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Summary Lecture notes Marketing
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1Marketing
For 1st seminar: come up with one example of excellent or poor marketing
Lecture 1 - Marketing insights
Definition in 1935 focusses on Place. Not until 1985 until all P’s are incorporated in the definition.
Current definition: Marketing is het activity, set of institutions, and processes for creating,
communicating, delivering and exchanging offerings that have value for customers, clients,
partners, and society at large.
Difference between customer wants and needs. Customers don’t always have the answer to what
they want since they don’t know what is technically possible.
Marketing management philosophies / orientations:
- Production concept: production and distribution effiency
- Product concept: continuous product improvement
- Selling concept transactions, not relations
- Marketing concept: customer focus, understanding needs and wants
- Holistic marketing concept: everything matters in marketing
- Requires a broad, integrated perspective
, 2
Misconceptions in marketing
1. Value is always created and captured by business
2. Marketing always ends with the sale of products and services
Systems thinking
- Linear economy: flows like a river, ownership + liability, efficient in overcoming scarcity
- Circular economy: flows like a lake, new jobs through reprocessing of materials and goods,
energy savings
- Performance economy: selling goods as services, ownership remains with manufacturer
Are marketing and sustainability compatible?
A good mission statement:
- what is our business?
- Who is the customer?
- What is the value to the customers?
- What will our business be?
- What should our business be?
and
- Limited number of goals
- Stresses major policies and values
- Define competitive spheres
- Take a long-term view
- Short, memorable, meaningful
Good life goals
, 3
Lecture 2 - Marketing Research and Analysis
Marketing Information System (MIS)
1. Internal record system: what is happening inside the company
- Results data (!!)
• Order-to-placement cycle: data on sales and orders.
• Sales information system: need for accurate reports on current sales. ZARA example.
• Databases, warehousing, data mining:
A. Customer database: an organized collection of comprehensive information about
individual customers or prospects that is current, accessible and actionable for lead
generation, lead qualification, sales or customer relationship management.
B. Database marketing: the process of building, maintaining, and using customer
databases and other to contact with customers.
C. Data warehouse: where marketers can capture and analyze data to draw inferences
about individual customers’ needs and responses.
D. Data mining: to extract from the mass of data useful insights about customer
behavior, trends, and segments.
2. The marketing intelligence system: everything that is happening outside the company
- Happenings data (!!)
- A set of procedures and sources that managers use to obtain everyday information about
developments in the marketing environment.
- 8 ways to improve quality and quantity of marketing intelligence:
• Train and motivate the sales force to spot and report new developments
• Motivate distributors, retailers, and other intermediaries to pass along important information
• Hire external experts (mystery shoppers)
• Network internally and externally
• Set up a customer advisory panel
• Take advantage of government data
• Buy information from outside research firms and vendors
• Collect marketing intelligence on the
internet
- Analyzing macro environment
• PESTEL model —>
• Trend analysis.
, 4
• Fad: unpredictable, short lived, without social economic or political significance.
• Trend: a sequence of events with momentum and durability.
• Megatrend: large social, economic, political and technological change. (Min. 7 - 10 years)
3. Marketing research system: empirical part
- The function that links the consumer, customer and public to the marketer through
information, information used to identify and define marketing opportunities and problems,
and improve the understanding of marketing as a process.
- The process:
1. Define the problem and research objectives
2. Develop the research plan
3. Collect the information
4. Analyze the information
5. Present the findings
6. Make the decision
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