Clear summary of the book Marketing: An introduction. Created for the course Business Economics year 1 UVt. Can also be used for other courses, but a number of chapters might be missing.
marketing an introduction kotler marketing uvt university of tilburg year 1 summary summary
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Tilburg University (UVT)
Bedrijfseconomie
Marketing
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Marketing summary
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Chapter 1 Marketing: Managing profitable customer relationships.......................................................1
Chapter 2 Company and marketing strategy: partnering to build customer relationships.....................2
Chapter 3 The marketing environment..................................................................................................3
Chapter 6 Segmentation, targeting and positioning: building the right relationships with the right
customers...............................................................................................................................................5
Chapter 7 Product, services and branding strategy................................................................................6
Chapter 8 Developing new products and managing the product life cycle............................................8
Planning after midterm:.......................................................................................................................10
Chapter 9 Pricing..................................................................................................................................10
Chapter 12 Communicating customer value: advertising, sales promotion and public relationships. .12
Chapter 10 Marketing channels and supply chain management..........................................................14
Chapter 11 Retailing and wholesaling..................................................................................................17
Chapter 14 Marketing in the digital age...............................................................................................18
Chapter 16 Ethics, social responsibility and sustainability....................................................................20
Chapter 1 Marketing: Managing profitable customer
relationships
Marketing: The process by which companies create value for customers and build strong customer
relationships in order to capture value from customers in return
Steps of the marketing process:
1) Understand the marketplace and customer needs and wants
2) Design a customer-driven marketing strategy
3) Construct a marketing programme that delivers superior value
4) Build profitable relationships and create customer delight
5) Capture value from customers to create profits and customer quality
Needs: Basic part of the human make-up (e.g. food)
Wants: They are shaped by one’s society and are described in terms of objects that will satisfy needs
(e.g. fries)
Marketing myopia: Being obsessed with your own product, without looking at customers need
(Near-sightedness)
Marketing management: Choosing target markets and building profitable relationships with them
Marketing management orientations:
Production concept: It holds that customers will favour products that are available and
highly affordable
1
, Product concept: Customers will favour products that offer the most in quality, performance
and innovative features
Selling concept: Customers will only buy if enough products are sold with a enough
promotion effort
Marketing concept: Knowing the needs and wants of the target markets and delivering the
desired satisfactions better than competitors do
Societal marketing concept: It questions whether the pure marketing concept overlooks
possible conflicts between consumer short-term wants and consumer long-term welfare.
There are three considerations underlying:
o Society (human welfare)
o Consumers (Want satisfaction)
o Company (Profits)
Customer relationship management (CRM): Managing detailed information about individual
customers and carefully managing customer ‘touch points in order to maximise customer loyalty,
using the corporate memory about past transaction and interactions.
Partner relationship management: In order to bring more value to customers, it’s important that
marketers partner with others inside and outside the company
Customer lifetime value: Marketers want to ‘own’ customers for a lifetime
Customer equity: The sum of the combined discounted customer lifetime values of all the company’s
current and potential customers
Customer relationship groeps:
Butterflies: High profit potential and a short-term costumer
True friends: High profit potential and a long-term customer
Barnacles: Low profitability and a long-term customer
Strangers: Low profitability and a short-term customer
Chapter 2 Company and marketing strategy: partnering
to build customer relationships
Strategic planning: The process of developing and maintaining a strategic fit between the
organization’s goals and capabilities and its changing markets opportunities
Mission statement: The organization’s purpose: What is wants to accomplish in the larger
environment
Growth share matrix / Boston Consulting Group: A two-dimensional graph, which shows the growth
and share of the different products of a business portfolio. There are four types:
1) Stars: High growth and high-share businesses or products
2) Cash cows: Low growth and high-share businesses or products
3) Questions marks: Low-share businesses or products with high growth
4) Dogs: Low-share businesses or products with low growth
Product-market expansion grid: Shows four different developing strategies for growth and
downsizing:
1) Market penetration: Existing markets with an existing product
2
, 2) Market development: New market with an existing product
3) Product development: New product on an existing market
4) Diversification: New product with a new market
Value-delivery network: Partnering with other members of the value chain
Marketing segmentation: The process of dividing a market into distinct groups of buyers who have
different needs, characteristics or behavior and who might require separate products or marketing
programmes. Customers in a market segment will respond in a similar way to a given set of
marketing efforts
Target marketing: Evaluating each market segment’s attractiveness and selecting one or more
segments to enter
Market positioning and differentiation: Arranging for a product to occupy a clear, distinctive and
desirable place relative to competing products in the minds of the target consumers
Marketing mix: The 4 P’s (and the 4 C’s):
Product -> Customer solution
Price -> Customer cost
Place -> Convenience
Promotion -> Communication
SWOT-model: tool to analyze the current situation, using the following segments:
Strength: Internal capabilities that may help a company reach its objective
Weaknesses: Internal limitations that may interfere with a company’s ability to achieve its
objective
Opportunities: External factors that the company may be able to exploit to its advantage
Threats: Current and emerging external factors that may challenge the company’s
performance
Marketing audit: A tool for strategic control. It’s a comprehensive, systematic, independent and
periodic examination of a company’s environment, objectives, strategies and activies to determine
problem areas and opportunities
Return on marketing / marketing ROI:
net return ¿ a marketing investment ¿
costs of the marketing investment
Chapter 3 The marketing environment
Microenvironment: Individuals within the company itself who have influence on the marketing
Meso environment: Individuals, institutions and companies who alter the possibilities to serve the
customer. The company itself has direct influence on this environment
Macro environment: External big entities, which have big influence on the possibilities to serve the
customer. The company has at most indirect influence on this environment
Marketing intermediaries: Help the company to promote, sell and distribute its goods to the final
buyer. There are different types:
3
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