Summary
samenvatting marketing I
- Course
- Institution
marketing summary for the 2nd year of TEW at UGent. summary includes slides, notes and the book.
[Show more]
Seller
Follow
mauddepermentier
Content preview
MarketingCHAPTER 1: INTRODUCTION
1) What is marketing?
Functional view on • Marketing as department that is responsible for functional tasks
marketing • Advertising, price promotions…
Strategic view • Marketing as a mindset that emphasizes that organization can only be
successful if it satisfies needs & wants of customers & other stakeholders
Definition of American • The activity, set of institutions, and processes for creating, communicating,
Marketing Association delivering, and exchanging oDerings that have value for customers, clients,
partners, and society as a large
• Implies that marketing is all about ‘value’
What is value? • Value reflects a trade-oD between benefits & costs perceived by beneficiary
• Value is always determined by beneficiary itself
Customer value • When focusing on value for the customer
• Trade-oD between benefits & costs perceived by customer
• Benefits = positive aspects related to product
Ø Convenience, excellence, status, self-esteem, enjoyment…
• Costs = negative aspects
Ø Price, time, eDort, financial risk, physical risk…
Experiental view on value • Value = core element of the consumption experience which varies along three
dimensions
• Intrinsic aspect = naturally satisfying
• Extrinsic aspect = it serves a purpose
• Social aspect = self-oriented or other-oriented
Term ‘product’ in • Refers to any good and/or service that a customer can acquire, use and/or
marketing consume to satisfy their wants and needs
Why is customer value a • Influences customers’ decision-making
fundamental concept Ø When customer wants to buy a car à assess expected value of alternative
cars
• Has impact on customers’ evaluative judgments such as customer satisfaction
and loyalty à which drive success of organization
Ø After customer has bought particular car & uses it à evaluate realized
benefits & costs à impact extent to which they are satisfied with car
Shifts in marketing • Role of marketing in organisation: from tactics/strategy to process/culture
Ø Traditional marketing
• Focus on leveraging technology to create & co-create value in innovative ways
Ø Digital marketing
• Shift in nature of oDerings from goods & service to staging unique customer
experiences
Ø Service marketing
• Shift from market orientation to sustainable market orientation
Ø Transformative marketing
1
,Evolutions in value
thinking
•
Who • Individualistic = value is subjective
timeline • Contextual = value is situational
Ø Service, quality, price…
• Ex. Michael Jackson
Ø In the beginning some people liked him some people didn’t à subjective
Ø The context changed how people thought about him à contextual
How • Perceived = cognitive evaluation
Ø When you go shopping in the sales à good buys à great value
• Experienced = cognitive & emotional evaluation
Ø Shopping à nice experience with friends
Ø When you come home, you don’t really like the dress you bought anymore
Ø But it could be a good experience in the end because you had a good time
with friends
• Co-created = emerging in interaction with others
Ø Shopping à nice experience with friends
Ø You think the dress you bought is fantastic à photo on Instagram à people
give bad comments
Ø Value also includes how others think about the product….
What • Unidimensional = value has one dimension
Ø Giving a score/value to one dimension of a product
• Multidimensional = value has multiple dimensions
Ø Giving value/scores to diDerent dimensions
Ø Ex. Price, quality, location…
When/where • Individual = value emerges in people’s minds
Ø Student can judge value of textbook without interacting with it
• Dyadic = people co-create value in interaction with other actors
Ø Value of textbook emerges when student interact with textbook
• Systemic = various interrelated actors (such as customers, firms, business
partners…)
Ø Value of interactions with textbook is shaped by other actors
Value co-creation process
•
2
,2) Why is marketing relevant?
Reasons • Marketing is essential to attract new customers
• Crucial to keep existing customers happy & build long-lasting relationships
• Marketing is primary source of revenues
Ø No good marketing ⟹ no customers ⟹ no revenue
3) The role of marketing in the organization
Management orientation • Role of marketing within organization depends on this
• A philosophy that determines how organization looks at customer and itself
Production or product • Internal perspective
orientation • Focuses on internal processes, capabilities & innovations
• Marketing is considered a function that is used to bring products to market
Sales orientation • Internal perspective
• Function of marketing à ‘push’ products to market by means of aggressive
selling & promotions
Product centricity • Can lead to marketing myopia à error of focusing too much on products of
organization instead of focusing on needs & wants of customers
• Better mouse-trap fallacy à incorrect belief that if organization produces a
technically better product than competitors, it will be preferred by customers
Marketing orientation • Focuses on understanding customers’ needs & wants
Societal marketing • Also includes societal role of organization
orientation • Focuses on creation of value for customers & creation of transformative value
Ø Enhancing lives of individuals, families, communities & society at large
• Specifically environmental issues à green marketing
• Business leaders à preach concept of creating shared value
Ø Organization inceases own business value while creating societal value
Customer centrity • Creation of value for customers & in the process creating value for organization
Product centricity Customer centricity
Philosophy Sell products Serve customers
Approach Short-term transactions Long-term relationships with customers
Focus Internally focused Externally focused
à focus on organization & what it can do à focus on customers & their wants and
needs
Marketing As a function As a mindset
Profit Based on selling large volumes Based on creating value for customers &
building relationships with them
4) The evolution of marketing
Marketing 1.0 • Focus on product-centric marketing
Marketing 2.0 • Shift to customer-centric marketing
Marketing 3.0 • Also emphasize human centricity à focus on society as a whole
• Societal marketing orientation
Marketing 4.0 • Embracing digital technologies to enhance customer experiences
• Using social media
3
, Marketing 5.0 • Focuses on value of new technologies such as AI, Robots….
• More data-driven marketing
Ø Marketing can use data to optimize marketing decisions
• More agile marketing
Ø Organization can react quickly to changes in marketplace
5) Marketing in various types of organizations
Business-to-consumer • Products that are bought by individuals or households for personal
marketing consumption
• bought to satisfy personal needs & wants
Business-to-business • products that are bought by other firms
marketing • main reasons why firms buy industrial products
Ø To produce other products
Ø To facilitate their own operations
Business-to-government • Products that are bought by governmental bodies
marketing
Non-profit marketing • Used by non-profit organizations à charity organizations & social enterprises
• Can sell products or use marketing to attract volunteers, encourage
donations…
Social marketing • Use of marketing to influence individuals’ behavior in order to improve
individual and/or societal well-being
6) The marketing cycle
Cycle • Marketing analysis
Ø Building understanding of customers’
needs & wants
• Marketing strategy
Ø Planning of actions & activities to build
sustainable diDerential advantage by
creating distinctive & meaningful
position in minds of target customers &
other stakeholders
• Marketing evaluation
Ø Marketing strategy is translated into
marketing mix
• Marketing implementation
Ø Assessing its performance in terms of reaching specific objectives related to
marketing strategy & marketing implementation
7) Application to Ikea (slides)
Marketing analysis • Be aware of changes in the market
à what is happening? • Understand customers in their home context
• To better serve customers à collaborate with others
• Technologies in the customer environment
• Societal context
Ø Workplace environment
Ø Diversity & inclusiveness
Ø Children & their rights
• Environmental context
Ø Climate change & ecological footprint
Ø Reduce plastic
4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller mauddepermentier. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.54. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
66579 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now