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Summary of all materials for Theories of Marketing
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This is an all-including summary of all materials for the Theories of Marketing course. Including articles summaries, notes of lectures and knowledge clips.
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Theories of marketingWeek 1
Marketing = functions & processes/activities to deliver customer value
a business philosophy, a way to approach the market
Marketing definitions AMA
- 1985: the process of planning and executing conception, pricing, promotion and distribution
of goods, ideas and services to create exchanges that satisfy individual and organizational
goals
- 2012: 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
from transaction & product driven, to relation & value driven
from success measure ‘market share’ to success measure ‘share of wallet’
main marketing decisions
1. Segmentation = understanding customers
2. Value differentiation = creating customer value
Marketing strategy
- Value and innovation customer journeys
- Branding
- Customer relationships
Understanding the customer
- Needs, wants, value
- Effects, reaction
- Research techniques
Video: network paradigm
(achrol & Kotler 2012: frontiers of the marketing paradigm in the third millennium)
- Paradigms are about how we should change our thinking
- Marketing thinking is contextual (suppliers, org, distributors etc)
- A lot of change because of internet
- Paradigm = intellectual perception or view, accepted by an individual or society as a clear
example, model, or pattern of how things work in the world
- Paradigm-shift = fundamental change in an individual’s / society’s view of how things work in
the world
it’s not about interaction between discrete entities anymore, but networks. That means you
need different theory and decision making
Marketing in the third millennium: exchange paradigm becomes network paradigm
because changes in:
1) sub-phenomena (fundamental process): consumption experiences
satisfaction consumer experiences
CB: cognitive processes stimulating the senses
technology: influencing senses
neurophysiology (mind and brain) and nanotechnology (atoms and molecules)
2) phenomena (how the org is structured and functions): marketing networks
dyadic exchange (two parties) marketing networks
supply: production & innovation networks, outsourcing & alliances
1
, the open innovation model
production: micro-production, disintermediation (co-production, co-creation)
interaction: consumption networks, vertical & horizontal (social networks)
3) super-phenomena (social externalities, well-being of human kind, society)
sustainability, the sustainable marketing ideology
market capacity = is the consumption level too high?
resource capacity = ecological consequences by consumption
societal consequences (sustainability, over-consumption)
from firm&consumer to firm&societal effects
from reactive to proactive
poverty (growth from emerging markets bottom of pyramid marketing)
Video: customer experience management
Homburg ea (2017) customer experience management: toward implementing an evolving marketing
concept
- Customers are the starting point for company success
- Began with isolated events, specific sensory experiences etc.
- Managing the entire brand experience in every encounter (awareness, consideration,
purchase, service, loyalty expension)
- Customer experience = the evolvement of a person’s sensorial, affective, cognitive, relational
and behavioral responses to a firm or brand by living through a journey of touchpoints along
pre-purchase, purchase, and post-purchase situations and continually judging this journey
against response thresholds of co-occuring experiences in a person’s related environment.
- Focus on:
full sensorial response satisfaction
customer journey product offering
other experiences beyond own company alliances
- Development of network-oriented value propositions (and how to excel)
- Customer experience management (third order concept (resource): difficult to copy
- cultural mindset (focus on CE’s)
orientation towards experiential responses, touchpoint journey, alliances
- set strategic directions (designing CE’s)
thematic cohesion, consistency, context sensitivity, connectivity
- central firm capabilities (continuous renewal of CE’s)
journey design, prioritization, journey monitoring, adaptation
- Company ambidexterity = to be efficient in its management of today's business and also
adaptable for coping with tomorrow's changing demand. requires the organizations to use
both exploration and exploitation techniques to be successful.
- How does this relate to market orientation (narver & slater 1990)?
2
,Narver & slater 1990: market orientation (onvolledig, niet helemaal gelezen)
- Market orientation business/market performance
- sustainable competitive advantage (SCA)
- A market-oriented business continuously examines alternative sources of SCA to see how it
can be most effective in creating sustainable superior value for its present and future target
buyers
- Market orientation consists of 3 behavioral components:
1. customer orientation
2. competitor orientation
3. interfunctional coordination
- Market orientation has 2 decision criteria:
1. long-term focus
2. profitability
- Artikel bevat een Regressieanalyse en gaat om:
1) Measurement of market orientation
2) Effect of profitability
differences between (non)commodity markets
(commodity = generic goods. Non commodity = goods that are differentiated)
ROA = Return On Assets
Slater & Narver (1998): customer-led VS. market-oriented
- Customer-led philosophy (responsive market orientation) = concerned with satisfying
customers’ expressed needs.
Short-term in focus & reactive/adaptive in nature
focus groups and customer surveys to understand customer
can constrain innovation
VERSUS
- Market-oriented philosophy (proactive market orientation) = understanding and satisfying
both the customers’ expressed and latent needs.
Long-term in focus & proactive in nature
3
, continuously acquire and evaluate market information to have insight in plans and
capabilities of competitors
continuously create customer value and search for new markets
requires strong leadership
combine research techniques like those from customer-led businesses with others
Being customer-led may be successful in relatively predictable environments where it is most
important to take care of a stable served market. It also may be attractive to managers in dynamic
environments because of the uncertainty and risk associated with attempting to lead the customer.
However being customer-led in a dynamic environment will rarely lead to a position of competitive
advantage since it provides insufficient stimulus for the significant innovation that discontinuous
change requires.
Market-oriented businesses are concerned in understanding both expressed and latent customer
needs. Their commitment to continuous market learning, discovering latent needs and unserved
markets and mobilization of resources, enables them to achieve innovation and to sustain
competitive advantage in all types of markets.
total market orientation is both!
Week 2
Consumer = a broad label that refers to any individuals or households that use goods and services
generated within the economy
Consumer vs customer = consumer buys/uses goods or services, customer is the buyer/user of the
products of an individual/organization
consumer consumes/uses. Customer purchases
Consumer behavior is descriptive and broad.
consumer behavior product purchase
info search, shop visits, complaints, returning
consumer behavior behavior
consumer decision making processes
consumer behavior has a broad theoretical basis
4
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