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Extensive notes of all 7 lectures for Marketing for E&BE
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Extensive notes of all 7 lectures for the course Marketing for E&BE
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Sheetnotes Marketing E&BELecture 1a: Introduction to Marketing
Why?
- Is Apple so succesful?
- Do we prefer Adidas over Nike?
- Is Northface suddenly hip and happening?
- Did LEGO introduce board games?
- Etc.
Example that marketing can actually work: pepsi and coca cola war
Study:
- Rate taste of coke and pepsi
- Majority preferred pepsi
- Once labels were shown, preference for coca cola
- Marketing really works!
- Not only physical aspect but also psychological benefits of the product
Study with kids: which carrots taste better?
- Prefer carrots from MacDonalds
LO 1.1 Define marketing and outline the steps in the marketing process
Organization versus customer
How do customers see us? Could be a mismatch between how we see ourselves and how customer
see us
What is Marketing?
Kotler: Marketing is a process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return.
Capture value: price customers pay.
,The marketing process
4th step important for b2b marketing. Do not have many customers, important that you keep them
happy!!
Customer satisfaction becomes more and more important → social media spread negative mouth
faster → must achieve customer delight
Value from customers:
- Trend: marketers need to demonstrate their contribution to financial performance
- 80s: we increased our advertising, we increased brand recognition
- Now: justify expenditures, link advertising to profits
- Diverse measures to measure worthy of the customer base
o Customer equity: in monetary units, how much are your customers worth?
LO 1-2: Explain the importance of understanding the marketplace and customers and
identify the five core marketplace concepts
Understanding the marketplace and customer needs
- Needs are states of felt deprivation
- Wants are the form human needs take as they are shaped by culture and individual
personality
- Demands are human wants that are backed by buying power
E.g. nobody actually wants a hammer or a drill, but a tool to get something in the wall. We need to
understand that our products cater to some latent human need. A lot of ways customer needs can
be satisfied.
Benefits versus products: IKEA
- If you really want to understand what customers want you should not have the product
focus, but focus on psychological benefits
- IKEA: products are easy to move → psychological benefit, not so much on the product itself.
- ‘To create a better everyday life for the many people’
, - Used for presentation? Without marketing they would make better quality tables, but
focuses on customer need → making life easier, or otherwise would focus on making it
cheaper.
Marketing offerings
The customers wants value; the product is just a tool to create value, a solution to a problem.
The offer is not just the product but everything related to the (purchase and use of) product.
K&A: Marketing offerings are some combination of products, services, information or experiences
offered to a market to satisfy a need or want.
Focus on benefits and experiences, needs and wants versus products only (marketing myopia)
Successful
- Revlon
- Disney
- IKEA
Unsuccessful
- Kodak
- Was successful in producing camera’s 15 years ago
- Respected brand
- Saw too late the trend for digital camera’s → mobile phones can satisfy same need
- It is not about the product but about the benefit you have to offer!
Modern Market System
For example: procter and gamble. Sells tissues, laundry detergent. But will not directly sell, but via
retailers such as AH. Also competitors that may sell to the same marketing intermediaries
In our course we focus on business-to-customer marketing
LO 1-3: identify the key elements of a customer-driven marketing strategy and discuss
the marketing management orientations that guide marketing strategy
Designing a customer value-driven marketing strategy
- The way organizations views marketing management
- Determines how organizations design and carry out their marketing strategies
, - Not always have been this way:
Production concept: the idea that consumers will favor products that are available or highly
affordable
- Ford
- What is the best way to produce this car?
- Offer a product for a competitive price → standardization of the process → completely new
- How can we lower the price and how can we be more efficient?
- “A Market is never saturated with a good product, but it is very quickly saturated with a bad
one” – Henry Ford
Product concept: the idea that consumers will favor products that offer the most quality,
performance and features for which the organization should therefore devote its energy to making
continuous improvements:
- For engineers this is probably how they see marketing
- Problem: not all of the elements that are really sophisticated are even noted by the
customer
- Example: speed up mobile phone for the software a bit more, costs money, really improves
the product, but customer never notice
- Is it needed from the perspective of the customer?
Selling concept: the idea that consumers will not buy enough of the firm’s products unless it
undertakes a large scale selling and promotion effort
- Pushing → hard selling
- Mad men
- Marketing is not all about advertising
- Inside-out perspective
- Profit through sales volume
Marketing concept: the idea that achieving organizational goals depends on knowing the needs and
wants of the target markets and delivering the desired satisfactions better than competitors do.
- Build product from perspective of the customers
- Outside-in perspective
- Profit through satisfied customers
Societal marketing concept: the idea that a company should make good marketing decisions by
considering consumers’ wants, the company’s requirements, consumers’ long-term interests, and
society’s long-run interest.
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