No, Advertising is only a tool in Marketing:
Marketing = only “for” profit?
à Marketing is readily used by local governments, churches, museums, charities,
universities, political parties, zoos, and public hospitals (all of which operate without
profit as central goal).
à Beyond profit as a central objective
E.g., generating awareness, acquiring volunteers, informing people, collect funding,
lobby for changes in legislation and policy, ...
Marketing’s customer is not necessarily also consumer! (push vs. pull marketing)
2
, 1.2. Position in Business Society:
Very early: Branding “avant la lettre”:
Marketing historians:
Keith (1960):
• Marketing largely developed in the 20th century (1920s)
Enright (2002):
• Entrepreneurship in 16th century
• Mass consumption in England already in the 17th century
• Market for insurance in 18th century
Fullerton (1998):
• Advertising by soap firms in 19th century
• Self-service supermarket US in 1930s
• Consumer engineering to design products in 1930s
Cut Marketing Budget is a mistake: “Don't you dare cut your marketing budget. That is one of
the first mistakes businesses make during times of economic crisis.”
• Procter and Gamble - During the Great Depression they pushed Ivory soap.
• Intel - In 1990-1991 during economic difficulty they pushed out the campaign "Intel
Inside".
• Walmart - Walmart launched their "Every Day Low Prices" campaign in 2000-2001.
“Brand Marketing Through the Coronavirus Crisis”
1. Present with empathy and humility (e.g., Guinness St. Patrick’s Day: from pub
gatherings to a message of longevity and wellbeing)
2. Use media in more agile ways (e.g., Nike ‘Play inside, play for the world’)
3. Associate your brand with good (e.g., with true heart and generosity – from alcohol
to hand sanitizers, donations, continuing to pay employees while the company’s doors
are closed)
4. Track trends and build scenarios
3
, 5. Adapt to new ways of working to keep delivering
• “New sources of innovation and even margin improvement will emerge out of
our current discomfort.”
Porter’s Value Chain:
• Marketing and Sales are part of primary activities.
• Be aware of value proposition that you are capable of offering, because any
overpromises will be seen through and will result in negative feedback.
Marketing Management Philosophies over the years:
1. Production concept (Production)
2. Product concept (Quality)
3. Sales concept (Sales)
4. Marketing concept (Need)
5. Societal marketing concept (Environment)
6. Sustainable marketing concept (Future)
1. Production concept
➢ 1890s – 1915
➢ After industrial revolution
➢ Focus on physical production and distribution
➢ Demand > Supply → little competition
➢ Limited range of products
➢ Consumers favor products that are available and highly affordable
2. Product concept
➢ 1915 – 1920s
➢ After industrial revolution
➢ Consumers favor products that offer the most quality, performance, and innovative features
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