Summary
Summary Principles of Marketing
- Course
- Institution
- Book
A summary based on the book of Principles of Marketing.
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Buse 2025 - Marketing Channels Summary
-
Buse 2025- Chapter 3 summary notes
-
International Marketing and Sales Y1Q1
Seller
Follow
tychobekker
Content preview
Table of contentsChapter 1....................................................................................................................................................... 5
Understanding the marketplace and costumer needs.........................................................................................5
Needs, want and demands..............................................................................................................................5
Market offering – products, services and experiences...................................................................................5
Customer value and satisfaction.....................................................................................................................5
Exchanges and relationship.............................................................................................................................6
Markets............................................................................................................................................................6
Designing a customer value-driven marketing strategy......................................................................................6
Selecting customers to serve...........................................................................................................................7
Choosing a value proposition..........................................................................................................................7
Marketing management orientations.............................................................................................................7
Preparing an integrated marketing plan and programme...................................................................................9
Building customer relationships.........................................................................................................................10
Customer relationship management.............................................................................................................10
Partner relationship management................................................................................................................11
Capturing value from customers........................................................................................................................11
Creating customer loyalty and retention......................................................................................................11
Growing share of customer...........................................................................................................................12
Building customer equity...............................................................................................................................12
The changing marketing landscape....................................................................................................................12
Chapter 2..................................................................................................................................................... 13
Company-wide strategic planning: defining marketing’s role...........................................................................13
Defining a market-oriented mission..............................................................................................................14
Setting company objectives and goals...........................................................................................................14
Designing the business portfolio...................................................................................................................15
Planning marketing: partnering to build customer relationships......................................................................17
Partnering with other company departments..............................................................................................17
Partnering with others in the marketing system...........................................................................................17
Marketing strategy and the marketing mix.......................................................................................................19
Customer value-driven marketing strategy...................................................................................................19
Developing an integrated marketing mix......................................................................................................20
Managing the marketing effort..........................................................................................................................21
Marketing analysis.........................................................................................................................................22
Marketing planning........................................................................................................................................22
Marketing implementation............................................................................................................................23
Marketing control..........................................................................................................................................23
Measuring and managing marketing return on investment..............................................................................23
Chapter 3..................................................................................................................................................... 24
microenvironment:.............................................................................................................................................25
The company.................................................................................................................................................25
Suppliers........................................................................................................................................................25
Marketing intermediaries..............................................................................................................................25
Competitors...................................................................................................................................................25
Publics............................................................................................................................................................25
Customer.......................................................................................................................................................26
1
, Macroenvironment:............................................................................................................................................26
Demographic environment............................................................................................................................27
Economic environment..................................................................................................................................27
Natural environment.....................................................................................................................................27
Technological environment...........................................................................................................................27
Political/social environment..........................................................................................................................27
Cultural environment.....................................................................................................................................28
Chapter 5..................................................................................................................................................... 28
Model of consumer behaviour............................................................................................................................28
Characteristics affecting consumer behaviour...................................................................................................29
Cultural factors..............................................................................................................................................29
Social factors..................................................................................................................................................30
Personal factors.............................................................................................................................................30
Psychological factors.....................................................................................................................................30
Types of buying decision behaviour....................................................................................................................31
Complex buying behaviour............................................................................................................................31
dissonance-reducing buying behaviour.........................................................................................................31
Habitual buying behaviour............................................................................................................................31
Variety-seeking behaviour.............................................................................................................................31
The buyer decision process.................................................................................................................................32
The buyer decision process for new products.....................................................................................................32
Stages in the adoption process......................................................................................................................32
Chapter 6..................................................................................................................................................... 33
Business markets................................................................................................................................................33
Market structure and demand......................................................................................................................33
Types of decisions and the decision process.................................................................................................34
Business buyer behaviour...................................................................................................................................34
Major types of buying situations...................................................................................................................34
Participant in the business buying process...................................................................................................34
Major infuences on business buyers.............................................................................................................35
The business buying process.........................................................................................................................36
E-procurement and online purchasing..........................................................................................................37
Institutional and government markets...............................................................................................................37
Institutional markets......................................................................................................................................37
Government markets.....................................................................................................................................37
Chapter 7.................................................................................................................................................... 38
Market segmentation.........................................................................................................................................38
Segmenting consumer markets.....................................................................................................................38
Segmenting business markets.......................................................................................................................39
Segmenting international markets................................................................................................................39
Requirements for effective segmentation.....................................................................................................40
Market targeting................................................................................................................................................40
Evaluating market segments.........................................................................................................................40
Selecting target market segments.................................................................................................................40
Differentiation and positioning...........................................................................................................................42
Positioning maps............................................................................................................................................42
Chapter 8..................................................................................................................................................... 44
2
, What is a product?.............................................................................................................................................44
Products, services and experiences...............................................................................................................44
Levels of product and services.......................................................................................................................45
Product and service classifications................................................................................................................45
Product and service decisions.............................................................................................................................47
Individual product and service decisions...................................................................................................... 47
Product line decisions....................................................................................................................................49
Product mix decisions....................................................................................................................................49
Services marketing..............................................................................................................................................50
The nature and characteristics of a service...................................................................................................50
Marketing strategies for service firms...........................................................................................................50
Branding strategy: building strong brands.........................................................................................................51
Brand equity..................................................................................................................................................51
Building strong brands...................................................................................................................................51
Chapter 9..................................................................................................................................................... 53
New product development strategy...................................................................................................................53
Chapter 10................................................................................................................................................... 53
What is a price....................................................................................................................................................53
Major pricing strategies.....................................................................................................................................53
Customer value-based pricing.......................................................................................................................53
Chapter 11................................................................................................................................................... 54
New product pricing strategies..........................................................................................................................54
Market-skimming...........................................................................................................................................54
Market-penetration pricing...........................................................................................................................54
Product mix pricing strategies............................................................................................................................54
Product line pricing........................................................................................................................................54
Optional-product pricing...............................................................................................................................54
Captive-product pricing.................................................................................................................................54
By-product pricing.........................................................................................................................................55
Product bundle pricing..................................................................................................................................55
Price adjustment strategies................................................................................................................................55
Segmented pricing.........................................................................................................................................55
Psychological pricing......................................................................................................................................55
Promotional pricing.......................................................................................................................................55
Dynamic pricing.............................................................................................................................................55
International pricing......................................................................................................................................55
Price changes......................................................................................................................................................56
Responding to price changes.........................................................................................................................56
Chapter 12................................................................................................................................................... 56
The nature and importance of marketing channels...........................................................................................57
How channel member add value...................................................................................................................57
Number of channel levels..............................................................................................................................57
Channel behaviour and organisation.................................................................................................................57
Vertical marketing systems............................................................................................................................57
Chapter 13................................................................................................................................................... 58
3
, Chapter 14................................................................................................................................................... 59
Chapter 18................................................................................................................................................... 59
Competitor analysis............................................................................................................................................59
Identifying competitors.................................................................................................................................60
Assessing competitors...................................................................................................................................60
Selecting competitors to attack and avoid....................................................................................................61
Designing a competitive intelligence system................................................................................................62
Competitive strategies........................................................................................................................................62
Approaches to marketing strategy................................................................................................................63
Basic competitive strategies..........................................................................................................................63
Competitive positions....................................................................................................................................64
Market leader strategies...............................................................................................................................64
Market challenger strategies.........................................................................................................................65
Market follower strategies............................................................................................................................65
Market nicher strategies................................................................................................................................66
Balancing customer and competitor orientations..............................................................................................66
Chapter 19................................................................................................................................................... 67
Chapter 20................................................................................................................................................... 68
4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller tychobekker. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.64. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52355 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now