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Summary of Marketing Science lectures
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Summary of Marketing Science lectures as part of the MSc BioPharmaceutical Sciences and Business Studies Specialization
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Summary Marketing ScienceMSc BPS Business Studies 2022-2023
Lecture 1 - Introduction and Five Core Concepts 2
Quiz Lecture 1 – Questions 4
Quiz Lecture 1 – Answers 6
Lecture 2 - Customer Value-driven Marketing Strategy 7
Quiz Lecture 2 - Questions 14
Quiz Lecture 2 - Answers 16
Lecture 3 - New Product Development and Marketing Intelligent 17
Quiz lecture 3 - Questions 21
Quiz lecture 3 - Answers 24
Lecture 4 - B2B Marketing & Platform Product 25
Quiz Lecture 4 - Questions 33
Quiz Lecture 4 - Answers 35
Lecture 5 - Pricing and Digital Marketing 37
Quiz Lecture 5 - Questions 51
Quiz Lecture 5 - Answers 54
Lecture 6 - Marketing Channels & Sustainable Marketing 55
Quiz Lecture 6 - Questions 59
Quiz Lecture 6 - Answers 62
,Lecture 1 - Introduction and Five Core Concepts
The core of marketing is creating customer value and profitable customer relationships.
Think about:
● Which customers to serve? → Target market
○ Segmentation
○ Targeting
● How to create value for customers? → Value proposition
○ Differentiation
○ Positioning
Focussing too much on selling your product rather than the customers’ wants and needs, this
narrow-mindedness may lead to marketing myopia: a short-sighted and inward approach to
marketing that focuses on the needs of the business rather than on the needs / experiences
/ benefits of the customer. It often leads to businesses making decisions that are not in the
best interests of their customers or that fail to take into account changes in the marketplace.
It is important to know what your customers want and many factors can affect customer
demand. Decision makers should therefore conduct marketing research.
Five core customer and marketplace concepts:
1. Needs, wants, and demands
a. Needs: basic human requirements
i. Physiological needs
ii. Safety needs
iii. Love/belonging needs
iv. Esteem needs
v. Self-actualization needs
b. Wants: needs shaped by culture and individual personality; desires for specific
items. E.g. need for food → wants a pizza
c. Demands = wants + buying power
, 2. Market offerings
a. Offered to satisfy needs and wants
b. Goods, services
c. Experiences
d. People
e. Places
f. Properties
g. Organizations
h. Information
i. Ideas
3. Value (utility) and satisfaction
a. Customer perceived value: the customer’s evaluation of a market offering,
relative to those of the competing offerings – which one to buy?
b. Customer satisfaction: the extent to which a product’s perceived performance
matches a buyer’s expectations – whether to buy again
c. Setting the right set of expectations is important: low expectations may fail to
attract customers, high expectations may lead to disappointments
4. Exchange and relationships
a. Exchange: the act of obtaining a desired object by offering something in return
– Marketing consists of creating, maintaining, and growing desirable exchange
relationships
b. Strong relationships are built through consistently delivering superior customer
value
c. Customer relationship management: a customer value driven marketing
strategy. — Once a firm fully understands its customers and the marketplace, it
must decide which customers it should serve and how to bring them value with
the goal to build the right relationships with the right customers.
d. Firms do NOT attempt to maximize customer satisfaction
5. Markets
a. A market is a set of actual and potential buyers of a product or service.
The selling concept focuses on existing products and heavy selling, rather than making what
the customer wants. Starting point = the factory. Ends = profits through sales volume.
The marketing concept focuses on satisfying customer needs. Starting point = the market.
Ends = profit through customer satisfaction.
Marketing is the process through which companies engage customers, build strong
customer relationships, and create customer value and satisfaction in order to capture
value from customers in return.
, The goal is to attract new customers by promising superior customer value, as well as
maintaining and growing the current customer base by delivering satisfaction.
Quiz Lecture 1 – Questions
1). Marketing, more than any other business function, deals with ________.
A. Customers
B. Sales
C. Advertising
D. New products
E. Brands
2). According to the five-step model of the marketing process, the first step in marketing is ________.
A. Capturing value from customers to create profits and customer equity
B. Constructing an integrated marketing program that delivers superior value
C. Engaging customers, building profitable relationships, and creating customer delight
D. Understanding the marketplace and customer needs and wants
E. Designing a customer-driven marketing strategy
3). Today, marketing must NOT be understood in the old sense of ________.
A. Creating a buying experience
B. Helping people connect with the people in their lives
C. Telling and selling
D. Creating a culture of warmth and belonging
E. Delivering value and satisfaction
4). ________ are the form human needs take as they are shaped by culture and individual personality.
A. Wants
B. Necessities
C. Services
D. Benefits
E. Risks
5). Consumers' needs and wants are fulfilled through ________.
A. Value
B. Demand
C. Desire
D. Market offerings
E. Ideas
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