Summary of Principles and Practice of Marketing, Ninth Edition
Summary of the lecture slides and book of Marketing
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Economics and Business Economics
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Summary - Principles and Practices of Marketing -
David Jobber & Fiona Ellis-Chadwick (Ninth Edition)
Week 1: Chapters 1, 2 and 5 .................................................................................. 2
Chapter 1: Marketing and organization ..................................................................... 2
Chapter 2 – The Marketing Environment ................................................................... 8
Chapter 5 – Marketing, Ethics and Society .............................................................. 14
Week 2: chapters 6, 18,19, 22 .............................................................................. 17
Chapter 6 - analytics and research ........................................................................ 17
Chapter 18 - Marketing Planning: overview of strategic analysis and decision-making .. 23
Chapter 19 - analysing competitors and creating a competitive advantage.................. 30
Chapter 22: Managing Marketing Implementation, organization and Control ............... 39
Week 3 – Chapter 3, 4 and 7 ................................................................................ 41
Chapter 3 – Consumer behaviour .......................................................................... 41
Chapter 4 – Business-to-Business Marketing ........................................................... 46
Chapter 7 – Market Segmentation and Positioning ................................................... 51
Week 4: chapters 8, 9, 10 and 20.......................................................................... 57
Chapter 8: Value through brands ........................................................................... 57
Chapter 9: Value through Service .......................................................................... 60
Chapter 10: Value through relationships ................................................................. 63
Chapter 20: Product Strategy: Lifecycle, Portfolio and Growth ................................... 66
Week 5: chapters 12 and 17 ................................................................................. 70
Chapter 12 – Value through pricing........................................................................ 70
Chapter 17 – Distribution and channel management ................................................ 76
Week 6: chapters 13, 14, 15 and 16 ...................................................................... 81
Chapter 13 - Integrated Marketing Communications ................................................ 81
Chapter 14 - Mass Marketing Communications ........................................................ 85
Chapter 15 - Direct Marketing Communications ....................................................... 90
Chapter 16 - Digital Marketing and Media ............................................................... 93
Week 7: chapters 10 and 21 ................................................................................. 96
Chapter 21: Global marketing strategy ................................................................... 96
1
,Week 1: Chapters 1, 2 and 5
Chapter 1 - marketing and organization
Introduction to principles and practice of marketing
Over time customers’ needs and wants change and, as a result, marketing practices also
change to reflect and accommodate new customers’ demands. The text is structured
around four key dimensions of marketing:
1. Fundamentals of marketing
2. Creating customer value
3. Communicating and delivering customer value
4. Marketing planning and strategy
Four P’s play and important role:
- Product
- Price
- Promotion
- Place
What is marketing?
Marketing drives successful organizations, but it is often misinterpreted and sometimes
gets bad press. Successful companies rely on customers returning to repurchase, and the
goal of marketing is to facilitate this through creating long-term satisfaction not short-
term deception.
‘Because the purpose of business is to create and keep customers, it has only two central
functions- marketing and innovation. The basic function of marketing is to attract and
retain customers at a profit’. What can we learn from this statement?
1. It places marketing in a central role for business success and focuses managers’
attention on attracting and keeping customers.
2. It implies that the purpose of marketing is not to chase any customer at any
price.
3. The investment required to attract new customers is higher than the amount
needed to retain existing ones.
4. Most markets are characterized by strong competition. This means organizations
need not only to understand what their customers want, but also to understand
what their competitors provide.
Hence the notion of customer satisfaction as the central pillar of marketing is
fundamental to the creation of a stream of exchange upon which organizational success
depends.
The marketing concept
The traditional view of the marketing concept is based on the premise that companies
achieve their profit and other objectives by satisfying customers. Nowadays competition
is also very important. They must do better than competition to be successful.
2
,Modern marketing concept: the achievement of corporate goals through meeting and
exceeding customers' needs and expectations better than the competition. To apply this
concept, three conditions should be met:
1. Company activities should focus on providing customer satisfaction rather than
making things easier and better for the producer or manufacturer.
2. The achievement of customer satisfaction relies on integrated effort. The concept
is a business philosophy.
3. For integrated effort to work successfully, management must believe that
corporate goals can be achieved through satisfied customers.
Adopting a market orientation in a changing world
Market orientation could lead to significant performance benefits. Changing needs
present potential market opportunities that drive the company.
Basic elements of the market orientation:
Customer needs potential market opportunities marketing products and services
customers
Basic elements of the production orientation:
Production capabilities manufacture product aggressive sales effort customers
Marketing and performance
The basic underlying premise of the marketing concept remains that its adoption will
improve organizational performance.
3
, Commodity: goods that are freely traded (agricultural).
Non-commodity: facilitating processes and exchanges.
Market orientation was based on three measures: customer orientation, competitor
orientation and degree of inter-functional coordination.
Understanding market-driven businesses
Market-driven companies: display customer concern throughout the business. All
departments recognize the importance of the customer to the success of the business.
Internally focused companies: convenience comes first. If customers wants are
inconvenient or expensive to produce, excuses are often used as avoidance tactics.
Market-driven businesses know how their products and services are being evaluated
against those of the competition. They understand the choice criteria that customers are
using and ensure that their marketing and service mix matches these criteria better
than those of the competition do.
A key factor of market-driven businesses is their recognition that marketing research
expenditure is an investment that can yield rich rewards through better customer
understanding. Internally driven businesses see marketing research as a non-productive
intangible and prefer to rely on anecdote and received wisdom.
Efficiency versus effectiveness
Efficiency is concerned with inputs and outputs. An efficient firm produces goods
economically - it does things right. The benefit is that the cost per unit of output is low
and, therefore, the potential for offering low prices to gain market share is present, or of
charging medium to high prices and achieving high profit margins.
Market orientation – (in)effective: doing the right things.
Product orientation – (in)efficient: doing the things right.
A company that is both inefficient and ineffective will go out of business quickly,
because it is a high-cost producer of products that customers do not want to buy.
(Hummer SUV)
A company that is efficient and ineffective may last a little longer because its low-
cost base may generate more profits from the dwindling sales volume it is achieving.
(Blackberry)
A company that is effective but inefficient are likely to survive, however because
they are operating in attractive markets and are marketing products that customers want
to buy. Department stores provide a destination for shoppers as they offer wide ranges
of goods all in one place and are an important type of retailer for towns and cities as
they attract shoppers.
A company that is effective and efficient leads to optimum success. Such firms do
well and thrive because they are operating in attractive markets, supplying products that
customers want to buy and benefiting from a low-cost base. (Toyota, Zara)
Creating Customer value, satisfaction and loyalty
Customer expectations in all markets are evolving and creating value is a primary aim of
market-oriented businesses. Four key benefits can be derived from adopting marketing
as a guiding business philosophy:
4
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