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Marketing summary Year 2 Quarter 1
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all relevant chapters for the marketing exam in year 2 quarter 1.
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Marketing and sales Y2Q1 SUMMARYChapter 1
Marketing: the process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return.
The goal of marketing is to attract new customers by promising superior value and to keep
and grow current customers by delivering goods.
Marketing in current days is not so much about selling but in satisfying customer needs.
Selling and advertisements are merely parts of a larger ‘marketing mix’ which is a set of
tools that work together to engage customers, satisfy customer needs, and build customer
relationships.
5 step model of marketing processes for creating and capturing customer value
CREATE VALUE FOR CUSTOMERS AND BUILD CUSTOMER
RELATIONSHIPS
Understand the marketplace and customer needs and wants
Design a customer-driven marketing strategy
Construct an integrated marketing programme that delivers superior value
Build profitable relationships and create customer delight
CAPTURES VALUE FROM CUSTOMERS IN RETURN
Capture value from costumers to create profits and customer equity
5 core customer and marketplace concepts
1. Customer needs, wants and demands
- Need: states of felt deprivation
- This includes physical needs, social needs and individual needs
2. Market offerings (products, services and experiences)
- Marketing offerings: some combination of products, services, information or
experiences offered to a market to satisfy a need or want
, - They are not only physical products but also services, services (activities or
benefits offered for sale that are essentially intangible and do not result in the
ownership of anything)
- persons, places organisations, information and ideas are also market offerings
- marketing myopia: the mistake of paying more attention to the specific products
a company offers than to the benefits and experiences produced by these product
3. customer value and satisfaction
- customers form expectations about the value and satisfaction that various market
offerings will deliver and buy accordingly
4. exchanges and relationships
- exchange: the act of obtaining a desired object from someone by offering
something in return
- marketing consists of actions taken to create, maintain and grow desirable
exchange relationships with target audience involving a product, service etc.
5. markets
- market: the set of all actual an potential buyers of a product or service
- buyers share a particular need or want that can be satisfied though exchange
relationships.
- Customer managed relationship: marketeers are more looking at how cn
customer and producer infucence eachother and the producer.
Modern marketing system
- Each party in the system adds value
- Arrows represent relationships that must be developed and managed to create
customer value and profitable customer relationships
Marketing management: the art and science of choosing target markets and build profitable
relationship with them
2 questions to design a winning marketing strategy:
1. What customers will we serve (what’s our target market)
, - They do this by dividing the market into segments of customers (market
segmentation) and selecting which segments it will go after (target marketing)
- Marketing management is customer and demand management
2. How can we serve these customers best (what’s our value proposition)
- Differentiate and position in the market
- Value proposition is a set of benefits or values it promises to deliver to customers
to satisfy their needs
- These value proposition differentiate from each other
- Companies must design a strong value proposition that gives them the greatest
advantage in their target markets.
Marketing orientations: what philosophy should guide the marketing strategies. What weight
should be given to interest of customer, the organisation and society.
these are 5 alternative concepts under which organisations design and carry out their
marketing strategies
1. The production concept
- The idea that customers will favour products that are available and highly
affordable, therefore, the organisations should focus on improving productivity
and distribution efficiently.
- Companies adopting this orientations run a major risk of focussing to narrowly on
their own operations and losing sight of satisfying customers’ needs and building
relationships with them.
2. The product concept
- The idea that consumers will favour products that offer more quality, performance
and features, therefore the organisation should devote its energy to making
continuous product improvements
- Focussing only on products can lead to marketing myopia
3. Selling concept
- The idea that consumers will not buy enough of the firm’s products unless the firm
undertakes a large-scale selling and promotion effort.
- Typically used with unsought products
4. Marketing concept
- A philosophy in which achieving organisational goals depends on knowing the
needs and wants of target markets and delivering the desired satisfaction better
than competitors do
- Customer focus and value are paths sales and profits
- Customer-centred sense and respond philosophy
- Outside-in perspective
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