A summary for the course Marketing Management (MM), given in year 1. I also sell a handmade summary for the literature of MM. The exam will mostly be lecture based and therefore doable without the literature, however, a question about literature is guaranteed for MM. Good luck on your exam! -Sophie
Marketing Management
Week 1
Companies are successful for marketing and innovation.
What is marketing?
Identifying and serving customer needs profitably.
Goods, ideas, skills, organizations and services can be marketed.
Marketing should be creating value for all stakeholders.
External focused
Goal: profit through customer satisfaction.
Determine the needs and wants of customers and deliver the desired benefits more effectively
than competitors.
Production concept= do what it takes to cut costs
Product concept= design a technically superior product
Selling concept= sell more of what we make
Marketing concept= meet customers needs better than competitors
Stated and latent needs
Focus on customer needs are difficult because insights into needs are often hard to uncover.
Emotional needs are an important selling point.
Week 2
Consumer Behavior & Market Analysis
External focus > Internal focus
Consumer Value
-Economic value= labour, scarceness
-Experiential value= design, brand and service
-Functional value= features and use
-Social value= positive network externality and community
Consumer decision proces
-need recognition
-information search
-evaluation and choice/purchase
-post-choice evaluation
Need recognition
-deprivation
-context
-product
-direct highlighting: advertising
You can change consumer beliefs by redesigning and by changing perceptions
You can change consumer beliefs about competitors attributes
You can change consumer importance weights (more importance to attributes the brand excels in)
You can call attention to neglected attributes, or shift a buyer’s ideals
Post-Choice Evaluation
, -Did the product satisfy the initial need?
-Did it also satisfy other benefits/goals/needs that came up during the decision process?
-Influence of expectations on post-choice evaluation
Understanding our consumers is key for a good marketing strategy and effective marketing plan
Consumer decision involve several steps
Why market leaders wait:
They misunderstand a challenger’s strategy
Analytic methods for identifying closest competitors
-Customer judgement
-Purchase records
Week 3
Segmentation
Why produce different types of brands?
Appeal to different types of customers.
Not all customers are the same, more than one company can make money because of it,
everyone is not competing for the same customers.
Aggregation= select segments that are most profitable instead of compensating and not targeting
anybody. Don’t oversegment, it can dilute the product.
Best segmentation is both horizontal and vertical.
Segmenting upon needs that customers have, use describers to identify.
Segments need to be sufficiently different from one another.
Identified segments should include all customers in a given market.
When should we segment?
As long as you have a customized market, further segmentation might be a good idea.
3 criteria for market segmentation:
1. Are the segments distinctive (do they respond differently to the marketing-mix?)
2. Are the segments operational? (can they be identified and reached?)
3. Are the segments substantial? (are they big enough to support profitable tailored marketing
programs?)
Does the segmentation scheme reflect and illuminate meaningful differences in consumer needs
and behaviors that can be acted upon?
Segment based on attitudes/behavior
-Can be quite predictive behavior
-But, attitudinal data to collect
Segment based on usage behavior/benefits sought
Segment based on lifestyle/personal characteristics
Targeting
Find the segment that is the best opportunity for the company and pursue that segment.
The importance-performance model:
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