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Principles of Marketing Summary, ISBN: 9781292269566 Marketing
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MARKETING SUMMARYPrinciples of marketing – 8th European edition
,Table of Contents
§CHAPTER 1: WHAT IS MARKETING?...................................................................................2
§CHAPTER 2: COMPANY AND MARKETING STRATEGY.........................................................8
§CHAPTER 3: ANALYSING THE MARKETING ENVIRONMENT..............................................14
§CHAPTER 5: CONSUMER MARKETS AND BUYERS BHAVIOUR...........................................19
§CHAPTER 6: BUSINESS MARKETS AND BUSINESS BUYER BEHAVIOUR..............................25
§CHAPTER 7 – CUSTOMER-DRIVEN MARKETING STRATEGY: creating value of target
customers.........................................................................................................................29
§CHAPTER 8: PRODUCTS, SERVICES AND BRANDS: BUILDING CUSTOMER VALUE..............34
§CHAPTER 9: DEVELOPING NEW PRODUCTS AND MANAGING THE PRODUCT LIFE CYCLE. .41
§CHAPTER 10 – PRICING: UNDERSTANDING AND CAPTURING CUSTOMER VALUE.............46
§CHAPTER 11 – PRICING STRATEGIES: ADDITIONAL CONSIDERTIONS................................53
§CHAPTER 12 – MARKETING CHANNELS: delivering customer value..................................58
§CHAPTER 13 – RETAILING AND WHOLESALING................................................................66
§CHAPTER 14 – COMMUNICATION CUSTOMER VALUE......................................................72
§CHAPTER 15 – ADVERTISING AND PUBLIC RELATIONS.....................................................77
§CHAPTER 16 – PERSONAL SELLING AND SALES PROMOTION............................................83
§CHAPTER 17 – DIRECT AND ONLINE MARKETING.............................................................89
§CHAPTER 18 – CREATING COMPETITIVE ADVANTAGE......................................................94
§CHAPTER 19: THE GLOBAL MARKETPLACE.......................................................................98
§CHAPTER 20: SOCIAL RESPONSIBILITY AND ETHICS........................................................103
1
,§CHAPTER 1: WHAT IS MARKETING?
Marketing: is engaging customers and managing profitable customer relationships. (for
profit and not-for-profit organisations)
Goal of marketing
To attract new customers by promising superior value
To keep and grow current customers by delivering value and satisfaction
Old traditional form: through TV and massages to the masses
New form: using online reach directly, personally and interactively.
Marketing defined: as the process by which companies engage customers, build strong
customers relationships and create customers value in order to capture value from the
customers in return.
The marketing process (five step model)
For customers
Step 1: Understanding the marketplace and customer needs and wants (understanding)
Customers need, wants and demands
Needs: states of felt deprivation. Physical (food), social (belonging), individual
Wants: the form human needs take as they are shaped by culture and individual
personality
Demand: Human wants that are backed by buying power.
Companies conduct consumer research, analyse of customer data and observe
customers as they shop and interact. (stay close to customers)
Marketing offerings (products, services and experience)
Marketing offerings: some combination of products, service, information or
experience offered to a market to satisfy a need or want. Also include other entities
Service-> activities or benefits offered for sale
Marketing myopia: the mistake of paying more attention to the specific product a
company offers that to the benefits and experiences produced by these products.
They focus only on product and the wants. They forget that a product is only a tool t
solve a customer problem.
Smart marketers create brand experience for consumers.
Value and satisfaction
Customers form expectations about the value and satisfaction that various market
offerings will deliver and by accordingly. Satisfied customers buy again tell to
other.
Marketers must be careful with the expectations. Low fail enough buyers
High buyers will be disappointed
Exchanges and relationships
Exchanges: the act of obtaining a desired object from someone by offering something
in return. Marketers tries to bring about a response to sone marketing offering.
Marketing consists of actions taken to create, maintain and grow desirable exchange
relationships with target audience involving a product, service, idea or other object.
2
, Markets
Market: The set of all actual and potential buyers of a product or service.
Marketing activities: Sellers must search for and engage buyers, identify their needs,
design good market offerings, set prices for them, promote them and store and
deliver them.
Customers market when they search for products, interact with companies to obtain
information and make their purchases. The digital technologies have empowered
consumers.
Marketing involves serving a market of final consumers in the face of competitors.
Figuur 1.2 staan
Step 2: design a customer-driven marketing strategy (creating customer value)
Marketing management can design a customer value-driven marketing strategy.
What customers will we serve? (what’s our target market)
Whom it will serve diving the market into segments of customers and selecting
which segment it will go after. Timing and nature of their demand.
How can we serve these consumers best? (what’s our value proposition)
The company must also decide how it will serve target customers (how it will
differentiate and position itself in the marketplace). A brand’s value proposition is the
set of benefit or values it promises to deliver to consumers to satisfy their needs.
Such value propositions differentiate one brand from another.
Marketing management: the art and science of choosing target markets and building
profitable relationships with them. 5 alternative concepts under which organisations design
and carry out their marketing strategies:
o The production concepts
The idea that consumers will favour products that are available and highly
affordable; therefore the organisation should focus on improving production
and distribution.
Useful in some situations, the production concept can lead to marketing
myopia.
o The product concept
The idea that consumers will favour products that offer the most quality,
performance and features; therefore, the organisation should devote its
energy to making continuous product improvements. Only focussing on the
company’s product can also lead to marketing myopia.
o The selling concept
The idea that consumers will not buy enough of the firm’s products unless the
firm undertakes a large-scale selling and promotion effort. The aim often is to
sell what the company makes rather than to make what the market wants.
o The marketing concept
A philosophy in which achieving organisational goals depends on knowing the
needs and wants of target markets and delivering the desired satisfactions
better than competitors. Under marketing concept, customer focus and value
are the paths to sales and profits. To find the right products for your
customers.
3
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