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Marketing Management Fundamentals Summary
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Marketing Summary good for AUAS students! chapter 1,3,5,6,8,9,10,11,12
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Table of ContentCHAPTER 1 CREATING CUSTOMER VALUE AND ENGAGEMENT...................................................... 2
CHAPTER 3..................................................................................................................................................... 3
CHAPTER 5..................................................................................................................................................... 4
CHAPTER 6: CUSTOMER VALUE-DRIVEN MARKETING STRATEGY................................................. 6
CHAPTER 8 NEW PRODUCT DEVELOPMENTS...................................................................................... 9
CHAPTER 9................................................................................................................................................... 10
CHAPTER 10................................................................................................................................................ 13
CHAPTER 11................................................................................................................................................ 17
CHAPTER 12................................................................................................................................................ 23
1
,Chapter 1 CREATING CUSTOMER VALUE AND ENGAGEMENT
What is marketing:
-Promise superior value to attract new ones
- keep + grow current customer
(sum: satisfying customer needs better than the competition)
marketing process (5 steps):
- 1) Understand the marketplace, customer needs and wants
- 2) Design customer driven marketing strategy
- 3) Prepare an integrated marketing plan and program
- 4) Build customer relationships (database)
- 5) Capture value from customers to create profit and customer equity (customer
loyalty)
1) 6 concepts:
- needs - physical/individual/social
- wants – needs supported by culture
- demands – needs supported by buying power
- market offering – person, place, experience,
- customer value + satisfactions
- relationships
2) design 2 questions
- what do we serve (selection)
- how can we serve these customers the best (value proposition: targeting, and
choosing the best target group for your product)
Product mix decisions
- Width
- Length
- Depth
- Consistency
2
, Chapter 3
Macro environment
Technological environment: most dramatic force shaping our destiny
(exam?)
2 statements:
“New technologies create new opportunities”
“New technology only replaces old technology”
Marketers have to keep up with the latest trends
Beware of unsafe products and loss of privacy
Political and social environments consists of law, government agencies,
pressure groups
Marketers are dealing with legislation and regulations of business
+ Legislation and regulation is
The protection against competition
Protection for consumers
o Fair trade
o Privacy
o Rules on label and packaging
Protects the society as a whole:
o Profitable activities
o Unstrained business behaviour
Cultural environment
People grow up in a society that will shape your values and beliefs
Persistence of cultural values
o Core belief: strong persistent idea of your attitude towards your
environment, derived from family, taken over by generations; hard to
change
o Secondary belief: ideas obtained later on in life; changeable
o Shift in secondary cultural values
6 ways to express your cultural values:
1. The way people watch themselves: goal
2. The way people watch others: attitude towards others (e.g. family first,
friends first etc.)
3. The way people watch organisations: decrease/increase of trust in
organisations
4. The way people watch society: patriotism/ patriotic ideas, national pride
5. The way people watch nature: are we overwhelmed by nature, or can we
control nature?
6. The way people see the universe: spiritual or not?
3
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