Summary
BEKNOPTE SAMENVATTING MARKETING
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PASS YOUR EXAM with this brief summary of the 2nd year course Marketing for Business Administration. It contains all the important material you need to know before the exam.
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Lecture 1 – IntroductionMarketing = process where companies engage customers, build strong customer
relationships, and create customer value in order to capture value in return
Marketing myopia = mistake of paying too much attention to offers instead of benefits
and experiences produced
It is all about satisfying the needs of customers, about market trends and external
Exchange creating value goal is: exchange (= transfer of goods, services,
ideas, in return for something valuable)
Customer-engagement marketing = making brand meaningful to customers’ lives
Consumer-generated marketing = consumer has role in shaping the brand they buy
Good profit = profit earned from creating value that leads to loyalty, repeat purchase
Bad profit = profit earned at customer’s expense, negative experience for customer
Four types of customers:
Butterflies = profitable, not loyal
True friends = profitable, loyal
Barnacles = loyal, but not profitable
Strangers = low potential profitability and little projected loyalty
Lecture 2 – Company and environment
Ansoff’s Matrix = helps companies to choose what to do with its offerings and market:
Market penetration = sell
existing
product to existing market
Market development = sell
existing
product to new market
Product development = sell
new
product to existing market
Diversification = try to find
new market
for new product (most riskiest).3 forms
- Concentric (new products related)
- Horizontal (new product unrelated)
- Conglomerate (new products
significantly unrelated) = most risky
Things that influence the company and its marketing:
Macroenvironment (affect company):
- Political (handy to have good political relationships)
- Economic (factors in marketing environment)
- Societal / cultural (socially responsible, provide enjoyable lives)
- Technological (technology assessment = foresee effects of new product)
- Legal / demographic (procompetitive legislation, for example monopoly)
- Environmental / natural (sustainability)
= PESTLE (macroenvironment analysis)
, Microenvironment (affect marketing strategies, it is about competition):
- Company itself (working together well to create value and relationships)
- Actors close to company: suppliers, marketing intermediaries, competitors,
publics, customers
Tools and frameworks to address marketing strategy direction:
SWOT
PESTLE
> SWOT and PESTLE do overlap and can be used together
Porter’s five forces = identifies and analyzes five competitive forces that shape
every industry and helps determine an industry's weaknesses and strengths.
BCG matrix = to help with long-term strategic planning and
consider growth opportunities
Maslow’s hierarchy of needs = human needs
are arranged in in a hierarchy, depending on in
which stage people are, they will buy your
product or not
Buyer’s black box = what an organization can not
know about what is in the buyer’s mind and its decision
process, an organization can measure the what,
where, when, but not the why.
There are cultural, social, personal and psychological aspects that influences buying
behavior.
Matrix of types of buying behavior:
The buying process starts long before the actual purchase and continues long after.
Therefore, marketers must focus on the entire buying process, not just the purchase
decision.
Lecture 3 – Market information and customer insights
Marketing information systems (MIS) = system of people and procedures that collect
information to get customer and market insights, about storage and retrieval
Competitive marketing intelligence = analysis of publicly information about
competitors and their way with creating customer value
Customer relationship management (CRM) = managing detailed info about customer
The marketing research process is circular:
Define the problem and research objectives develop the research plan collect
information analyze information present the findings feedback
Internal (new data suggest new problem, redefinition, more data needed)
External (market changes)
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