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New Product Marketing Samenvatting
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1ZEUA0 New product marketing total summary 2022-2023
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Lecture notes Principles of marketing (BUS12) Foundations of Marketing
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Marketing Revision1. What is Marketing?
Marketing concept - The achievement of corporate goals through meeting and exceeding
customer needs better than the competition.
Customer Orientation – Corporate Activities are focused upon providing customer
satisfaction.
Integrated Effort – All staff accept responsibility for creating customer satisfaction.
Goal Achievement – The belief that corporate goals can be achieved through customer
satisfaction.
Customer Orientation + Integrated Effort + Goal Achievement = Customer Value
Customer Value – Perceived Benefits
- Product benefits
- Service benefits
- Relational benefits
- Image benefits
-Perceived Sacrifices
- Monetary costs
- Time costs
- Energy costs
- Psychological costs
Different Business Orientations
Production Orientation
- customer interested in price
- customers price aware
- cost focus
- limited range of products (economies of scale) –
reduce costs)
Product Orientation
- consumer interested in the best product
- quality levels of products
- assumption that customers want the product and
are willing to pay
Sales Orientation
, - sell what is produced
- consumers needs to be persuaded to buy
- aggressive sales and promotion
- profit through high volume
Marketing Orientation
- focus on customers needs
- closer to customers
- profit through customer satisfaction
- Philosophy for the whole organisation
2. Consumer Behaviour
Characteristics affecting consumer behaviour
- Cultural
- Social
- Personal
- Psychological
Culture
Human Behaviour is largely learned. In human life, basic values, perceptions, wants and
behaviours are all learned through society.
Subcultures are groups with shared value systems based on common life experience and
situations, usually including nationalities, religions, racial and geographic regions. Many
subcultures make up market segments.
Social Classes are society’s relatively permanent and ordered divisions whose members
share similar values, interests and behaviours. People within a given social class tend to
exhibit similar buying behaviour.
Social
Groups that have a direct influence and to which people belong to are called membership
groups. Reference groups are direct or indirect points of comparison or reference in forming
a person’s attitudes or behaviour.
For more see notes
3. Marketing Research
Marketing research Process
Stage 1 - Defining the Problem
- What is the problem, - (how can it be translated
into research objectives?)
- Exploratory research often helps here.
, - e.g. fall in profit
o Sales?
o Competitors’ offering?
Stage 2 - Research Objectives
- Research brief needs to be clearly and concisely
stated in writing to ensure that the research brief is
adequately prepared
- e.g. Why are people buying less of our product?
Stage 3 - Planning the Research
Research Brief
- description of product / market
- time / finance
- report requirements
- Issued by the company wanting the research
undertaken
Research Plan
- ensures data generated will enable management
decision making
- Issued by the research company who will undertake
the research
Stage 4 - Data Collection
Secondary (desk) Research
- data previously collected/assembled for some
purpose other than the project at hand.
Primary (field ) Research
- data gathered and assembled specifically for the
project at hand.
The Pros and Cons of Secondary Research
Advantages include:
- that it is almost always less expensive
Disadvantages include:
- possibly outdated
- usually only originally collected periodically;
- it is not always in the preferred form;
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