Summary Marketing - Foundations of Marketing - 5th edition (John Fahy and David Jobber)
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Course
Marketing
Institution
Universiteit Twente (UT)
Book
Foundations of Marketing
Elaborate summary of the book Foundations of Marketing 5th edition. Can be used for the course Marketing for the second year (first module, called module 5) of the program International Business Administration at the University of Twente. Contains chapters 1, 3 (excluding buying decision-making pr...
university of twente universiteit twente international business administration iba 2nd year iba 5th iba module john fahy david jobber foundations of marketing marketing international business isbn 13 9780077167950 isbn 10 0077167953
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Marketing summary
Foundation of Marketing
5th edition
John Fahy and David Jobber
,Chapter 1
Marketing concept = the achievement of corporate goals through meeting and exceeding
customer needs better than the competition
Components of the marketing concept
1. Customer orientation
2. Integrated effort
3. Goal achievement
Customer orientation = corporate activities are focused upon providing customer
satisfaction
Integrated effort = all staff accept the responsibility for creating customer satisfaction
Goal achievement = the belief that corporate goals can be achieved through customer
satisfaction
Customer value = perceived benefits – perceived sacrifice
Perceived benefits = from the product, the associated service and the image of the company
Perceived sacrifice = the total cost associated with buying the product
Forms of customer value
1. Price value
2. Performance value
3. Emotional value
4. Relational value
Relational value = attracting the customer to your company
Lifetime value of a customer = the willingness to stay with a provider and the relationship
builds a high level of trust
Customer relationship management (CRM) = systems to get to know their customers better
and to interact with them on a regular basis
Customer value proposition/unique selling point (USP) = a reason why customers return to
them again and again
Marketing = the delivery of value to customers at a profit
, Market-orientated businesses Internally orientated businesses
Customer concern throughout business Convenience comes first
Know customer choice criteria and match Assume price and product performance key
with marketing mix to most sales
Segment by customer differences Segment by product
Invest in market research (MR) and track Rely on anecdotes and received wisdom
market changes
Welcome change Cherish status quo
Try to understand competition Ignore competition
Marketing spend regarded as an Marketing spend regarded as a luxury
investment
Innovation rewarded Innovation punished
Search for latent markets Stich with the same
Be fast Why rush?
Strive for competitive advantage Happy to be me-too
Marketing planning process
1. Business mission and strategy
2. Marketing audit
3. Marketing objectives
4. Marketing strategy
5. Marketing actions
6. Evaluation of performance
Marketing planning = the process by which businesses analyze the environment and their
capabilities, decide upon courses of marketing action and implement those decisions
Key questions marketing planning decisions
- Where are we now?
- Where would we like to be?
- How do we get there?
Business mission = broadly defined, enduring statement of purpose that distinguishes a
business from others of its type
Marketing audit = systematic examination of a firm’s marketing environment, objectives,
strategies and activities, which aims to identify key strategic issues, problem areas and
opportunities
SWOT analysis = a summary of strengths, weaknesses, opportunities and threats facing the
organization
- Focus on relative rather than absolute strengths and weaknesses
- Strengths need to be looked at objectively as they can sometimes turn into
weaknesses
- Only those strengths that are valued by the customer should be included
- Opportunities and threats should be listed as anticipated events or trends outside
the business that have implication for performance
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