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Marketing Summary TEW-
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A summary of the Marketing course based on the “marketing sixth edition” handbook and based on the slides of the lectures.
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1. MARKETING PRINCIPLES & PRACTICE1.1 WHAT IS MARKETING?
Marketing is a social and managerial process by which individuals and groups obtain what they
need and want through creating and exchanging products and value with others.
= build and maintain profitable customer relationships with stakeholders
Exchange obtaining a desired object from someone by offering something in return
− 2 parties
− Something of value to offer
− Want to deal with each other
It creates value and gives people more consumption choices
Customer value: how much a product or service is worth to a customer
− Benefits?
− Costs?
− Perceived (waargenomen)value?
Applications marketing that have value:
− Physical products (gsm)
− Services (bank)
− Retail (kledingwinkel)
− Experiences
− Events
− Film, music, theatre
− Places
− Ideas (bob)
− Charities & non-profits
− People
→ anywhere buyers have a choice
1.2 WHAT IS THE DIFFERENCE BETWEEN CUSTOMERS AND CONSUMERS?
A customer purchases or obtains an offering
A consumer consumes/uses the offering
Consumers’ buying roles
− Initiator: initiates idea
− Influencer: influences
− Decider: ultimate buying decision
− Buyer: actual purchase
− Payer: pays
− User: consumes
− Gatekeeper: controls access
1.3 MARKET ORIENTATION
= a strategic focus on identifying consumer needs and desires in order to define new products to
be developed
=Organization-wide believe in delivering customer value
It makes organizations more profitable
e.g., cars instead of faster horses
1
,The 3 components of market orientation
− Customer orientation
Developing and redeveloping offerings to meet customer
needs. So measure customer satisfaction on a continuous
basis and train our service staff
− Competitor orientation
understanding of its competitors’1 short-term strengths and
weaknesses, and its own long-term capabilities and
strategies
− Interfunctional coordination
requiring all an organization’s functions to work together for
long-term profit growth
Customer centricity
= you put the customer at the centre of everything you do
→ try NOT to please ALL customers because it is impossible (fulfilling needs in a profitable way)
1.4 MARKETING’S INTELLECTUAL ROOTS
− Industrial economics influences
. Matching supply and demand (price, quantity)
. Theories of income distribution, scale of operation, monopoly, competition, …
− Psychological influences
. Understanding consumer behaviour, motivation research, information processing
. Persuasion2, consumer personality, customer satisfaction, … (understanding consumer needs)
− Sociological influences
. How groups of people behave: Demographics, class, motivation, customs, culture
. How communication passes through opinion leaders, …
− Anthropological influences
. Qualitative approaches in researching² and oberservating consumer behaviour (for ex 2
teenagers)
− Computer science influences
. Digitization, recommendation systems, apps, …
1.5 DIFFERENCES BETWEEN SALES AND MARKETING
Marketing Sales
long-term satisfaction short-term satisfaction
greater input into customer design of offering lesser input into customer design of offering
(co-creatie)
high focus on stimulation of demand low focus on stimulation of demand
More focused on meeting existing demand
Sales start from customer needs, not from product
United colors of Benetton
ZARA
2
,1 concurrenten
2 overtuiging
3
, 1.6 WHAT DO MARKETERS DO?
Marketing competencies:
The core competencies of the marketer
-to generate customer insights (see Chapter 7),
-champion the customer and hence customer focus (covered further later in this chapter),
- and develop marketing strategy (see Chapter 6).
Marketing within organizations
− Enhancing a firm’s relationships with its customers (verbeteren)
− Put customer first
− Marketers do not control all the marketing mix elements
− Marketing is present in all aspects of an organization, since all departments play a role in
creating, delivering, and satisfying customers
1.7 MARKETING AS EXCHANGE
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