Summary of the subject New product marketing (1ZEUA0), based on the book Foundations of Marketing (by John Fahy & David Jobber).
All chapters of the book are covered.
This summery als contains practical examples .
Customer centricity: focus op de toekomstige waarde van een klant
The focus of marketing is on customers and their changing needs
The goal of marketing is long–term customer satisfaction
Because of the purpose of business is to create and keep customers, it has only two central
functions marketing and innovation. The basic function of marketing is to attract and
retain customers at a profit.
This tells 3 things:
1. Keep attention to customer
needs
2. Costs of attracting new
customers have been found to be
up to six times higher than the
costs of retaining existing ones.
Marketing orientated companies
recognize the importance of
building relationships and
attracting new customers by
creating added value.
3. Monitor and understand
competitors
The modern marketing concept: the
achievement of corporate goals
through meeting and exceeding
customer needs better than the
competition. This has 3
conditions
1. Focus on customer
satisfaction rather than
producing products
(customer orientation)
2. The achievement of customer
satisfaction relies on integrated effort. All staff accept the responsibility for
creating customer satisfaction (integrated effort)
3. The belief that corporate goals can be achieved through customer satisfaction
(goal achievement)
Perceived benefits can be derived from the product, the associate service and the
image of the company
Perceived sacrifice is the total cost associated with buying the product. This
consists not just monetary costs, but also the time and energy involved in the
purchase
The Kano model helps to separate
characteristics that cause dissatisfaction,
satisfaction and delight.
Four forms of customer value are:
1. Price value
2. Performance value (innovation)
3. Emotional value
4. Relational value (quality/service)
Lifetime value of a customer: potential sales,
profits and endorsements that come from a repeat customer who stays with the
company for several years.
Value is increasingly being seen as not something that is created by organisations for
customers but rather something that is co-created between organizations and
customers.
Customer relationship management (CRM): system to get to know customers better and
to interact with them on a regular basis.
Marketing is the delivery of value to customers at a profit
The development of marketing
Production orientation: focus on production
capabilities. The purpose of the company is to
develop products or services and it’s the
quality an innovativeness of these offerings
are considered to be key to success
Sales orientation: Focus on aggressive sales
effort. Push the product to the customer
Customer orientation: focused on the needs
of the customer search for potential
market opportunities and marketing of products ands services
2
, Societal marketing concept: sustainable marketing. The marketing strategy should
deliver value to customers in a way that maintains or improves both the customer and
society’s well-being.
Marketing orientation: implementation of the marketing concept
• Continuous market research
• Log and exchange information within organization
• Be open to change
Business mission: a broadly
defines, enduring statement of
purpose that distinguishes a
business from others of its type
Treacy & Wiersema
Marketing preconditions
At least two individuals
or organizations with
unmet needs, which
they cannot satisfy
themselves
Parties voluntarily participate in exchange
Parties offer something of value, and benefit from exchange
Parties have a way to communicate
This creates a market: All (potential) customers and suppliers that adhere to the
above conditions
3
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller nienkevergeer. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.76. You're not tied to anything after your purchase.
