Marketing Management: summary of lectures and handbook
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Course
Marketing Management
Institution
Universiteit Antwerpen (UA)
Book
Principles and Practice of Marketing, 9e
This summary contains all lecture notes and content of the book “Principles and Practice of Marketing (9th edition)” (chapters 1-8, 10-16 and 18-20). Passed the exam with 17/20.
Summary of Principles and Practice of Marketing, Ninth Edition
Summary of the lecture slides and book of Marketing
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Master Meertalige Professionele Communicatie
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MARMAN
Samenvatting Marketing Management
PART 1: FUNDAMENTALS OF MARKETING
CHAPTER 1: Marketing and the Organization
CHAPTER 2: Environment
CHAPTER 3: Consumer Behaviour
CHAPTER 4: Business-to-Business Marketing
CHAPTER 5: Marketing, Ethics and Society
CHAPTER 6: Marketing Analytics and Research
CHAPTER 7: Segmentation and Positioning
PART 2: CREATING CUSTOMER VALUE
CHAPTER 8: Value Through Brands
CHAPTER 10: Value Through Relationships
CHAPTER 11: Value Through Innovation
CHAPTER 12: Value Through Pricing
PART 3: COMMUNICATING AND DELIVERING CUSTOMER VALUE
CHAPTER 13: Value Through Relationships
CHAPTER 14: Mass Marketing Communications
CHAPTER 15: Direct Marketing Communications
CHAPTER 16: Digital Marketing and Media
PART 4: MARKETING PLANNING AND STRATEGY
CHAPTER 18: Marketing Planning: An Overview of Strategic Analysis and Decision-making
CHAPTER 19: Analyzing Competitors and Creating a Competitive Advantage
CHAPTER 20: Product Strategy: Lifecycle, Portfolio and Growth
Prof. T. Strauss & F. De Keyzer
2020-2021
Colleges (SEM1) en handboekMarketing Management
, MARMAN
PART 1: FUNDAMENTALS OF MARKETING
CHAPTER 1: Marketing and the Organization (deep read)
1.1 Introduction to Principles and Practice of Marketing
Marketing was introduced around 1990, when companies analyzed customers’ needs and wants and
changed their marketing practices accordingly. Next to the 4 Ps, relationship marketing, value creating…
have entered marketing.
Marketing = the process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return
= a social and managerial process by which individuals and groups obtain what they need
and want through creating and exchanging products and value with others
= building and maintaining profitable customer relationship (business context)
Constructing an integrated marketing plan
A marketing plan determines target customers, creates values and consists of the famous 4 Ps. However,
when translating the 4 Ps into customer centric concepts, they turn into the 4 Cs:
1. Product —> Customer needs/wants
2. Price —> Cost to the customer
3. Place —> Convenience
4. Promotion —> Communication
The 4 Ps and their subsets
Product Price Promotion Place
Variety, quality, design, List price, discounts, Advertising, promotions, Channels, coverage,
features, brand name, allowances, payment personal selling, publicity assortments, locations,
packaging, services, period, credit terms inventory, transport
warranties
The marketing mix (the 4 Ps) make it possible to target a market.
1.2 What is marketing?
The goal of marketing is value creation by creating long-term satisfaction, so a company can rely on
customers returning to repurchase.
According to Kothler (father of marketing), marketing is about:
1. Decide strategic: market research, segmentation (geographic etc.), targeting (a market), positioning
(vis à vis other organizations)
2. Create product, price
3. Communicate promotion, but not exclusively, not all communication is promotion
4. Distribute demand: place (has changed because of the internet and commodity goods)
5. Value for the customer
1-2: B2B (Creating value, not pleasure - therefore ‘touching’ all P’s)
3-4: B2C (Coca Cola, Procter&Gamble… in conclusion: big companies who sell fast-moving
consumer goods and who hire people from the inside OR the outside)
e.g. Coca Cola hires internally since they’re a family, Pepsi hires externally because they’re creative
, MARMAN
Peter Drucker: quote
“Because the purpose of business is to create and keep customers, it has only two central functions:
marketing and innovation. The basic function of marketing is to attract and retain customers at a product.”
1. Marketing gets a central roll in business success (attracting and keeping customers)
2. Marketing is not about chasing any customer at any price (profit or reduction of social deprivation/
hunger… however, is more important)
3. The investment to attract new customers is higher than the amount needed to retain existing ones
(establishing, developing and commercializing long-term customer relationships!)
4. Most markets have strong competition, so a company needs to know what its customers want and
what their competition offers
The latest shifts, such as the digital economy, ask for companies to change their marketing and make it
easier to use data to analyze how customers behave, interact, communicate and trade.
Exchange
= the process of receiving something from someone by giving something in return (physical good, service,
idea, information or money) and therefore gaining something of value
In exchange, there’s always two or more parties who each must offer something of value. Furthermore,
they have to deal with each other, meaning they are free to accept or reject the offer. To do so, they must
be able to communicate and deliver.
Important: exchange is the core concept of marketing, as it creates value
Market
= set of all actual and potential buyers of a product or service
Remark: not all markets are physical or geographical, however, it does consist of people who share
the same need
There is a division between supply (marketers) and demand (markets). When potential supply is bigger
than potential demand, it’s called a buyers market.
Understanding the marketplace and consumer needs
There are five core customer and marketplace concepts:
1. Needs, wants and demands
2. Market offerings
3. Value, satisfaction and quality
4. Exchanges, transactions and relationships
5. Markets and the marketing system
However, needs are never the same as wants:
- need = a deprivation, if someone does not get it, that person will get sick (e.g. food)
- want = what people desire based on their personality, culture and interests (e.g. luxury goods)
- demand = someone has money and wants to buy something
A want is only sustained when it is based on a need, therefore, push marketing is never sustainable.
The market offers products, services and experiences…
- to meet a need or want
- to create a single or dimensional offer OR a combination of the two
- to make sure value proposition is fulfilled through the offer
, MARMAN
The market also offers brand meaning, which is created by products, services and experiences.
Market myopia
= focusing on products rather than on customers or needs
Companies (mostly B2B) focus on superficial wants but don’t focus on the needs, so those companies start
to lose themselves in their own hype. However, they need to look beyond attributes and create brand
meaning/experiences.
e.g. Fyre Festival
Markets and the marketing system
Designing a customer-driven marketing strategy
Marketing management = the art and science of choosing target markets and building profitable
relationships with them
How to design a customer-driven marketing strategy:
1. Select customers to serve
2. Choose a value proposition
3. Differentiate and position
What is customer-driven marketing?
- Organisation-wide belief in delivering customer value
- Understanding consumer needs even better than consumers themselves do
- Creating products that meet existing and latent needs, now or in the future
Customer-driven marketing means meeting customers needs’ profitably, but NOT trying to offer all customers
what they want. It is often a psychological concept, which focuses on what consumers are willing to pay for
the experience AND how easy customers get access to the product.
Example: Antwerp Velo Bikes are difficult to unlock, because it happens through the computer and
is impossible with your smartphone. Uber, however, is way more customer-friendly and fast.
Designing a customer-driven marketing strategy
A customer-driven strategy ensures that companies build a profitable customer relationship, which is
necessary for customer retention.
Grow market share is hard, market expansion is the hardest
Cross selling is easy, customer retention is the easiest.
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