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New Product Marketing Samenvatting
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This summary contains all the content that is tested in the exam for the course New Product Marketing
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1ZEUA0 New product marketing total summary 2022-2023
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Module Summary for Exam
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Lecture notes Principles of marketing (BUS12) Foundations of Marketing
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Chapter 1 :Introduction
- Goal of marketing is long-term customer satisfaction
- Costs of attracting new customers are six times higher than to retain an existing customer
Marketing as an academic discipline
- Rooted in various other disciplines.
- Mostly focused on psychology and economics
- All disciplines
o Psychology
o Economics
o Sociology
o Biology
Three value propositions of marketing
- Product leadership
o Best total product
- Customer intimacy
o Best total solution
- Operating excellence
o Best total cost
Strategic relevance of innovation
,Marketing orientation vs Production orientation
Marketing Orientation Production Orientation
Customer concern throughout business Convenience comes first
Know customer choice criteria and match with Assume price and product performance key to
marketing mix most sales.
Welcome change Cheris status quo
Invest in market research Rely on anecdotes and received wisdom
Try to understand competition Ignore competition
Reward innovation Punish innovation
Be fast Why rush?
Efficient and effective Efficient
Marketing planning process
Assessing Marketing Strategies
Key questions Stages in marketing planning process
Where are we now and how did we get there? - Business missions
- Marketing audit
- SWOT analysis
Where would we like to be? Marketing objectives
,How do we get there? - Marketing strategy
- Marketing mix decisions
- Organization and impleentation
What is marketing?
- Marketing concept : the achievement of corporate goals through meeting and exceeding
customer needs better than the competition
- Marketing orientation : Implementation of the marketing concept
- Three conditions should be met before the marketing concept can be applied
o Customer satisfaction (customer orientation)
o integrated effort
o corporate goals (goal achievement)
, Mission and Vision
- Derived from value disciplines : OE, PL or CI
- Mission is the identify of the organization
o Why are we here?
- Vision is the mission of the future (the ambition)
o Where does the organization want to go?
- Mission and vision provides a consistent set of norms and values.
Business definition (Abell)
The nature of customer value
- Customer value = Perceived benefits – Perceived sacrifices
- Perceived benefits
o can be derived from the product, the associated service and the image of the
company.
- Perceived sacrifices
o Total cost associated with buying the product. Consists not only of monetary costs,
but also the time and energy invested with buying the product. Also the potential
psychological cost of making the wrong decision is something to take into account.
- Value needs to exceed that one of the competitors.
- Expectations are formed through
o Pre-buying experiences
o Discussions with other people
o Suppliers marketing activities
- Companies should avoid the mistake of setting customers expectations to high trough
exaggerated promotional claims.
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