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Summary Lectures Marketing
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Lectures, notes and summary of important issues related to Marketing.
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1MARKETING (MAN-BCU2008)
ACADEMIC YEAR 2019-2020
RADBOUD UNIVERSITY | NIJMEGEN SCHOOL OF MANAGEMENT |
DEPARTMENT OF MARKETING
The central idea behind marketing is that a firm (or other entity) will create something (e.g., a product or service)
of value to one or more customers who, in turn, are willing to pay enough (or contribute other forms of value) to
make the venture worthwhile.
The value of the product or service offered by the firm must be examined from the customer’s point of view.
Some customer segments value certain product attributes more than others. A very expensive product — relative
to others in the category—may, in fact, represent great value to a particular segment of customers, because the
benefits received are seen as even greater than the sacrifices made (usually in terms of money). For others, this
product may be less important, but they strive for a good quality, and would be willing to pay a medium price for
it. A third segment of customers may simply want a “lower quality” item for a low price.
The continuous creation of value of a firm to its target customers requires several interlinked decisions from the
firm. It requires planning and executing decisions that will help the company in making the right product
available at the right time, at the right place, against an acceptable price, and in communicating to the right
people in the appropriate way.
COURSE GOALS
The overall objective of the course is to introduce students to the important concepts of marketing and to get
them apply these concepts when making marketing decisions. So, the learning during the course will consist of
more than just acquiring or familiarization with knowledge. Being able to apply the concepts and models is just
as important as the reproduction of what has been written in the textbook or told during the lectures.
Additionally, students will gain the skills needed to write a marketing plan by focusing on planning, analysis of
environmental and market factors, experiencing market research first-hand, interpreting consumer data and
deriving appropriate marketing recommendations.
Marketing (MAN-BCU2008-2019-4-V)
2019-2020
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Index
Course goals.............................................................................................................................................................1
L 1: Introduction to Marketing Ch 1.....................................................................................................................7
L 2: Market analysis CH 2 & 3..............................................................................................................................9
Environmental analysis and SWOT.....................................................................................................................9
Avoid common problems with SWOT............................................................................................................9
Market Structure Analysis....................................................................................................................................9
Goals..............................................................................................................................................................10
Defining the market.......................................................................................................................................10
Identifying competition.................................................................................................................................10
Competitor analysis...........................................................................................................................................12
Competitors’ Roles in the Marketplace.........................................................................................................12
Objectives......................................................................................................................................................13
Strategy..........................................................................................................................................................13
Strengths & weaknesses................................................................................................................................13
Match-up........................................................................................................................................................14
Primary information sources..........................................................................................................................14
Secondary information sources......................................................................................................................14
L 3: Segmentation, Targeting & Positioning CH 7 & 8.....................................................................................14
Segmenting.........................................................................................................................................................15
Segmentation bases........................................................................................................................................15
Segment profiling..........................................................................................................................................16
Criteria for valuable segmentation.................................................................................................................16
Marketing (MAN-BCU2008-2019-4-V)
2019-2020
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Targeting............................................................................................................................................................16
Selecting a target market from promising segments......................................................................................17
Positioning.........................................................................................................................................................17
L 4.1: Designing and Using Questionnaires CH 9..............................................................................................18
New product development..................................................................................................................................19
Communication barometer.................................................................................................................................19
Brand image.......................................................................................................................................................20
Brand health...................................................................................................................................................20
Brand image...................................................................................................................................................20
Customers Relationship Management................................................................................................................21
L 4.2: Marketeffect................................................................................................................................................21
Markteffect.........................................................................................................................................................21
Types of research...............................................................................................................................................21
brand awareness.............................................................................................................................................21
L 5: Data-Driven Marketing................................................................................................................................22
Introduction to Chamber of Commerce & Data-Driven Marketing Association..............................................22
What is data-driven marketing?.........................................................................................................................22
Customer journey mapping at work...................................................................................................................22
L 6: Buying Behaviour CH 5 & 6.........................................................................................................................23
What is buying behaviour and why is it important?..........................................................................................23
Understanding customer needs..........................................................................................................................23
Consumer behaviour..........................................................................................................................................23
Process...........................................................................................................................................................23
Underlying psychological processes..............................................................................................................24
Marketing (MAN-BCU2008-2019-4-V)
2019-2020
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External influences........................................................................................................................................25
Business buying behaviour.................................................................................................................................26
Business markets...........................................................................................................................................27
Organizational decision making....................................................................................................................27
L 7: Branding CH 11.............................................................................................................................................28
Why do we have brands?....................................................................................................................................28
Benefits brands offer for customers...............................................................................................................28
Benefits brands offer for manufacturers........................................................................................................28
What is a brand?................................................................................................................................................28
Dimensions of Brand Equity..............................................................................................................................28
Brand Awareness...........................................................................................................................................29
Brand Associations........................................................................................................................................29
Brand Elements..................................................................................................................................................29
L 8: NPD & Pricing CH 10, 12 & 20....................................................................................................................30
New Product Development.................................................................................................................................30
Classifying products......................................................................................................................................31
Importance of NPD........................................................................................................................................31
NPD success factors......................................................................................................................................32
NPD process..................................................................................................................................................32
Market research input in the stages of NPD..................................................................................................32
Pricing................................................................................................................................................................33
Role of pricing in marketing strategy............................................................................................................33
Establishing prices.........................................................................................................................................33
L 9: Marketing Communication CH 16, 17 & 19...............................................................................................36
Marketing (MAN-BCU2008-2019-4-V)
2019-2020
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