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Summary Foundations of Marketing IBK2
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Summary Introduction to Business Studies 2: 'Fundamentals of Marketing'
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Marketing - Foundations of Marketing - 5th edition (John Fahy and David Jobber)
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Foundations of Marketing by John Fahy (1ZAEUA0)
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By: hiddevharten • 5 year ago
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Foundations of MarketingChapter 1 – The Nature of Marketing
Marketing is focused on customers and their changing needs. The goal of marketing is long-term
customer satisfaction. Marketing is the delivery of value to customers at a profit.
What is marketing?
The modern marketing concept can be expressed as ‘the achievement of corporate goals through
meeting and exceeding customer needs better than the competition’. Three conditions must be met
before the marketing concept can be applied. First, company activities should be focused on
providing customer satisfaction. Second, the achievement of customer satisfaction relies on
integrated effort. Marketing is a responsibility of everyone in the organization. Finally, for integrated
effort to come about, management must believe that corporate goals can be achieved through
satisfied customers.
Marketing concept
The achievement of corporate goals
through meeting and exceeding customer
needs better than the competition.
Customer orientation Integrated effort Goal achievement
Corporate activities are All staff accept the The belief that corporate goals
focused upon providing responsibility for creating can be achieved through
customer satisfaction. customer satisfaction. customer satisfaction.
The nature of customer value
Customer value is expressed in terms of the following definition:
Customer value = perceived benefits – perceived sacrifice
Perceived benefits can be derived from the product, the associated service and the image of the
company. Perceived sacrifice is the total cost associated with buying the product. A further key to
marketing success is to ensure that the value offered exceeds that of competitors. Expectations are
formed through pre-buying experiences, discussions with other people and suppliers’ marketing
activities.
The Kano Model separates three characteristics: ‘must be’, ‘more is better’ and ‘delighters’. A lack of
‘must bes’ lead to dissatisfaction on a neutral level. ‘More is better’ can take satisfactions past
neutral and into the positive satisfaction range. ‘Delighters’ are the unexpected characteristics that
surprise the customer. Their absence does not cause dissatisfaction, but their presence delights the
customer.
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