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Marketing summary - Marketing concepts and strategies - Dibb, Simkin, Pride, Ferell
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Samenvatting Marketing - Marketing Concepts and Strategies by Dibb et al.
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Marketing summary - Marketing concepts and strategies - Dibb, Simkin, Pride, Ferell (grade 9.0)
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Samenvatting boek 'Marketing: Concepts and Strategies'
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MARKETINGMarketing Concepts and Strategies - Dibb, Simkin, Pride & Ferrell
, Product variable: deals with researching consumers
1 MARKETING CONCEPT product wants and designing a product with the
desired characteristics and functionality.
Place/distribution variable: deals with making
Marketing orientation: is an approach to business that prioritizes products available, perhaps through multiple channels.
identifying the needs and desires of consumers and creating products Promotion variable: relates to marketing
that satisfy them. communications used to inform one or more groups of
Marketing: is the activity, set of institutions, and processes for creating, people about an organization and its products and to
communicating, delivering, and exchanging offerings that have value for maintain an ongoing.
customers, clients, partners, and society at large. Price variable: relates to activities associated with
Marketing environment: External changing forces withing the trading establishing pricing policies and determining product
environment: laws, regulations, political activities, societal pressures, prices.
economic conditions and technological advances. People variable: reflects the level of customer service,
Customer satisfaction: A state that results when an exchange meets the advice, sales support, back-up recruitment and after-
needs and expectations of the buyer. sales involving recruitment policies, training, retention
Marketing process: analysis of market conditions, the creation of an and motivation of key personnel
appropriate marketing strategy, the development of marketing Marketing management: a process of planning,
programmes designed to action the agreed strategy and finally the organizing, implementing and controlling marketing
implementation and control of the marketing strategy and its associated activities to facilitate and expedite exchanges
marketing programmes. effectively and efficiently.
Marketing concept: The philosophy that an organization should try to Marketing planning: A systematic process of assessing
provide products that satisfy customers needs through a coordinated set marketing opportunities and resources determining
of activities that also allows the organization to achieve its goals marketing objectives and developing a thorough plan
Production era: the period of mass production following industrialization for implementation and control.
Sales era: Mid 1920s-1950s when competitive forces and the desire for
high sales volume led a company to emphasize selling and the sales Market mix decision variables and target marketing strategy are
person in its business strategy. factors of which an organization has control. These variables are
constructed around the buyer/consumer satisfaction. Purple;
Marketing era: the period in which product and aggressive selling were
marketing environment, blue; marketing strategy, light green;
no longer seen to suffice if customers either did not desire a product or marketing mix, dark green; consumer satisfaction.
preferred a rival brand, and in which customers needs were identified.
Relationship marketing era: in which the focus is not only on expediting
the single transaction but on developing ongoing relationships with
customers to maintain life share of wallet.
Digital era: now the focus is on managing customer relationships,
developing customer insight and building the brand online.
Digital marketing: The use of the web, computers and smartphones , as
well as the radio and other forms of digital media, to attract, engage, and
build relationships with customers and other target audiences; the use of
technology-led channels of communication and selling to manage
customer interaction and provide customer experience in an digitally
connected environment. Now the focus is on managing customer
relationships, developing customer insight and building the brand online.
Consumer to consumer communication (c2c): is now routine, enabled,
by the digital era and social media in particular. Consumers readily and
rapidly share views, experiences and information with another.
Social marketing: uses tools and techniques from commercial marketing
to make interventions which encourage positive behaviour changes such
as quitting smoking, to enhance the health and well-being of individuals. The marketing process
Critical marketing: Involves challenging orthodox views that are central
to the core principles of the discipline.
Marketing strategy: The selection of new opportunities to pursue and
current activities to maintain, identification or associated target markets
and competitive positioning and the creation of appropriate customer
value propositions and engagement plans, in order to deliver the
specified performance goals in the corporate strategy.
Marketing opportunity: one that exists when timing and circumstances
allow an organization to take action towards reaching a particular group
of consumers or business customers in order to develop relationships
and achieve commercial goals.
Target market: a group of people or organizations for whom a company
creates and maintains a marketing mix that specifically fits the needs and
preferences of that group
Marketing mix: The tactical toolkit of the marketing programme:
product, place/distribution, promotion, price and people variables that
an organization can control in order to appeal to the target market.
, Offensive warfare: A policy whereby challengers
2 MARKETING STRATEGY aggressively seek market share by identifying any
weaknesses in the leaders and other challengers
marketing mixes and developing a genuine
Strategy: The direction and scope of an organization over the longer corresponding strength.
term, which achieves advantage for the organization through its Competitor scanning: the monitoring of competitive
configuration of resources within a challenging environment, to meet the positions and competitors strategies.
needs of markets and to fulfil stakeholder or shareholder expectations. Competitive positions proforma: A tool for scoping
Strategic marketing plan: An outline of methods and resources required the competitive set, helping a company to understand
to achieve an organizations goals withing a specific target market. the competitive positions in its target markets and
Strategic Business Unit SBU: A division, product line or other profit diagnosing the effectiveness of a marketing strategy.
centre withing a parent company. Differential advantage: an attribute of a brand,
Marketing plan: the written document for specifying, implementing and product, service or marketing mix that is desired by
controlling an organizations marketing activities and marketing mixes. the targeted customer and provided by only one
Marketing programme: A marketers marketing mix activities and supplier.
implementation process designed to operationalize the strategy. Basis for competing: A companies combined strength
Mission statement: addresses an organizations purpose, goals and scope. as identified in a SWOT analysis and any differential
Corporate strategy: a strategy that determines the organizations vision advantage, which should form the leading edge of the
and goals, and how they are to be addressed, in which markets, with companies marketing strategy.
what advantages over competitors, and so aligning resources in key Steps in analysing competitors
functions accordingly across the business.
Marketing opportunity: circumstances and timing that allow an
organization to take action towards reaching a target market.
Strategic window: A temporary period of optimum fit between he key
requirements of a market and the particular capabilities of a company
competing in that market, often triggered by changes in the marketing
environment.
Market requirements: requirements that relate to customers needs.
Environmental scanning: The process of collecting information about the Ansoff competitive strategies
marketing environment to help marketers identify opportunities and
threats, and assist in planning.
Intense growth: growth that occurs when current products and current
markets have the potential for increasing sales.
Diversified growth: growth that occurs when new products are
developed to be sold in new and unfamiliar markets.
Integrated growth: growth that occurs in three possible directions:
forwards, backwards or horizontally.
Brand positioning: The creation of a desirable, distinctive and plausible
The
image for a brand in the minds of targeted customers. components
Target market strategy: the choice for which market segments an of marketing
organization decides to develop marketing programmes. strategy
Customer value proposition: based on understanding the perceived
customers values and psychological, functional and economic factors
traded-off when customers select a particular product or brand to
purchase, this is the compelling proposition intended to appeal to
targeted customers.
Competitive advantage: Competitive advantage refers to factors that
allow a company to produce goods or services better or more cheaply
than its rivals.
Generic routes to competitive advantage: Cost leadership,
differentiation and focus; which are not mutually exclusive.
Competitive set: All competing companies in the same category
according to the target market customers.
Competitive positions: competitors role in the marketplace, which
influence their marketing strategies and programmes.
Fast movers: Small rival companies not yet destined to be major
challengers, but growing rapidly on a smaller scale.
Market followers: low-share competitors without the resources to
challenge for extra sales and market share.
Market niches: companies that specialize by focusing on only a very
narrow range of products or on a select band of consumers.
Defensive warfare: a policy of striking a balance between waiting for
market developments or competitor activity and proactively parrying
competitors actions.
, Wealth: The accumulation of past income, natural
3 MARKETING ENVIRONMENT resources and financial resources.
Consumer spending patterns: information indicating
Marketing environment: the external forces that directly or indirectly the relative proportions of annual family
influence an organizations acquisition of inputs and generation of expenditures or the actual amount of money spent
outputs compromising six categories or forces; political, legal, on certain kinds of goods and services.
regulatory, social, technological and economic/competitive. Comprehensive patterns: the percentages of family
Environmental analysis: The process of assessing and interpreting the income allotted to annual expenditures for general
information gathered through environmental scanning. classes of goods and services.
Procompetitive legislation: laws enacted to preserve competition and Monopoly: A market structure that exists when a
to end various practices deemed unacceptable by society. company turn out a product that has no close
Consumers association: a private organization funded by members substitutes or rivals (NS)
subscriptions that works to further consumer interests. Oligopoly: A market structure that exists when a few
Societal forces: Individuals and groups and the issues engaging them, sellers control the supply of a large proportion of a
that pressure marketers to provide high living standards and enjoyable product. (Benzine markt)
lifestyles through socially responsible decisions and activities. Monopolistic competition: A market structure that
Green movement: the trend arising from societies concern about exists when a business with many potential
pollution, waste disposal, manufacturing processes and the competitors attempt to develop a differential
greenhouse effect. marketing strategy to establish its own market
Consumer movement: a diverse collection of independent individuals, share.
group and organizations seeking to protect the right of the customers. Perfect competition: A market structure that entails
Technology: the application of knowledge, processes and techniques to a large number of sellers, not one of which could
solve problems and performs tasks more efficiently. -> more scientific. significantly influence price or supply.
Technology assessment: A procedure by which managers try to Competitor monitoring: the process by which a
foresee the effects of new products and processes on their companies company studies the actions of its major
operation, on other commercial organizations and on society in competitors in order to determine what specific
general. strategies affect its own; also used by marketers as
CRM: Data capture about customers and their buying habits, analysis they try to develop competitive advantages adjust
and profiling of such behaviours, so that tailored propositions and current marketing strategies and plan new ones.
communications may be created in order to maintain an ongoing Macro marketing environment: the broader forces
relationship and continue to interest customers in the companies affecting all organization in a market: legal,
brand, product and activities. regulatory, societal/green, technological and
Mobile marketing: encourages consumer engagement anywhere or economic/ competitive.
anytime while on or using a mobile devise, and heavily dependent on Micro marketing environment: the more company
mobile apps which provide users with information, entertainment and specific forces reflecting the nature of the business,
location-based services. its suppliers marketing intermediaries, buyers, all
Economic and competitive forces: Factors in the marketing types of competitors; direct, substitute and new
environment such as the effects of general economic conditions, entrant and its publics.
buying power, willingness to spend, spending patterns, types of PEST analysis – PESTLE analysis; PEST is a popular
competitive structure, competitive tools and competitive behaviour name for an evaluation of the marketing
that influence both markets and consumer decisions and activities. environment, looking at political including legal and
Business cycle: fluctuations in the economy that follow the general regulatory issues, economic, societal and
pattern of prosperity, recession, depression and recovery. technological developments, and assessing the
Prosperity: a period during which unemployment is low and total implication of such issues. Another term used is
income is relatively high. PESTLE.
Recession: A period during which unemployment rises and total buying
The forces of the marketing environment
power declines.
Depression: A period during which unemployment is extremely high,
wages are very low, total disposable income is at a minimum and
consumers lack confidence in the economy.
Recovery: the stage of the business cycle in which the economy moves
from depression or recession to prosperity.
Buying power: Resources that can be traded in an exchange situation.
Selected characteristics of competitive structures
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