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Marketing Summary
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Marketing summaryChapter 1: What Is Marketing?
• Marketing and sales are NOT the same
• Marketing mix The four P’s: PRODUCT, PRICE, PROMOTION, PLACE
Definition of marketing
Marketing is managing profitable customer relationships. The twofold goal of marketing is to attract new
customers by promising superior value and keep and grow current customers by delivering satisfaction.
The marketing process
The marketplace and customer needs
1. Needs, wants, and demands
Needs: The basic physical need for food, clothing, warmth, and safety as well as social needs for belonging and
affection.
Wants: the form that a human need takes when shaped by culture and individual personality
Demands: Human wants that are backed by buying power
Example: Ryanair, Iberia and private jet -> need, want or demand?
2. Market offerings (tangible products, services, and experiences)
Products: Tangible
Services: Activities or benefits offered for sale that are essentially intangible and do not result in the
ownership of anything
Experiences: persons, places, organizations, information, and ideas
Example: Nike, yoga -> which of the 3?
Iman Van De Perre URJC 2022
, Marketing summary
3. Customer value and satisfaction
Customer value: the difference between the benefits that the customer gains from owning a product or
using a service and the costs of obtaining them.
Satisfaction and customer expectations: expectations based on past buying experiences, the opinions of
friends, and market information.
4. Exchanges and relationships
Exchange: the act of obtaining a desired object from someone by offering something in return.
Relationships: Marketing consists of actions taken to build and maintain desirable exchange relationships
with target audiences involving a product, service, idea, or other objects.
5. Markets
Market: is a set of actual and potential buyers of a product. These buyers share a particular need, want or
demand that can be satisfied through exchange relationships.
Relationship between market and marketing: Marketing means managing markets to bring about profitable
customer relationships.
Marketing management
Definition
1.Marketing management: The art and science of choosing target markets/customers and building profitable
relationships with them.
2. Marketing manager: A person who is involved in marketing analysis, planning, implementation and control
activities.
Strategy: selecting the customers to serve
1. Market segmentation: Dividing the market into segments of customers
2. Target marketing: Selecting which segments it will go after.
Iman Van De Perre URJC 2022
, Marketing summary
Strategy: choosing a value proposition
Value proposition: The set of benefits or values a company promises to deliver customers to satisfy their needs.
Marketing management orientation – 5 ways
1. THE PRODUCTION CONCEPT
To produce affordable and numerous products, management is focused on production and distribution
efficiency. -> Forgetting the customer needs!!!
2. THE PRODUCT CONCEPT
Companies are focused on product, thinking that the customers want quality, performance, and features ->
Marketing myopia: the changing tasted of customers!!!
3. THE SELLING CONCEPT
Customers won’t buy unless you are in a continuous promotion. -> Not long-term relationships with customers!
4. THE MARKETING CONCEPT
It’s based on determining the needs and wants of target markets and delivering desired satisfactions more
effectively and efficiently than competitors. -> Only valid if it is focused on customer value and satisfaction
5. THE SOCIETAL CONCEPT
It is a socially and environmentally responsible marketing that meets the present needs of consumers and
businesses while also preserving or enhancing the ability of future generations to meet their needs. -> YES!
Iman Van De Perre URJC 2022
, Marketing summary
Relationship with customers and partners
1. Customer relationship management (CRM).- Gathering data and creating long-term relationships:
customer value, satisfaction, and loyalty.
2. Partners relationship. - Inside and outside the company (suppliers, delivery services...)
The changing marketing landscape
• Uncertain economic environment
• The digital age
• Globalization
• Social responsibility.- Sustainable marketing
• Non-profit marketing
The digital age
1. Horizontal system versus vertical system
2. Inclusivity versus exclusivity
3. Social business.-The f-factor: friends ,familie s, fans, and followers
Iman Van De Perre URJC 2022
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