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Marketing Management Samenvatting
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Summary of 39 pages for the course Marketing Management at UL
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SAMENVATTING MARKETINGMANAGEMENT
Hoorcolleges aangevuld met boek
HOORCOLLEGE 1 (H1&3)
HOOFDSTUK 1
What is Marketing:
Marketing is the performance of business activities that direct the flow of goods, and
services from producers to consumers.
1. Managerial fnction to coordinate demand & supply
2. Production of goods and services
3. Marketing is a business activity
4. The object of investigation is the business colomn
5. Increasing efficiency of reduction of costs
Marketing is the process of planning and executing the conception, pricing, promotion
and distribution of ideas, goods and services to create exchanges that satisfy individual
and organizational objectives.
1. Purpose of marketing is satisfying exchanges
2. Marketing as both an individual and managerial organizational function
3. Customer dissatisfaction and protecting customers
4. Increasing efficiency (of fulfilling wants and needs)
Marketing is an organizational function and a set of processes for creating,
communicating and delivering value to customers and for managing costumer
relationships in ways that benefit the organization and its stakeholders.
1. Marketing’s purpose is to create value
2. Importance of managing relationships with stakeholders
3. Marketing as an organizational function and activity
4. From a transaction to a relationship focus
Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering and exchanging offerings that have value for customers, clients, partners and
society at large.
1. Marketing’s purpose is to create value
2. Reflects the discipline’s broader role in society
3. Marketing as an educational process
Definition:
The process by which companies create value for customers and build strong
relationships in order to capture value from customers in return.
Literally marketing is ‘being active on markets’
,Understanding the Marketplace:’
5 core concepts
1. Customer needs, wants, and demands
2. Marketing offerings: products, services, experiences
Some combination of products, services, information, or experiences offered to a
market to satisfy a need or a want. -> not limited to physical products ->
services.
Marketing myopia: many sellers make the mistake of paying more attention to the
specific products they offer than to the benefits and experiences produced by
these products. They are so taken with their products that they focus only on
existing wants and lose sight of underlying customer needs.
3. Customer value and satisfaction
Customers form expectations about the value and satisfaction that various market
offerings will deliver and buy accordingly.
4. Exchanges and relationships
Exchange is the act of obtaining a desired object from someone by offering
something in return. Marketing consists of actions taken to create, maintain and
grow desirable exchange relationships with target audiences involving a product,
service, idea, or other object.
5. Market
A market is the set of actual and potential buyers of a product or service.
The human need is the most basic concept underlying marketing. An example of such
need is thirst. When this need is not satisfied we will try to look for an object that will
, satisfy our need or try to reduce the need. When an unsatisfied need (i.e. a desire) takes
a concrete shape, we speak of wants. Thus, if thirst is the need, than water can be our
want (or a beer). A want is so the object of our desire. As soon as we are prepared to use
means of exchange to obtain the object of our desire, the want changes into demand. A
means of exchange is an object of value which, as long as it is in sufficient quantity, can
be used as payment. When two parties exchange something of value, we speak of a
transaction. A collection of transactions is called a market.
! Market in marketing usually means ‘customer’
Design a marketing strategy:
We define marketing management as the art and science of choosing target markets and
building profitable relationships with them.
1. Selecting customers to serve: whom it will serve? -> market segmentation &
target marketing.
2. Choosing a value proposition: how will it differentiate and position itself in the
marketplace. A brand’s value proposition is the set of benefits or values it
promises to deliver to consumers to satisfy their needs. They answer the question:
why should I buy your brand rather than a competitor’s?
3. Developing a marketing orientation that guides the design of a customer-driven
marketing strategy: what philosophy should guide these marketing strategies?
Marketing orientation
What ‘directs’ marketing in an organization? That is the business philosophy or marketing
orientation. This orientation determines resource allocation, to obtain a good position in
the market, in order to achieve superior performance. Marketing activities are, therefore,
to a large part influenced by:
An implicit, integrated, organizational philosophy that colors the “attitudes and behavior
of all members of the company”
Various different orientations
- Entrepreneurial orientation
- Sales orientation: consumers will not buy enough of the firm’s products unless it
undertakes a large-scale selling and promotion effort.
- Brand orientation
- Production orientation: customers will favor products that are available and highly
affordable. -> focus on improving production and distribution efficiency.
- Technology orientation
- Finance orientation
- Marketing orientation: achieving organizational goals depends on knowing the
needs and wants of target markets and delivering the desired satisfactions better
than the competitors do. The job is not to find the right customers for your
product, it’s to find the right products for your customers.
- Customer orientation
- Product orientation: consumers will favor products that offer the most in quality
performance, and innovative features -> focus on product improvements.
- Competitor orientation
Alternative concepts
Production concept (-1930)
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