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Summary of Principles and Practice of Marketing, Ninth Edition
Summary of the lecture slides and book of Marketing
Summary Marketing Management classes
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Universiteit Antwerpen (UA)
Master Organisatie En Management
Marketingbeleid: Theorie En Cases
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MARKETINGBELEID
CHAPTER 1
MARKETING AND ORGANIZATION
1 WHAT IS MARKETING
Marketing is the process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return.
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.
a) Value
a. For customers: needs and wants
b. For organizations: profit
b) Customer: satisfaction for success Central for business
c) Relationship succes
a. Long-term goals vs. short-term goals
b. Acquisition vs. retention
d) Process: stream of exchanges
2 MARKETING IS NOT …
Some businesses do not practice marketing (customer satisfaction ideal)
• They (intentionally) engage in cheating, swindling, deceiving, or cynically
manipulating customers in some way.
• Naturally, this produces dissatisfaction.
(bad examples of) commerce, exchange, selling, or “business”—as well as cheating,
swindling à but it is not marketing
ð Real marketing has nothing to do with “bad business practices”
Product orientation
production manufacture aggressive
customers
capabilities products sales effort
!!! risk of marketing myopia = focus on products rather than customers
4 MARKET – DRIVEN BUSINESSES
5 EFFICIENCY VS EFFECTIVENESS
• Efficient: input must be higher than output
• Effective: doing the right things
Ineffective Effective
Ineffective Goes out of business quickly Survives
Effective Dies slowly Does wel
2
,6 MARKETPLACE AND CUSTOMER NEEDS (5)
6.1 Needs, wants and demands
Maslow’ pyramid of needs
Need = perceived deprivation
Wants = needs shaped by culture
& personality
Demand = want + €
6.2 Market offerings
• To meet a need or want an offer is shaped
• The offer can be single dimensional or a
combination
• Value proposition is fulfilled through the offer
• Using several products, services and experiences is one way to create
brand meaning
6.3 Value, satisfaction and quality
• Satisfaction: match between perceived performance and expectations
o Customer delight
Creates an emotional affinity for a product or service beyond just a
rational preference and this creates high customer loyalty
o Brand love = extension of customer loyalty
o Maximize opportunities
§ Facilitate passion-driven behavior
§ Engender self-brand integration
§ Create positive emotional connections
• Customer value: assessment of capacity of satisfaction
• Expectation management
o Too low = no sale
o Too high = disappointed customer
3
, 6.4 Exchanges, transactions and relations
Exchange = act of obtaining a desired object from someone offering something
in return
• At least two parties
• Each must hold something of value to offer
• Parties must want to deal with each other
• Free to accept or reject offer
• Each party must be able to communicate and deliver
Exchange creates value
By exchanging valuable things, buyer and seller are better off after the exchange
Relationships
6.5 Markets and marketing system
CHAPTER 2
MARKETING ENVIRONMENT
1 ENVIRONMENTS
Internal environment
= consists of parties that make up a company
Vb: different departments, its employees, its structures, processes, political networks
and physical realities such as buildings, facilities and symbols
Microenvironment
= actors close to company that affect its ability to serve customers, company
suppliers, marketing intermediaries, customer markets, competitors and publics
Vb: als concurrent nieuw distributiecentrum opent, wat zijn de gevolgen op mijn aanbod?
Macroenvironment
= the broad forces that affect not only the company but also the other actors in
the microenvironment
Vb: demographic, cultural, economic, natural forces
4
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