Summary
Samenvatting Marketing
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Summary of the Marketing slides/lessons given by Nathalie Dens (2022/2023)
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CHAPTER 1: MARKETING PRINCIPLES AND PRACTICE OBJECTIVES1.1 WHAT IS MARKETING?
Marketing = a social and managerial process by which individuals and groups obtain what they need and
want through creating and exchanging products and value with others
In business context: To build and maintain profitable customer relationships with stakeholders (=
everyone who has an interest in/ is affected by the organisation)
Exchange = the act of obtaining a desired object from someone by offering something in return
● at least 2 parties
● each must hold something of value to offer
● parties must want to deal with each other
→ creates value, gives people more consumption choices or possibilities
Customer value: the consumer’s assessment of the product’s overall capacity to satisfy his or her needs →
value is what the customer says it is; perceived value!
you can have a great technology, but if the client doesn’t need a very complicated technology, then
it doesn’t creates value
● We don’t only buy things for the practical value
Benefits? Costs/ drawbacks? Perceived Value?
Tesla: you need to drive very much to recover the costs, but on the other hand it gives you
status and produce less pollution; benefits: don’t have to buy gas, tax reduction;
Costs/drawbacks: low drive range before you have to recharge the battery; perceived
value: beautiful, status…
WHAT DOES MARKETING APPLY TO?
- physical products
- services
bank
- retail
albert heijn/ delhaize
- experiences
pairi daiza / zoo / museum
- events
festival/ Olympics
- film, music, and theater
which movie are you going to watch
- places
where do you wanna go on holiday
- ideas
don’t drink and drive, I’d rather show my buns than wear fur
- charities and non - profits
ice bucket challenge, de warmste week
- people
For who are you voting
→ marketing applies anywhere ‘buyers’ have a choice
1
,1.2 WHAT IS THE DIFFERENCE BETWEEN CUSTOMERS AND CONSUMERS?
A customer is a buyer, a purchaser, a patron, a client, or a shopper—someone buying from a shop, a
website, a business, and, in the sharing economy, another customer (e.g. Airbnb or Uber).
The difference between customer and consumer is that a customer purchases or obtains an offering but a
consumer uses it (or eats it, in the case of food).
1.3 MARKET ORIENTATION
= The organization-wide generation of market intelligence pertaining to current and future customer needs,
dissemination of the intelligence across the departments, and organization-wide responsiveness to it’
= organisation - wide belief in delivering customer value
- understanding consumer needs even better than consumers themselves do
- creating products that meet existing and latent (not so obvious yet) needs, now or in the future
Developing a market orientation means developing:
■ customer orientation—concerned with creating superior value by continuously developing and
redeveloping offerings to meet customer needs, meaning that we should measure customer satisfaction on
a continuous basis and train front-line service staff;
→ Really understanding the customer needs
■ competitor orientation—requiring an organization to develop an understanding of its competitors’ short-
term strengths and weaknesses, and its own long-term capabilities and strategies (Slater and Narver, 1994);
→ Being very aware of what the competition is doing because you need to be able to provide value that is
superior to what competitors are already doing
■ interfunctional coordination—requiring all an organization’s functions to work together for long-term
profit growth
→ Need to make sure that everybody in the company is on board
→ FOCUS ON LONG TERM PROFIT
2
,CUSTOMER CENTRICITY:
- not trying to please all customers
- fulfilling needs in a profitable way
→ you can also make more money of a smaller group of people who will pay more
Amazon key: key can let in cleaners of mail mans, convenient for some people but not everyone wants to
pay for such service
1.4 MARKETING’S INTELLECTUAL ROOTS
→ interdisciplinary field
- industrial economics influences
supply and demand, competition
- psychological influences
consumer behaviour, persuasion
- sociological influences
demographics, culture
- anthropological influences
qualitative approaches in researching consumer behaviour (interviews, observations)
- computer science influences
digitization, apps
1.5 DIFFERENCES BETWEEN SALES AND MARKETING
Marketing Sales
- tends towards long - term satisfaction of - tends towards short - term satisfaction of
customer needs customer needs: part of the value delivery
- tends to greater input into customer design process as opposed to designing and
of offering (co - creation) development of customer value processes
- tends to high focus on stimulation of - tends to lesser input into customer design
demand of offering
- tends to low focus on stimulation of
demand: more focused on meeting existing
demand
3
,1.6 WHAT DO MARKETERS DO?
- CORE:
Insights → we need to understand what is going on with society/consumers so you can create value
Championing: it’s marketing’s job to defend customer needs towards other parts of the
organisation
Strategy: Marketing mix is how we put our programme into action, who we are serving, catering to
& how are we going to make a difference?
- TECHNICAL: competencies to create the value
- BEHAVIOUR: competencies that marketers need
→ The core competencies of the marketer are to generate customer insights, champion the customer and
hence customer focus and develop marketing strategy
MARKETING WITHIN ORGANISATIONS
- Marketing should develop further in enhancing a firm’s relationships
with its customers and in terms of the power wielded inside companies.
- In 2015, 21% of Financial Times Stock Exchange 100 CEOs came from
a sales-and-marketing background (Hobbs, 2015).
- Marketers do not control all the marketing mix elements.
- Marketing is present in all aspects of an organization, since
all departments play a role in creating, delivering, and satisfying customers
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,1.7 MARKETING AS EXCHANGE
- traditional view: exchange from products with monetary payment
- marketing is not only for industrial organisations, but also for any kind of organisation that has
value to offer (e.g., University)
- customers have more to offer than monetary payment
- not only customers but also stakeholders are important (anyone who has an impact)
university: teachers, parents, government, neighbours, …
→ co - creation: work together with stakeholder for the value
students for university: talk about the university (promotion), feedback, loyalty
→ VALUE: What can customers and other stakeholders bring of value, other than purchases?
1.8 THE MARKETING MIX AND THE 4P’s
MARKETING MIX
= The tools that we as a marketeer have in hand to try and influence consumer behaviour
4P FRAMEWORK
- Product
- Price
- Place
- Promotion
→ What’s missing in this 4P framework is that marketing doesn’t start from your product, but
from your customer
→ Here you are looking at the tools from a companies perspective
4C FRAMEWORK
- Customer (What is the need that the customer is trying to fill?)
- Cost (What is the cost for the customer to obtain the product: shipping cost…)
- Communication (promotion) (How do you communicate interactive (two way interaction)
- Convenience (place) (How convenient is it for my customer to get access to the product)
→ Tries to translate the 4P framework to a customer perspective
5
,*Marketing myopia: putting on your eye flaps, having short-sightedness, being too focused on the product
itself and lose sight of what the underlying need of the customer is
1.9 THE EXTENDED MARKETING MIX
EXTENSION FROM 4 TO 7 P’s FOR SERVICES
- Physical evidence: To emphasize that the tangible components of services were strategically
important
- Process: To emphasize the importance of the service delivery. When processes are standardized, it
is easier to manage customer expectations.
- People: To emphasize the importance of customer service personnel, sometimes experts and often
professionals interacting with the customer. How they interact with customers, and how satisfied
customers are as a result of their experiences, is of strategic importance
THE “NEW” P: PERSONALISATION
“Making everyone feel unique” → E.g., personalized Netflix ‘for you list’, your name on the cup of
Starbucks …
1.10 RELATIONSHIP MARKETING, SERVICE-DOMINANT LOGIC, AND CO-CREATION
RELATIONSHIP MARKETING
= Shift from the customer acquisition through a transactional manner towards retaining customers long-
term by better management of customer relationships
Relationships with stakeholders (e.g., suppliers, employees, press, general public)
→ TRY TO INCREASE CUSTOMER LOYALTY:
LOYAL CUSTOMERS
- Will increase their purchases over time;
- Are cheaper to promote to;
- Who are happy with their relationship with a company refer it to others;
- Are prepared to pay a (small) price premium
→ Companies employing a relationship marketing approach stressed customer retention over customer acquisition. Customer
retention is an important activity in marketing because research has demonstrated that when a company retains loyal customers it
is more profitable compared with competitors who do not, because loyal customers
CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
= The process of acquiring detailed information of individual customers and carefully building and
managing customer relationships by delivering superior value.
Touch points:
● moment of purchase
● contacts with sales teams
● after sales service
● website visits
● payments
● surveys
● …
Narrow: Customer data management (detailed info about individual customer)
Broader: all aspects of acquiring, keeping, and growing customers
6
,MARKETING AUTOMATION
= When you automate all your marketing tasks and workflows
= A category of technology that allows companies to streamline, automate, and measure marketing tasks
and workflows, so they can increase operational efficiency and grow revenue faster
MARKETING AUTOMATION VS. CRM
→ Marketing automation is really the part of the marketeer; the role of the marketeer sort of stops when
the person becomes a client (makes their first purchase), and then they go to sales and come into the CRM
system.
SELECTIVE RELATIONSHIP MANAGEMENT
- Customer lifetime value = prediction of all the value a business will derive from their entire
relationship with a customer
- Maximizing profit over customer’s lifetime
- Losing customer = losing lifetime’s worth of purchases and referrals
7
, SERVICE-DOMINANT LOGIC
= Marketing paradigm that sees service as the fundamental basis of exchange
→ Why buy a book in ‘books & wine’ instead of on amazon? → The difference lies in the service
Amazon: delivered at home, more variety
Books and wine: cosy experience, wine, …
CO-CREATION
- Because offerings are inherently service-based, customers become co-creators of the service
experience: the value-in-use of the offering is specified by the customer, often after the sale has
taken place.
- Organizations can use co-creation to differentiate their offerings. The co-creation experience is
about the joint creation of value, in which customers take part in an active dialogue and co-
construct personalized experiences.
(for example: letting customers choose the new flavour of lays (bicky burger taste))
1.11 MARKETING’s IMPACT ON SOCIETY
MACROMARKETING
• The study of the effect that marketing processes, activities, and institutions have on economy and
society of a nation
• Marketing plays an important role in developing and transforming society:
- Marketing of non-profits
- Innovations
Marketing is frequently criticized for being unethical in nature, manipulative, and creating wants of
needs where none previously existed
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