Summary Principles of Marketing, Global Edition - Marketing (MAN-BCU2008)
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Course
Marketing (MANBCU2008)
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Radboud Universiteit Nijmegen (RU)
Book
Principles of Marketing
A summary of the book "principles of marketing", 18th edition. Chapters 1-3-4-5-7-. Samenvatting Principles of Marketing, Global Edition - Marketing (MAN-BCU2008. English summary.
Marketing summary Principles of Marketing 18th edition
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Summary: Principles of Marketing 18e Global Edition - Marketing (MAN-BCU2008)
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Summary principles of marke2ng (chapter 1-3-4-5-7-8-10-12-14-20)
1
,Table of content
CHAPTER 1: CREATING CUSTOMER VALUE AND ENGAGEMENT. ....................................................................... 4
THE MARKETING PROCESS ......................................................................................................................................... 4
1. Customer needs, wants and demands. ................................................................................................. 4
2. Marke5ng offerings-products, services, and experiences. .................................................................... 4
3. Customer value and sa5sfac5on. ......................................................................................................... 4
4. Exchanges and rela5onships. ............................................................................................................... 4
5. Markets ................................................................................................................................................ 4
MARKETING MANAGEMENT ORIENTATIONS. .................................................................................................................. 5
1. The produc5on concept: ....................................................................................................................... 5
2. The product concept: ............................................................................................................................ 5
3. The selling concept: .............................................................................................................................. 5
4. The marke5ng concept: ........................................................................................................................ 5
5. The societal marke5ng concept: ........................................................................................................... 5
PREPARING AN INTEGRATED MARKETING PLAN AND PROGRAM. ......................................................................................... 6
Product;.......................................................................................................................................................... 6
Price ............................................................................................................................................................... 6
Place............................................................................................................................................................... 6
Promo5on ...................................................................................................................................................... 6
ENGAGING CUSTOMER RELATIONSHIPS AND CAPTURING CUSTOMER VALUE. ......................................................................... 6
BUILDING RIGHT RELATIONSHIPS WITH THE RIGHT CUSTOMERS. ......................................................................................... 7
THE DIGITAL AGE: ONLINE, MOBILE, AND SOCIAL MEDIA MARKETING. ................................................................................. 7
CHAPTER 3: ANALYZING THE MARKETING ENVIRONMENT .............................................................................. 8
THE MICROENVIRONMENT ......................................................................................................................................... 8
- The company’s ...................................................................................................................................... 8
- Suppliers ............................................................................................................................................... 8
- Marke5ng intermediaries ..................................................................................................................... 8
- Compe5tors .......................................................................................................................................... 8
- Publics .................................................................................................................................................. 8
- Customers ............................................................................................................................................. 8
THE MACROENVIRONMENT ........................................................................................................................................ 9
Demographic.................................................................................................................................................. 9
Economic: ....................................................................................................................................................... 9
NATURAL: .............................................................................................................................................................. 9
TECHNOLOGICAL:..................................................................................................................................................... 9
POLITICAL: ............................................................................................................................................................. 9
SOCIAL: ............................................................................................................................................................... 10
CULTURAL: ........................................................................................................................................................... 10
CHAPTER 4: MANAGING MARKETING INFORMATION. .................................................................................. 11
MANAGING MARKETING INFORMATION ...................................................................................................................... 11
MARKETING RESEARCH ........................................................................................................................................... 11
DEVELOPING THE RESEARCH PLAN ............................................................................................................................. 12
CHAPTER 5: CONSUMER MARKETS AND BUYER BEHAVIOR ........................................................................... 13
CULTURAL FACTORS ................................................................................................................................................ 13
SOCIAL FACTORS .................................................................................................................................................... 13
PSYCHOLOGICAL FACTORS ........................................................................................................................................ 13
TYPES OF BUYING DECISION BEHAVIOR. ...................................................................................................................... 13
THE BUYING DECISION-MAKING PROCESS .................................................................................................................... 14
THE ADOPTION PROCESS ......................................................................................................................................... 14
2
, PRODUCT ADOPTER CATEGORIES (HOW DO CUSTOMER ADOPT PRODUCTS) ........................................................................ 15
THE MARKETING PROCESS: ...................................................................................................................................... 15
CHAPTER 7: CUSTOMER VALUE-DRIVEN MARKETING STRATEGY. ................................................................... 16
MARKET SEGMENTATION ......................................................................................................................................... 16
REQUIREMENTS FOR EFFECTIVE SEGMENTATION ........................................................................................................... 17
MARKET TARGETING ............................................................................................................................................... 17
DIFFERENTIATION AND POSITIONING .......................................................................................................................... 18
CHAPTER 8: PRODUCTS, SERVICES, AND BRANDS. ......................................................................................... 20
LEVELS OF PRODUCT AND SERVICES ............................................................................................................................ 20
PRODUCT AND SERVICE CLASSIFICATION ...................................................................................................................... 20
BRANDING ........................................................................................................................................................... 21
SERVICES.............................................................................................................................................................. 21
CHAPTER 10: PRICING AND VALUE PROPOSITION ......................................................................................... 23
PRICING IN DIFFERENT TYPES OF MARKETS................................................................................................................... 24
ANALYZING THE PRICE-DEMAND RELATIONSHIP ............................................................................................................ 24
VALUE PROPOSITION CANVAS ................................................................................................................................... 24
CHAPTER 12: MARKETING CHANNELS ........................................................................................................... 26
SUPPLY CHAINS AND THE VALUE DELIVERY NETWORK ..................................................................................................... 26
CHANNEL BEHAVIOR ............................................................................................................................................... 27
VERTICAL MARKETING SYSTEMS ................................................................................................................................ 27
HORIZONTAL MARKETING SYSTEM ............................................................................................................................. 28
MULTICHANNEL DISTRIBUTION SYSTEM ...................................................................................................................... 28
ANALYZING CUSTOMER NEEDS .................................................................................................................................. 28
CHANNEL MANAGEMENT ........................................................................................................................................ 29
MARKETING LOGISTICS............................................................................................................................................ 29
SUSTAINABLE SUPPLY CHAIN ..................................................................................................................................... 29
CHAPTER 14: P. ENGAGING CONSUMERS AND COMMUNICATING CUSTOMER VALUE.................................... 31
PROMOTION MIX ................................................................................................................................................... 31
NEW MARKETING COMMUNICATIONS MODEL .............................................................................................................. 31
THE NEED FOR INTEGRATED MARKETING COMMUNICATIONS ........................................................................................... 31
THE COMMUNICATION PROCESS................................................................................................................................ 32
STEPS IN DEVELOPING EFFECTIVE MARKETING COMMUNICATION. ..................................................................................... 33
SETTING THE TOTAL PROMOTION BUDGET ................................................................................................................... 33
DIGITAL MARKETING ............................................................................................................................................... 34
CHAPTER 20: SUSTAINABLE MARKETING, SOCIAL RESPONSIBILITY AND ETHICS. ........................................... 36
MARKETING’S IMPACT ON INDIVIDUAL CONSUMERS (CRITICS) ......................................................................................... 36
CONSUMER ACTION TO PROMOTE SUSTAINABLE MARKETING........................................................................................... 37
SUSTAINABLE MARKETING PRINCIPLES ........................................................................................................................ 38
MARKETING ETHICS................................................................................................................................................ 39
THE SUSTAINABLE COMPANY .................................................................................................................................... 39
3
, Chapter 1: Crea+ng customer value and engagement.
Marke&ng is engaging customers and managing profitable customer rela7onships. The
twofold goal of marke7ng is to a>ract new customers by promising superior value and to
keep and grow current customers by delivering value and sa7sfac7on.
Marke&ng is a social and managerial process by which induvial and organiza7ons obtain
what they need and want through crea7ng and exchanging value with others.
The marke)ng Process
In the first four steps, companies work to understand consumers, create customer value, and
build strong customer rela7onships. In the final step, companies reap the rewards of crea7ng
superior customer value.
1. Customer needs, wants and demands.
Human needs are states of felt depriva7on. They include basic physical needs for food,
clothing, warmth, and safety. Wants are the form human needs take as they are shaped by
culture and individual personality. Wants are shaped by one’s society and are described in
terms of objects that will sa7sfy those needs. When wants are backed by buying power,
these wants become demands.
2. Marke4ng offerings-products, services, and experiences.
Customers’ needs and wants are fulfilled through market offerings, some combina7on pf
products, services, informa7on, or experiences offered to a market to sa7sfy a need or a
want. Many sellers make the mistake of paying more a>en7on to the specific products they
offer than to the benefits and experiences produced by these products => marke&ng myopia
(focus on exis7ng wants and not on underlying needs).
3. Customer value and sa4sfac4on.
Sa7sfied customers by again and tell others about their good experiences. Dissa7sfied
customers oRen switch to compe7tors and disparage the product to others. The level of
expecta7on must be set at the right level to avoid disappointments.
4. Exchanges and rela4onships.
Exchange is the act of obtaining a desired object from someone by offering something in
return. Companies want to build strong rela7onships by consistently delivering superior
customer value.
5. Markets
A market is the set of actual and poten7al buyers of a product or service. These buyers share
a par7cular need or want that can be sa7sfied through exchange rela7onships.
Customer value-driven marke)ng strategy.
Marke&ng management is the art and science of choosing target markets and building
profitable rela7onships with them. The marke7ng manager’s aim is to engage, keep, and
grow target customer by crea7ng, delivering, and communica7on superior customer value.
4
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