Summary
Marketing IBS year 1 summary
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chapter 1 2 3 5 6 7 19 20 Kotler, P., Armstrong, G., Harris, L. C., & Piercy, N. (2017). Principles of Marketing - 7th European Edition
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MarketingChapter 1
Marketing:
- companies create value for customers
- build strong relationships to capture value from customers
- satisfying customer needs
- ‘the aim of marketing is to make selling unnecessary’
The marketing process:
1. Understand the marketplace / customer needs and wants
2. Design a customer-driven marketing strategy
3. Construct a marketing program that delivers value
4. Build profitable customer relationships and create delight
5. Capture value from customers to create profits and equity
Needs = states of deprivation
Physical: food, clothing, warmth and safety
Social: belonging and affection
Individual: knowledge
Wants = form that needs take as they are shaped by culture and personality
Food: pizza, fries or bratwurst
Demands = wants backed by buying power
Marketing offerings:
- Combinations of products, services, information or experiences offered to a market
to satisfy a need or want
Marketing myopia:
- Focusing only on existing wants and losing sights of underlying consumer needs
Exchange:
- Every exchange is supposed to produce ‘utility’. It has value for both parties.
Market:
- The set of all actual and potential buyers
Marketing management:
- Choosing target markets ‘what customers will we serve?’
- Build relationships with customers ‘how can we serve these customers best?’
Market segmentation:
- Refers to dividing the markets into segments of customers age, gender etc.
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