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Summary: Marketing by Armstrong & Kotler
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In-depth summary on the chapters 1,2,3,5,6,7,8,9,10,12,13,14,15.
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Marketing 1
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Marketing Management for IBA
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AMSIB IBMS/IBL YEAR 1: Marketing Management Fundamentals
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Marketing – summaryChapter 1,2,3,5,6,7,8,9,10,12,13,14,15.
Chapter 1
Marketing: the process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return.
Understanding the marketplace and customer needs.
Needs: states felt deprivation. Basic needs (food, warmth).
Wants: the form human needs take as they are shaped by culture and individual personality.
They are described in terms of objects that will satisfy those needs.
Demands: human wants that are backed up by buying power.
Marketing offerings: some combination of products, services, information, or experiences
offered to a market to satisfy a need or want.
Marketing myopia: the mistake of paying more attention to the specific products a company
offers than to the benefits and experiences produced by these products. Lose sight of
underlying customer needs and building customer relationships. Smart marketers look beyond
the attributes of the products and services they sell. By orchestrating several services and
products, they create brand experiences for customers.
Customers form expectations about the value and satisfaction that various market offering
will deliver and buy accordingly. Satisfied customers buy again and tell others about their
good experiences.
Marketing occurs when people decide to satisfy their needs and wants through exchange
relationships.
Exchange: the act of obtaining a desired object from someone by offering something in
return. The marketer tries to bring about a response to some market offering.
Markets: the set of all actual and potential buyers of a product or service. These buyers share
a particular need or want that can be satisfied through exchange relationships.
In addition to customer relationship management, today’s marketers must also deal effectively
with customer-managed relationships. Marketers are no longer asking only ‘ how can we
reach our customers?’ but also ‘how should our customers reach us?’ and even how can
customers reach each other?
Figure 1.2
A company’s success at building profitable relationships depend not only on its own actions
but also on how well the entire system serves the needs of final customers.
Designing a customer-driven marketing strategy
, Once the company fully understands its consumers and the marketplace, it must decide which
customers it will serve and how it will bring them value.
Marketing management: the art and science of choosing target markets and building
profitable relationships with them.
Market segmentation: dividing markets into segments of customers.
Target marketing: selecting which segments it will go after.
Choosing a value proposition: value propositions differentiate one brand from another. They
answer the customer’s question, ‘ why should I buy your brand rather than a competitor’s’?
Companies must design strong value propositions that give them the greatest advantage in
their target markets.
Marketing management orientations:
1. Production concept
2. Product concept
3. Selling concept
4. Marketing concept
1. Production concept: the idea that consumers will favour products that are available
and highly affordable; therefore, the organization should focus on improving
production and distribution efficiency. However, this concept can lead to marketing
myopia.
2. Product concept: the idea that consumers will favour products that offer the most
quality, performance, and features; therefore, the organization should devote its energy
to making continuous product improvements. Can also lead to myopia.
3. Selling concept: the idea that consumers will not buy enough of the firm’s products
unless the firm undertakes a large-scale selling and promotion effort. It focuses on
creating sales transactions rather than on building long-term, profitable customer
relationships. The aim often is to sell what the company makes rather than making
what the market wants.
4. The marketing concept: a philosophy in which achieving organizational goals
depends on knowing the needs and wants of target markets and delivering the desired
satisfactions better than competitors do. The job is not to find the right customers for
your product but to find the right products for your costumers.
Customer-driving marketing: understanding customer needs even better than customers
themselves do and creating products and services that meet both existing and latent needs,
now and in the future. “ our goal is to lead customers where they want to go before they know
where they want to go’ .
Societal marketing concept: the idea that a company’s marketing decisions should consider
consumers wants, the company’s requirements, consumers’ long-run interests, and society’s
long-run interests.
Preparing an integrated marketing plan and program – see figure 1.4
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