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CIB2 Marketing Communications Block Summary
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Lecture summary and exam preparation for CIB2, Block 1.2 of International Communication. - Marketing Communications Summary
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Exam (elaborations) MKTG301 Principles of Marketing MCQS solved
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Principles Of Marketing 13e Kotler | Questions and Answers
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TEST BANK FOR MKT 305 PRINCIPLE OF MARKETING GRADED A+ WITH CORRECT SOLUTIONS AND REFERENCES
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Inhaltsvorschau
IC 1.2 Communication in BusinessWEEK 1: Marketing The first four steps are about understanding
customers, create customer value and build
________________________________________ relationships.
1. Marketing describes the process by which companies In the final step companies reap the rewards of
create value for customers and build up strong relationships creating superior customer value
in order to capture value from the customers in return. ________________________________________________
(Kotler)
It is not about selling, more about satisfying the
5. Competing Market Orientations
needs of the customers. (Growth of Not-for-Profit
Production Concept: holds that management’s task is to
Marketing)
improve production efficiency and bring down pieces
_______________________________________________
Product Concept: holds that consumers favor products that
2. Key Concepts offer the most in quality, performance and innovative
Needs: States of deprivation features; thus, little promotional effort is required
Physical, social and individual needs
Wants: The form human needs take as they are shaped by Selling Concept: holds that consumers will not buy enough
culture and individual personality of an organization’s products unless it undertakes a large-
Value: A principle or standard that is considered as scale selling and promotional effort
important or desirable
Demands: wants + buying power Marketing Concept: holds that achieving organizational
Market Myopia: focusing only on existing wants and losing goals depends on determining the needs and wants of
sight of underlying customer needs – Product vs. Benefit target markets and delivering the desired satisfaction more
Customer needs and wants are fulfilled through effectively and efficiently than competitors do.
market offerings (combination of products,
services, information or experiences offered to the Societal Marketing Concept: the idea that a company’s
market to satisfy a need or want) marketing decision should consider customers wants, the
Example: IKEA observes how families live – looking beyond company’s requirements, consumer’s long-run interests
the attributes of the product into what exactly people need and society’s long-run interests.
_______________________________________________
3. Customer value
That benefit that a customer will get in form of a product or
service in comparison with its costs. Customer value and
satisfaction involves setting the right level of expectations
between customers and marketers
Consumers will make buying decisions upon their
perceptions of the value that various products and
services deliver (also image)
Customer value is based upon the consumer’s
assessment of the product’s overall capacity to
satisfy their needs To map out the market orientation, it is the easiest way to
________________________________________________ answer the three questions mentioned in the Abell Model:
4. 5-Step Model of the Marketing Process 1. Who are the customers?
Step 1: Understand the marketplace and the customer 2. What are the customer needs?
needs and wants 3. And how are the customers satisfied? - By which
products or services?
Step 2: Design a customer-driven marketing strategy ________________________________________________
In order to design a winning strategy – 6. Marketing Management
1. Market Segmentation: The company must decide whom “Marketing Management is the art and science that
it will serve (Dividing the market into segments) determines and chooses target markets and attempts to
2. Target Marketing: Selecting a segment to serve build profitable relationships with them.”
3. Differentiate, position: Decide how it will serve the
targeted customers and how the company wants to When the company fully understands its customers and the
differentiate and position itself in the marketplace marketplace, it must decide which customers it will serve
and how it will bring them value. The marketing manager’s
Step 3: Construct a marketing program and transform the aim is to find, attract, keep and grow the target customers
marketing strategy into action by creating, delivering and communicating superior
customer value.
Step 4: build profitable relationships and create customer
delight
Step 5: Capture value from the customers to create profits
and customer quality
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