Summary
Tilburg University marketing management summary/lecture notes
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Complete marketing management summary and lecture notes from the course given at Tilburg University.
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Marketing management(week 1)
Marketing strategy
Value proposition
- Customer value
- Collaborator value (why provide you and not competitor)
- Company value
Marketing plan
The focus of goal setting: monetary goals and strategic goals.
Strategic goals
Brand awareness, market performance and return on sales.
Benchmarks
Quantitative benchmarks
Temporal benchmarks (CSR)
(week 2)
Segmentation
Grouping of customers with similar needs by focusing on those differences that are
relevant for targeting and ignoring those differences that are irrelevant.
Strategic segmentation
Grouping customers based on the value the company can create and capture
Strategic targeting
Selecting one or more segments to serve by tailoring the offering to the customer
needs
Tactical segmentation
Grouping customers based on their demographics and behavior
Tactical targeting
Laying out the channels to be used to communicate and deliver the offering to
strategically viable customers
Target compatibility
The ability of the company to fulfil the needs of its customers better than the
competition
Target attractiveness
The ability of a given segment to create superior value for the company
,(week 3)
Customer value
Worth of the offering to the company's target customers, defined by the offering’s
benefits and costs.
What types of value do we create?
Functional value
Benefits and costs directly related to an offering’s performance
Example: reliability, durability, design, style, packaging
Psychological value
Benefits and costs related to how customers feel about the offering
Example: joy of using, social status
Monetary value
Monetary benefits and costs
Example: price, delivery price, discounts, financial rewards
Weight-additive model
Relevant attributes
Weight of relevant attributes
Performance on relevant attributes
Example: price and quality trade-off
*Low price rating = attractive (high price)
Reference independence means you look at products objectively not comparing
prices but looking at quality/price ratio.
Reference dependent means you look at products subjectively, for example
comparing the price to the price of something you have purchased before.
Positioning
Process of creating a meaningful and distinct image of the company’s offering in
target customer’s minds
Value proposition (weighted)
Sum of all benefits and costs associated with the offering
When to use a given framing?
Need-based framing, there is a need and this product satisfies it
Competitive framing, you directly compare yourself to other brands/products
Product-line framing, compare your new product to your old product
Category-based framing,
, Positioning statement
Internal document that identifies the key components of an offering’s strategy
to guide tactical decisions related to the product, service, brand, price, incentives,
communication, and distribution.
Target customers: who are the consumers?
Frame of reference: what options is the offering compared to?
Primary benefit: why would the consumers buy our offerings instead of other offerings?
(week 4)
Product vs Service
Product - Anything that can be offered to a market for attention, acquisition, use, or
consumption that might satisfy want or need.
Products can be stored
Characterized by: 1. Seperated from manufacturer and owned by consumer. 2. Have more
search attributes.
Service - An activity, benefit, or satisfaction offered for sale that is essentially intangible
and does not result in the ownership of anything.
Services cannot be stored.
Characterized by: 1. Delivered and consumed at the same time. 2. Have more experience
and credence attributes.
Branding basics
Brand - name, term, sign, symbol, design, or combination of these, that identifies the
products or services of one seller or group of sellers and differentiates them from those
of competitors.
Brand management - Process of designing and sustaining a mental image in people’s
minds that enables the company to identify its offerings, differentiate them from the
competition, and create distinct market value.
Confirmation bias - Seeking or interpreting of evidence in ways that are partial
to existing beliefs, expectations, or a hypothesis in hand.
Collaborator value
● Incremental demand
● Image spillover effects
● Profit margins and revenues
Company value
● Incremental demand
● Repurchase frequency
● Willingness to pay
● Word of mouth
● Bargaining power with collaborators
● Employee attraction/retention
● Profit margins and revenues
● Company valuation on stock market
● Transferable asset
Brand power - The differential effect that knowing the brand name has on the customer
response to the product and its marketing.
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