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Learning this summary is sufficient to pass this course. Only the papers differ, so learn them too, 1 or 2 questions will come back to you on the exam. I got a 15/20.
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MARKETING IGENERAL INTRODUCTION
WHAT IS MARKETING?
1. EVOLUTION OF MARKETING DEFINITION
• 1935:
“Marketing is the performance of business activities that direct the flow of goods and services
from producers to consumers”
• 1985:
“Marketing is het process of planning and executing the conception, pricing, promotion, and
distribution of goods, ideas, and services to create exchanges that satisfy individual and
organizational goals”
o marketing is more than an activity, it’s a process
• 2004:
“Marketing is an organizational function and a set of processes for creating, communicating,
and delivering value to customers and for managing customer relationships in ways that
benefit the organization and its stakeholders”
o focus on goals but keep customers engaged
• 2017:
“Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and
society at large”
o most recent definition, used in this course
o marketing is about creating value
2. THE ESSENCE OF MARKETING
• marketing as a process to co-create value
o value for customers and other stakeholders
o with…
§ organization
§ customers
§ employees
§ shareholders
§ communities
§ environment
§ whole wide world
3. SHIFTS IN MARKETING
• role of marketing in organization shifts from tactics/strategy to process/culture
=> TRADITIONAL MARKETING
• focus on leveraging technology to create and co-create value in innovative ways
=> DIGITAL MARKETING
1
, • shift in nature of offerings from goods and service to staging unique customer experiences
=> SERVICE MARKETING
• shift from market orientation to sustainable market orientation
=> TRANSFORMATIVE MARKETING
MARKETING TO CO-CREATE VALUE
1. VALUE AS CORE CONCEPT
• value for customers and other stakeholders
o but different views on what value entails
2. TRADE-OFF VIEW ON VALUE
“Valerie Zeithaml, 1988”
• perceived value = evaluative judgment that results from trade-offs between the perceived
benefits (quality) and costs (price) of a product or service
• people can be assigned to 4 groups:
o “value is low price”
o “value is the quality I get for the price I pay”
o “value is what I get for what I give”
o “value is whatever I want in a product”
3. EXPERIENTIAL VIEW ON VALUE
“Holbrook, 1999”
• value = core element of the consumption experience which varies along three dimensions
• you want to know what people attracts to goods/services
4. EXPERIENTIAL TRADE-OFF VIEW ON VALUE
“Leroi-Werelds, 2019”
2
,5. EVOLUTIONS IN VALUE THINKING
“Zeithaml, Verleye, Hatak, koller & Zauner, 2020”
WHO
• individualistic = value is subjective
o do I like Michal Jackson?
• contextual = value is situational
o do I feel the same after the accusations?
HOW
• perceived = cognitive evaluation
o rational
• experienced = cognitive and emotional evaluation
o rational + emotional
o shopping with friends is a nice experience but the dress you bought was a bad buy
• co-created = emerging in interaction with others
o socially
WHAT
• unidimensional = value has one dimension
• multidimensional = value has multiple dimensions
WHEN/WHERE
• individual = value emerges in people’s mind
o students can judge value of textbook without interacting with it
• dyadic = people co-create value in interaction with other actors
o value of textbook emerges when student interact with textbook (read it)
• systemic = various interrelated actors – such as customers, firms, business partners, etc. –
co-create value
o value of interactions with textbook is shaped by other actors
o most recently
= ecosystem of interrelated actors
• all of these elements shape how we,
as users, see the value of a product
3
, SUMMARY
“Leroi-Werelds, 2019; Zeithaml et al., 2020”
• value of an object – such as specific good/service and/or brand/firm – is personal and
situation-specific
• value is multidimensional and can be perceived, experienced, and co-created
• value emerges in interactions with other actors – a process that is also labeled as ‘value co-
creation’
• a set of interrelated actors who co-create value is labeled as an ecosystem
APPLICATION TO IKEA
1. CO-CREATING VALUE FOR IKEA
• value for customers and other stakeholders at IKEA
o offers well-designed functional and affordable, high-quality home furnishing
o produced with care for people and the environment
o several companies working under the IKEA brand
o sharing the same vision:
§ create a better everyday life for the many people
2. MARKETING ANALYSIS AT IKEA
• be aware of changes in the market
o 70% of us will be living in the cities by 2030
o 1/3 of the world’s population is already co-living
• understand customers in their home context
o visiting homes to create better homes
• to better serve customers, collaborate with others
o collaboration between IKEA and Adidas -> home fitness
• technologies in the customer (home) environment
o smart homes (lights, blinds, …)
o technologies x collaborate with others
§ ex. Spotify, Apple, Sonos
• societal context
o workplace environment
o diversity & inclusiveness
o children and their rights
§ IKEA joins the Global Child Forum
• environmental context
o Sustainable Development Goals (SDGs)
4
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