Summary
UvA Marketing Book Summary
- Course
- Institution
- Book
UvA Marketing book and lectures (except for the final one) in-depth summary for the exam
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Marketing - ALL STUDY MATERIALS COVERED
-
Endterm Practice Marketing
-
Lecture notes marketing UVA 2023
Seller
Follow
tholinh
Content preview
Marketing NotesChapter 1
- the value of marketing: marketing’s value extends to society as a whole
- what is marketing: about identifying and meeting human and social needs
- shorter definition: meeting needs profitably
- marketing management is the art and science of choosing target markets and getting, keeping, an
growing customers through creating, delivering, and communicating superior customer value
- selling is not the most important part of marketing
- the aim of marketing is to know and understand the customer so well that the product or
service fits him and sells itself
- ideally, marketing should result in a customer who is ready to buy
- what is marketed: goods, services, events, experiences, persons, places, properties, organizations,
information, ideas
- who markets: a marketer is someone who seeks a response from another party (the prospect)
- marketer now mut properly manage all possible touchpoints: where a customer directly or indirectly
interacts with the company
- what is market: marketers use the term market to describe a customer group (need market, product
market, demographic market, geographic market, voter markets, labor markets, donor markets etc.)
- four key customer markets: consumer, business, global, nonprofit
- core marketing concepts:
- needs, wants, demands:
- Needs: the basic human requirement
- these needs become wants when directed to specific objects that might satisfy the
needs
- demands are wants for specific products backed by an ability to pay
- marketers do not create needs. needs preexist marketers
- types of needs:
- stated needs
- real needs
- unstated needs
- delight needs
- secret needs
- marketers works hard to shape consumers perceptions of the products, and help the
consumers learn what they want
- target markets, positioning, segmentation:
- marketers identify distinct segments of buyers by identifying demographic,
psychographic, behavioral differences between them - then decide which segment(s)
present the greates opportunities
- for each of these target markets, the firm develop a market offering that is positions
in target buyers’ minds as delivering some key benefits
,- offerings and brands
- value proposition that the company put forth to address customers' needs: a
set of benefits that satisfy those needs
- offering: the intangible value proposition (a combination of products,
servies, information, experiences)
- brand: an offering from a known source
- marketing channel
- 3 kinds of marketing channels:
- communication channel: delivers and receives messages from target
buyers and include newspapers etc
- distribution channel: helps display, sell, deliver the physical
product or service(s) to the buy or users
- service channel: includes warehouse, transportation, companies,
banks, insurance companies
- paid, owned, and earned media
- paid media: tv, mag, displays ads that allow marketers to show their ad or
brand for a fee
- owned media: communication channels marketers actually own
- earned media: streams in which consumers, the press, or other outsides
voluntarily communication something about the brand via word of mouth,
buzz, viral marketing methods
- impressions and engagement
- marketers now think of three screens or meansto reach consumers: TV,
internet, mobile
- impression occurs when conusmers view a communication, are a useful
metric for tracking the scope or breadth of a communication’s reach that
can also be compared across all communication types
- downside: impression dont provide any insight into the results of
viewing the communication
- engagement: the extent of a customer’s attention and active involvement
with a communication
- value and satisfaction
- the buyer chooses the offerings they perceives to deliver the most value: the
sum of the tangible and intangible benefits and costs
- customer value triad: quality, service, price
- value perceptions increase with quality and services but decrease
with price
- satisfaction: a person’s judgement of a product’s perceived performance in
relationship to expectation
- supply chain
- a longer channel stretching from raw materials to components to finished
products carried to final buyer
, - each company in the cahin captures only a certain percentage of the total
value generated by the supply chain’s value delivery system
- when a company acquires competitors or expands upstream or
downstream, its aim is to capture a higher percentage of supply
chain value
- competition
- includes all the actual and potential rival offerings and substitutes a buyer
might consider
- marketing environment
- 2 types of marketing environment:
- task environment: includes the actors engaged in producing,
distributing, promoting the offering
- broad environment: consists of six components: demographic,
environment, economic environment, social-cultural environment,
natural environment, technological environment, and
political-legal environment
- pay close attention to the trends and developments in
these and adjust their marketing strategies as needed
- the new marketing realities
- technology
- globalization
- social responsibility
- the changed marketplace:
- new consumer capabilities;
- can use the internet as powerful info and purchasing aid
- can search, communicate, purchase on the move
- can tap into social media to share opinions and express loyalty
- can actively interact with companies
- can reject marketing they find inappropriate
- new company capabilities
- can use the internet as a powerful info and sales channel, including for individually
differentiated goods
- can collect fuller and richer info about markets, customers, prospects, competitors
- can reach customers quickly and efficiently via social media and mobile marketing,
sending targeted ads, coupons, and info
- can improve purchasing, recruiting, training, and internal and external
communication
- can improve cost efficiently
- While globalization has created intense competiion among domestic and foreign brands, teh rise of
private labels (makerket by powerful retailers) and mega-brands (and brand extended into related
product categories) plus a trend towards deregulation and privatization have also increased
competition
, - Countries have deregualted industries to create greate competition and growth
opportunities
- Company orientation toward the marketplace
- The production concept: one of the oldest concepts in business
- Consumers prefer products that are widely available and inexpensive
- Manages of production-oriented businesses concentrated on achieving high
production efficiency, low cost, mass distribution
- Marketers use the production concept when they want to expand the market
- The product concept:
- Consumers favor products offering the most quality, performance, or innovative
features
- However, a good product also needed to be properly priced, distributed, advertised,
and sold to be successful
- The selling concept:
- Consumers and businesses, if left alone, wont buy enough of the organization’s
products
- Most practiced with unsought goods
- Marketing based on hard selling is risky because it assumes that customers
may even buy the products again
- Selling focuses on the needs of the seller, and marketing on the needs of the
buyer]
- The Holistic Marketing concept:
- Based onthe development, design, and implementation of the marketing programs,
processes, and activities that recognize their breadth and interdependencies
- Acknowledges that everything matters in marketing
- A broad, integrated perspective is necessary
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 tholinh. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.19. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
56326 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now