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samenvatting marketing I
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marketing summary for the 2nd year of TEW at UGent. summary includes slides, notes and the book.
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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
•
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,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
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