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TEST BANK FOR MARKETING MANAGEMENT, 15TH EDITION BY PHILIP KOTLER
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TEST BANK FOR MARKETING MANAGEMENT, 15TH EDITION BY PHILIP KOTLER
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TEST BANK FOR MARKETING MANAGEMENT, 15TH EDITION BY PHILIP KOTLER
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MST-24306 Management and Marketing26-10-15: lecture 1 introduction to the course
There is a big overlap between marketing and
management: marketing needs to be managed
Marketing is about meeting customer needs.
Without customers no business!
Marketing = meeting needs profitably
marketing is the activity, set of institutions, and
process for creating, communicating, delivering, and exchanging offering that have value for
customers, clients, partners and society at large.
Marketing management = the art and science of choosing target markets and getting, keeping
and growing customers through creating, delivering and communication superior customer
value.
Marketers market 10 main types of entities: goods, services, events, experiences, persons,
places, properties (real estate/stocks and bonds), organizations, information, ideas (‘friends
don’t let friends drive drunk).
A marketer is someone who seeks a response-attention, a purchase, a vote, a donation – from
another party, called the prospect. Marketers are responsible for demand management 8
demands are possible:
1. Negative demand: consumers dislike the product and may even pay to avoid it
2. Non-existent demand: consumers may be unware of or uninterested in the product
3. Latent demand: consumers may share a strong need that cannot be satisfied by an
existing product
4. Declining demand: consumers begin to buy the product less frequently or not at all
5. Irregular demand: consumer purchases vary on a seasonal, monthly, weekly, daily or
even hourly basis
6. Full demand: consumer are adequately buying all products put into the marketplace
7. Overfull demand: mare consumers would like to buy the product than can be satisfied
8. Unwholesome demand: consumers may be attracted to product that have undesirable
social consequences
You don’t not sell to consumers, you sell
to retailers; they need to be convinced of
your product.
Market = a group of customers who
demand a certain product (buyers)
Sellers = the industry
Buyers = the market
5 basic markets and their connection
flows are shown in figure 1.1 (see previous page)
- Resource markets (raw materials, labor markets, money markets) turn into goods and
services sell to intermediaries sell to consumers
- Government collects tax uses this to provide public services
- Need markets (diet-seeking market), product markets (shoe market), demographic
market (youth market), geographic market (Chinese market)
,Consumer markets, business markets, global markets, non-profit and governmental markets
(p.31)
We can distinguish five types of needs:
1. Stated needs (the customer wants an inexpensive car)
2. Real needs (the customer wants a car whose operating cost, not initial price, is low)
3. Unstated needs (the customer expects good service from the dealer)
4. Delight needs (customer would like the dealer to include an onboard GPS navigation)
5. Secret needs (the customer wants friends to see him or her as a savvy consumer)
Marketing environment:
- Task environment: actors engaged in producing, distributing and promoting the offering
- Broad environment consists of 6 components: demographic, economic, social-cultural,
natural, technological and political-legal environment.
Today, major, and sometimes interlinking, societal forces have created new marketing
behaviours, opportunities, and challenges 12 key ones: (p.34)
- Network information technology, globalization, deregulation, privatization, heightened
competition, industry convergence, retail transformation, disintermediation, consumer
buying power, consumer information, consumer participation, consumer resistance
These major societal forces create complex challenges for marketers, but they have generated a
new set of capabilities to help companies cope and respond:
- Marketers can use the internet as a powerful information and sales channel
- Marketers can collect fuller and richer information about markets, customers, prospects and
competitors
- Marketers can tap into social media to amplify their brand message
- Marketers can facilitate and speed external communication among customers
- Marketers van send ads, coupons, samples and information to customers who have requested them
or given the company permission to send them
- Marketers can reach consumers on the move with mobile marketing
- Companies can make and sell individually differentiated goods
- Companies can improve purchasing, recruiting, training, and internal and external communications
- Companies can facilitate and speed up internal communication among their employees by using the
internet as a private intranet
- Companies can improve their cost efficiency by skilful use of the internet
Marketing concept: The key to achieving organizational goals is being more effective than
competitors in creating, delivering, and communicating superior customer value to your
target markets.
-The four concepts: product, production, sales and marketing.
The marketing concept is the only concept that focuses on the needs of customer.
The others focus on production (efficiency, low costs), the product (highest quality, best
performance, most innovative), sales (aggressive selling).
Problem: Does not necessarily lead to satisfied customers, maybe even to unsatisfied customers
(sales concept) don’t buy again + negative word of mouth
Holistic marketing: make sale but on the same time focus on the customer; different forms
- Relationship marketing: aims to build mutually satisfying long-term relationships with
key constituents in order to earn and retain their business.
- Integrated marketing: everything is related to everything occurs when the marketer
devises marketing activities and assembles marketing programs to create, communicate,
and deliver value for consumers such that “the whole is greater than the sum of its
parts”.
- Internal marketing: explaining not only to you external customers but also to your
internal employees the task of hiring, training, and motivating able employees who
want to serve customers well.
, - Performance marketing: focus on society: is it legal/ethical/good for the environment:
requires understanding the financial and nonfinancial returns to business and society
from marketing activities and programs.
-Needs: basic human requirements; Wants: needs directed towards specific objects that might
satisfy the need largely determined by culture; Demand: wants for specific products backed
by an ability to pay
Marketing environment: PESTLE
Task environment: the actors engaged in producing, distributing, and promoting the offering. In
picture: also competitors and publics are included part of micro environment
Yellow: with whom you work together: the ones you can influence
Blue: not influence able
Examples of the PESTLE factors:
Demographic: population ageing (vergrijzing)
Economic: crisis
Technological: iPad (use in companies, replaces paper and complex systems)
Social-cultural: multicultural society
Political-legal: changes in political parties in the government lead to policy changes (cost cutting,
taxes)
Marketing environment:
- Task environment: actors engaged in producing, distributing and promoting the offering
- Broad environment consists of 6 components: demographic, economic, social-cultural,
natural, technological and political-legal environment.
Today, major, and sometimes interlinking, societal forces have created new marketing
behaviours, opportunities, and challenges 12 key ones op pages 34/35
McCarthy classified various marketing activities into marketing-mix tools 4 p’s. however
nowadays the system needs to be updated modern marketing;
- People: employees are critical to marketing success & marketers must view consumers
as people to understand their lives more broadly, and not just as they shop and consume
- Process: all the creativity, discipline, and structure bought to marketing management
- Programs: all the firm’s consumer-directed activities
Performance: to capture the range of possible outcome measures that have financial and
nonfinancial applications
Marketing management tasks p. 48-49
Developing marketing strategies and plans identify its potential long-run
opportunities given its market experience and core competencies
Capturing marketing insights
Connecting with customers
Building strong brands
Shaping the market offerings
Delivering value
Communicating value
Creating successful long-term growth
Summary: What is/are:
● Marketing management?
● The marketing concept (and how does it differ from the other concepts + why is
the marketing concept important)?
● Needs, wants and demand?
● Holistic marketing and its components?
● Markets?
● The marketing environment?
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