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samenvatting Marketing (Engels), H1-H8, boek + slides + notities les, 2021
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- Marketing
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- Universiteit Antwerpen (UA)
samenvatting Marketing (Engels), H1-H8, boek + slides + notities les, 2021
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Samenvatting marketingChapter 1: Marketing Principles and Practice
1.1 What is marketing?
Marketing is a social and managerial process by which individuals and groups obtain what they need and want
through creating and exchanging products and value with others
- Value: brings something to my life
- In business context: To build and maintain profitable customer relationships
Exchange (core of marketing) = act of obtaining a desired object from someone by offering something in return
- At least two parties
- Each must hold something of value to offer
- Parties must want to deal with each other
Exchange creates value because it gives people more consumption choices or possibilities
Customer value= the consumer’s assessment (beoordeling) of the product’s overall capacity to satisfy his or her
needs => perceived value = gewaardeerde waarde
Marketing: the science of knowing what economists are wrong about -> in economics we learn that people
maximize utility, marketeers look at way more than just utility (value much more than utility)
Example of value: you buy an electric car
- Benefits: status you get, no need to buy gas, you get a tax break…
- Costs/drawbacks: very expensive
- In terms of utility probably not a good idea to buy an electric car (you must drive a lot before it’s a good idea)
- In terms of perceived value, it’s a good idea
Customer vs consumer
- A customer is the buyer, a purchaser, a client, a shopper...
- A consumer uses/eats the product
Market orientation (3 definitions) -> the beating heart of marketing (not the same as marketing orientation =
recognizing the importance of marketing withing the organization)
- Organization-wide belief in delivering cust value (if you want to create value you have to focus on the market)
- Understanding consumer needs even better than consumers themselves do
- Creating products that meet existing and latent needs, now or in future (eg. when the smartphones came out
people thought ‘why do we need this’, now we can’t live without them or eg. people couldn’t imagine a car,
they would say they wanted faster horses)
Developing a market orientation means developing:
- Customer orientation = concerned with creating superior value by continuously developing and redeveloping
offering to meet customer needs
- Competitor orientation = requires an organization to develop an understanding of its competitors’ short-term
strengths and weaknesses, and its own long-term capabilities and strategies
- Interfunctional coordination = requires all functions of an organization to work together for long-term profit
growth (whole organization needs to be involved)
1 2021-2022
,Developing a market orientation isn’t something every company is able to do. Organizations who success at
developing a market orientation are better at market sensing (understanding the strategic implication of the
market) and acting on the information collected through environmental scanning exercises
Customer centricity is also …
- NOT trying to please all customers
- Fulfilling needs in a PROFITABLE way
o You can make money on a small group of people who are willing to pay more for something
o Eg. Amazon Key (pakketjes in huis leveren met slimme sloten en camera’s)
Marketing’s intellectual roots: marketing as a discipline has developed because of the influence of its practitioners,
but also developments in several related disciplines, as follows:
- Industrial economics influences:
o S&D (price, quantity)
o Theories of income distribution, scale of operations, monopoly, competition…
- Psychological influences:
o Consumer behavior, motivation research (C3), information processing
o Persuasion, consumer personality, customer satisfaction…
o Understanding buyer psychology is fundamental to the marketing function. Because marketing is about
understanding customers’ needs, empathy with customers is a prerequisite
- Sociological influences:
o How groups behave: demographics (gender and age groups), class, motivation, customs, culture...
o How communication passes through opinion leaders, how we influence the way people think…
- Anthropological influences:
o Qualitative approaches in researching consumer behavior (eg. behavior of subgroups and cultures)
- Computer science influences:
o Digitization, recommendation systems, apps…
The development of marketing
In the beginning focus on production, no consumer choice -> sales period starts with focus on the customer
Differences between sales and marketing
Tip of the iceberg: selling is the tip of the iceberg => it’s what we see as a customer, but there’s a lot going on
beneath the surface (‘the aim of marketing is to make selling superfluous (overbodig)’)
The differences are blurring as companies employ key account management approaches (C16) which interface
between sales and marketing functions
The two functions should be integrated to coexist in an organization, rather than clash, since both are important
in achieving a market orientation and concomitant improvement in business performance
2 2021-2022
,Benetton vs Zara
- Benetton: their advertising was shocking -> in this way they draw attention, but not because their collection
wasn’t great (not successful in the long run)
- Zara: trendy and cheap (their success isn’t the advertising part but the strategy part: understanding what
people are looking for)
1.2 Marketing: Application and relevance
What does marketing apply to?
- Physical products
- Services
o Eg. Google, ING…
- Retail
o Eg. Zara, MediaMarkt…
- Experiences
o Eg. Disneyland, Atomium...
- Events
o Eg. Olympics, festivals, strikes…
- Film, music & theater
- Places
o Cities need to attract people to visit by their advertising
- Ideas (see picture)
- Charities and non-profits
o Eg. ice bucket challenge: ALS awareness and donation
o Eg. De warmste week
- People
o Eg. The Kardashians, Donald Trump…
Marketing applies anywhere ‘buyers’ have a choice
1.3 The marketing process
What do marketers do?
- The proficiency levels vary as follow: aware, active learner, able, accomplished and authoritative
- The core competencies of the marketer are to generate customer insights (C3), champion the customer and
hence customer focus (see later) and develop marketing strategy (C5)
- Technical competencies include risk and reputation management (C11), brand (C12), integrated marketing
communication (C11), digital integration (C12), product management (C8), monitoring and measuring
effectiveness (C5), customer experience (C15) and partnership marketing including managing channel
partners (C14)
- Behavioral competences: influencing (other employees, customers, stakeholders), being collaborative (eg.
with channel partners), being responsible (for one’s actions and acting ethically) and being literate, inspiring,
innovative, challenging, entrepreneurial, commercially aware and creative
A functional map for marketing:
3 2021-2022
, Marketing practitioners can sometimes be held in low regard, researchers have recommended that marketers
might reform their reputation by:
- Showing more integrity, gratitude, recognition, and humility toward, and building real trust with, customers
- Building a true dialogue with customers and respecting their privacy
- Striving for authenticity by really personalizing customer offerings rather than only appearing to do so
- Asking for forgiv in the occasional instance in which their judgement lapses and they treat customers badly
- Having the courage to stop over-promising and under-delivering
- Showing respect for customers, competitors and suppliers
Marketing is distributed throughout the organization and all employees can be considered part-time marketers
(in each department of a company there is some marketing role to be played)
Marketing’s principal principles (we don’t really have marketing laws, marketing techniques are still developing)
- As a consumer’s income increases, the percentage of income spent for food decreases, for rent, fuel, clothes
and light the same, for miscellaneous (diversen) items increases
- Two cities attract retail trade from an intermediary city or town in the vicinity of the breaking point
approximately in direct proportion to the populations of the two cities and in inverse proportion to the square
of the distance from these two cities to the intermediate town
Marketing practice is however, informed by managerial concepts and frameworks, as well as by general theoretical
principles. Important concepts: marketing as exchange, the marketing mic for products (4p’s) and services (7p’s),
market orientation and relationship marketing and service-dominant logic for marketing
Marketing as exchange
Marketing is a two-way exchange process, it’s not only about the marketing organization doing the work, the
customer also inputs. Customers specify how we might satisfy their needs because marketers cannot read their
minds. Customers must then pay for their offering
Every organization has something valuable to offer (eg. UA wants to offer a good education), why do we have to
keep in mind other people (stakeholders)?
- Eg. the government can give you grants (subsidies)
- Eg. we want a good reputation with companies, because otherwise our students wouldn’t find a job
Co-creation = stakeholders have also an influence on the organization, so also an impact on the value
Eg. suppliers, potential employees, recruiters, referral markets, influence market, internal markets…
The process of co-creation potentially shifts value creation from value-in-exchange, at the point of purchase, to
value-in-use, after purchase (eg. airplane manufacturer incorporated feedback form airline companies and
passengers into its plane design before final production (C8))
What can customers and other stakeholders bring of value, other than purchases?
- You can talk about the product to your friends
- You can share your experiences
- You can give feedback (eg. are we doing a good job?)
- You can be loyal
There are numerous types of buyer-seller exchange in marketing (on the right some examples)
4 2021-2022
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