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Knowledge Clips and Lectures Theories of Marketing ()
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Summary / notes of all Knowledge Clips and Lectures for the UvA Master course Theories of Marketing
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Table of contentsTOPIC 1: NEW DEVELOPMENTS IN MARKETING THINKING AND STRATEGY ......................................................2
TOPIC 2: CONSUMER INSIGHTS AND MOTIVATIONS .........................................................................................5
TOPIC 3: VALUE EQUITY & INNOVATION...........................................................................................................8
TOPIC 4: CONSUMER BEHAVIOR .....................................................................................................................14
TOPIC 5: BRAND AND RELATIONSHIP EQUITY .................................................................................................19
, Topic 1: New Developments in Marketing Thinking and Strategy
Knowledge clip 1: Origins of marketing thought (two articles Narver & Slater)
What is marketing?
- Functions & Process/activities to deliver “customer value” (e.g. CRM, marketing
analytics, pricing, insights etc.).
- A business philosophy -> a way to approach the market
Stages in Marketing:
• Production orientation: Marketing began with industrial revolution, starting with mass
standardization à bringing the product to the market. Marketing was all about
distribution and logistics (efficiencies). Making products accessible for the market.
• Selling orientation: Success is when you actually tell your target market that you are
the better one. Lots of competitors so you have to do it differently.
• Marketing orientation: So many options available on the market that shouting that
your product is the best does not work anymore. Current marketing thinking =
marketing concept Listen first to the target market (needs/wants) and what is not yet
on the market and then adjust the production to it. Quality is not the only important
value driver.
1985: “Marketing is the process of planning and executing conception, pricing, promotion and
distribution of goods, ideas, and services to create exchanges that satisfy individual and
organizational goals”.
2012: “Marketing is the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
and society at large”.
Thus, from transaction & product driven (metric: market share) to relation & value driven
(metric: share of wallet i.e. loyalty).
Two main marketing decisions:
1. Segmentation à Understanding consumers / subgroups with different needs.
2. Value differentiation à Creating customer value (features that are valuable for
particular group).
Knowledge clip 2: Network Paradigm (Achrol & Kotler,2012)
In every part of channel of the value chain (supplier – organization – distributors) have been
many changes. Dynamics in- and outside the market have changed the way in how we
approach marketing. It is more about the brand now instead of the products.
Main idea of this article: We have to change our perspective (paradigm shift) on the market
and how we make our marketing decisions from an exchange paradigm to a network
paradigm. Then we can better predict what is happening and control. Because there are
already changes happening in the market based on three levels, we need to change this
perspective (out starting point):
*Sub-Phenomena: consumption experiences (the value exchange level). Changes are from
satisfaction to consumer experiences (cognitive processes à Stimulating senses).
2
,Technology is influencing these experiences. So, these experiences are not just product
related but a network experience (it involves a lot more senses and a lot more reactions
from the consumer).
*Phenomena: Marketing networks (all the parties that are active in creating value for the
customer). In all levels of the value chain (back, centre and front) it is all networks
interacting with networks.
Back side (suppliers) – production & innovation networks (outsourcing)
Centre side (brand itself) – micro-production systems (disintermediation = taking out middle
man e.g. e-books). (Nano) technology (local/personal production) and co-production,
creation. This brings the seller closer to the buyer.
Front side (consumers) – Consumption networks (vertical & horizontal) like blogs, chats etc.
Is is not about the individual anymore but we need networks of consumers in order to know
about their wants/needs and how to respond to this, create value.
*Super phenomena: sustainability / society (level beyond the value chain level). The whole
value chain is part of a community on societal level. From firm&consumer to firm&societal
effects, from reactive to proactive (superior products&demarketing) and from growth
(emerging markets) to bottom of pyramid market (developing markets) (rijke landen naar
ontwikkelingslanden).
What is exchange = exchange between two parties, interaction between entities of buyer
and seller.
Networks = groups of entities are interacting with each other. We should now think of
networks and their theory in order to be able to create value (for the market).
So, as a firm you need to be part of the bigger picture (networks) in order to doing business.
Link Marketing 3.0 and network paradigm à the link is in the super-phenomenal phase.
Marketing is how you can compete en network perspection is the broader picture (there are
other groups you need to take into account when doing business).
3
, Knowledge clip 3 - CEM (Homburg, 2017):
New Marketing Paradigm à Network thinking (&action) necessary (Achrol & kotler2012)
The New Marketing à CEM, toward implementing an evolving marketing concept. 3 tiers:
cultural mindsets, strategic directions and capabilities that need to work together in order to
make the full experience.
The end goal of CEM is à Create network-oriented value proposition (network with all the
players within the journey that create together the value for the customer)
In sum:
Marketing thought is context driven (changing market dynamics, changing customer
needs/wants)
But there is consistency as to the basic assumptions since the last marketing concept
(western world):
Customers (&environments) are starting point for company success (not just production)
Differentiation by superior (network) value delivery (the way the value is delivered has been
change through network journeys and propositions).
Customer Experience Management – takes the full customer journey into account as well as
other members within the customer journey. So focus on:
- Full sensorial response vs satisfaction
- Customer journey as a whole vs Product offering
- Other experiences beyond own company
Link CEM and MO
MO cultural mindsets (customer, competitor and cross-functional) and CEM cultural
mindsets (experiential response orientation, alliance orientation (collaboration) and
touchpoint journey orientation (also external).
Link CEM and Network Paradigm
CEM and Network are both saying that you (as a firm) are not alone responsible anymore.
Both alliances, competitors and customers are being a part of the total value creation and, in
the end, sustainable competitive advantage.
4
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