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Marketing period 3 full summary
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Marketing period three international business hbo
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Marketing week 1 chapter 1What is marketing; marketing is engaging customers and managing profitable customers
relationships.
The definition of marketing; the process by which companies engage customers, build
strong relationships and create customers value in order to capture value from customers in
return.
The crucial steps for marketing;
1. Understand the marketplace and customer needs and wants
2. Design a customer value driven marketing strategy
3. Construct an integrated marketing program that delivers superior value.
4. Engage customers, build profitable relationships, and create customers delight.
What you want to get in return is; capture value from customers to create profits and
customers equity.
Step 1: understanding of the marketplace and customer needs. We examine five core
customer and marketplace concepts.
- Needs, wants and demands.
- Market offerings (products, services, and experiences)
- Value and satisfaction
- Exchanges and relationships
- Markets
Customer needs wants and demands;
Needs; state of felt deprivation. This includes the basic needs humans have. Like the need for
safety, food, and acknowledgement.
Wants; the form humans take as they are shaped by culture and individual personality. So
the need can be food, but the want is a big mac for example.
Demands; human wants that are backed by buying power. When backed by buying power,
wants become demands. People demand products with the greatest value and satisfaction.
Marketing offerings (products, services, and experience);
Market offerings; some combination of products, services, information or experiences,
offered to a market to satisfy a need or a 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. So the company’s
point of view is more important than the benefits a consumer experiences.
The societal marketing concept; the idea that a company’s marketing decisions should
consider consumers’ wants, the company’s requirements, consumers’ long turn interest and
society’s long turn interest. In short, while benefiting the consumers’ needs, you also take
care of the society’s, this is what we call sustainable behaviour.
Selling concepts; company decides what to sell
Marketing concept; society decides what will be sold.
The social marketing concept; Society (human welfare)
,Now we have had the first three steps in the marketing process, we continue to the fourth;
engaging customers and managing customers relationships. This is the most important step.
Customer relationship management; the overall process of building and maintaining
profitable customer relationships by delivering superior customer value and satisfaction.
Customer-perceived value; the customer’s evaluation of the difference between all the
benefits and all the costs of a market offering relative to those of competing offers.
Customers value can be explained differently since it is a subjective view.
Customer satisfaction; depends on the perceived performance related to the buyers
expectations.
Customer-engagement marketing; making the brand a meaningful part of consumers’
conversations, and lives by fostering direct and continuous customer involvement in shaping
brand conversations, experiences and community.
Consumer generated marketing; brand exchanges created by consumers themselves – both
invited and uninvited – by which consumers are playing an increasing role in shaping their
own brand experiences and those of other consumers. This includes uninvited brandshaping,
exists through bloggers for example, or invited, which exists through brands inviting
customers for marketing ideas.
Partner relationship management; working closely with partners in other company
departments and outside the company to jointly bring greater value to customers.
Customer lifetime value; the value of an entire stream of purchases a customer makes over
a lifetime of patronage.
When aiming high in customer relationships, you’ll earn a lot of money. This is calculated
over a lifetime. So you expect the customer stays coming back and purchases new stuff in
the store.
Share of customers; the portion of the customers purchasing that a company gets in its
product categories.
Customer equity; the total combined customer lifetime values of all of the company’s
current and potential customers.
Customer equity reflects the future, it’s a measure to look how the company is doing in the
future.
A nice example is the Cadillac vs BMW. Cadillac had at a certain moment a high market
share but its customer equity was not that good. BMW had the exact opposite situation. This
is why BMW survived and Cadillac not. So a high customer equity is very important for the
existence of the company.
LEARN FIGURE 1.5 and figure 2.2!!!!
Strategic planning; the process of developing and maintaining a strategic fit between the
organization’s goals and capabilities and its changing marketing opportunities.
Mission statement; a statement of the organization’s purpose – what it wants to accomplish
in the larger environment.
Business portfolio; The collection of businesses and products that make up the company.
Portfolio analysis; The process by which management evaluates the products and
businesses that make up the company.
Growth-share matrix; a portfolio planning method that evaluates a company’s SBU’s in
terms of market growth rate and relative market share.
, The problem with matrix approaches is; they can be difficult, time consuming, and costly to
implement. They also provide little information for the future. These are all reasons why
businesses decide to use other measures than the matrix approach.
Developing strategies for growth; growth itself shouldn’t be an objective, but profitable
growth may be.
Product/market expansion grid; a portfolio-planning tool for identifying company growth
opportunities through market penetration, market development, or diversification.
Market penetration; company growth by increasing sales of current products to current
market segment without changing the products.
Market development; company growth by identifying and developing new market segments
for current company products.
LEARN FIGURE 2.3!!!!!
Product development; company growth by offering modified products or new products to
current market segments.
Diversification; company growth through starting up or acquiring business outside the
company’s current products and markets.
Value chain; the series of internal departments that carry out value-creating activities to
design, produce, market, deliver, and supports a firms products.
Value delivery network; a network composed of the company, suppliers, distributors, and
ultimately, customers who partner with each other to improve the performance of the
entire system in delivering customer value.
What they want to say with this is that it is important to look at the entire value chain, also
from other companies, to clarify why one is better than the other. If ford makes the best
cars, it can have a lower marketplace than Toyota because toyota’s dealers are better.
Marketing strategy; the marketing logic by which the company hopes to create customer
value and achieve profitable customer relationships.
Marketing segmentation; dividing a market into distinct groups of buyers who have
different needs, characteristics, or behaviours and who might require separate marketing
strategies or mixes.
Market segment; a group of consumers who respond in a similar way to a given set of
marketing efforts.
Market targeting; the process of evaluating each market segment’s attractiveness and
selecting one or more segments to enter.
Positioning; arranging for a product to occupy a clear, distinctive, and desirable place
relative to competing products in the minds of target consumers.
Differentiation; actually differentiating the market offering to create superior customer
value.
Marketing mix; the set of tactical marketing tools – product, price, place, promotion – that
the firm blends to produce the response it wants in the target market.
The four p’s are in line with the four a’s, which is from buyers point of view.
Product acceptability
Price affordability
Place accessibility
Promotion Awareness
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