Class notes
College notes (ALL YOU Need to KNOW) Management And Marketing
- Course
- Institution
Everything you need to know for the course management & marketing. With this you will get a sufficient one anyway.
[Show more]
Seller
Follow
isavbergen
Content preview
Management & marketingMarketing chapter 1 (is heel uitgebreid)
Marketing is about identifying and meeting human and social needs.
Marketing management: the art and science of choosing target markets and getting,
keeping and growing customers through creating, delivering and communicating superior
customer value.
Marketed entities: goods, services, events, experiences, persons, places, properties,
organizations, information and ideas.
Marketer: someone who seeks a response from another party called the prospect
1. Negative demand—Consumers dislike the product and may even pay to avoid it.
2. Non-existent demand—Consumers may be unaware of or uninterested in the
product.
3. Latent demand—Consumers may share a strong need that cannot be satisfied by an
existing product.
4. Declining demand—Consumers begin to buy the product less frequently or not at all.
5. Irregular demand—Consumer purchases vary on a seasonal, monthly, weekly, daily,
or even hourly basis.
6. Full demand—Consumers are adequately buying all products put into the
marketplace.
7. Overfull demand—More consumers would like to buy the product than can be
satisfied.
8. Unwholesome demand—Consumers may be attracted to products that have
undesirable social consequences.
Consumer Markets Companies selling mass consumer goods and services such as juices,
cosmetics, athletic shoes, and air travel establish a strong brand image by developing a
superior product or service, ensuring its availability, and backing it with engaging
communications and reliable performance.
Business Markets Companies selling business goods and services often face well-informed
professional buyers skilled at evaluating competitive offerings. Advertising and Web sites can
play a role, but the sales force, the price, and the seller’s reputation may play a greater one.
Global Markets Companies in the global marketplace navigate cultural, language, legal, and
political differences while deciding which countries to enter, how to enter each (as exporter,
licenser, joint venture partner, contract manufacturer, or solo manufacturer), how to adapt
product and service features to each country, how to set prices, and how to communicate in
different cultures.
Non-profit and Governmental Markets Companies selling to non-profit organizations with
limited purchasing power such as churches, universities, charitable organizations, and
government agencies need to price carefully. Much government purchasing requires bids;
buyers often focus on practical solutions and favour the lowest bid, other things equal.
Needs are the basic human requirements such as for air, food, water etc. they become
wants when directed to specific objects that might satisfy the need. Marketers do not create
needs.
- Stated needs (The customer wants an inexpensive car.)
- Real needs (The customer wants a car whose operating cost, not initial price, is low.)
- Unstated needs (The customer expects good service from the dealer.)
, - Delight needs (The customer would like the dealer to include an onboard GPS
system.)
- Secret needs (The customer wants friends to see him or her as a savvy consumer.)
Demands are wants for specific products backed by an ability to pay.
Value proposition is a set of benefits that satisfy those needs
- Communication channels deliver and receive messages form target buyers.
- Distribution channels help display, sell or deliver the physical product or service
- Service channels help to carry out transactions with potential buyers
Impressions occur when consumers view a communication
Engagement is the extent of a customer’s attention and active involvement with a
communication (likes)
Customer value triad: combination of quality, service and price
Marketing environment consists of task environment (actors engaged in producing
distributing and promoting, part you can influence) and broad environment (demographic,
economic, social-cultural, natural, technological and political-legal, part you cannot
influence)
- Production concept holds that consumers prefer products that are widely available
and inexpensive
- Product concept proposes that consumers favour products offering the most quality,
performance etc.
- Sales concept holds that consumers and businesses won’t buy enough of the
organization’s products (they do not know it)
- Marketing concept: find the right products for your customers. The key to achieving
organizational goods is being more effective than competitors in creating, delivering
and communicating superior customer value to your target markets.
- Holistic marketing concept is based on development, design and implementation of
marketing programs, process etc that recognize their breadth and
interdependencies. ‘’Everything company does matters’’ = marketing concept +
internal marketing + integrated marketing + performance marketing + relationship
marketing
Relationship marketing aims to build mutually satisfying long-term relationships with key
constituents, focuses on keeping costumers
Integrated marketing: many different marketing activities can create, communicate and
deliver value and marketers should design and implement anyone marketing activity with all
other activities in mind, everything company does must be integrated
Internal marketing: the task of hiring, training and motivating able employees who want to
serve consumers well
Performance marketing requires understanding the financial and nonfinancial returns to
business and society from marketing activities and programs
Modern marketing management four p’s: people, processes, programs and performance
Marketing chapter 2
Value delivery process: Choosing the value: who is interested and which do I want to serve
why would they buy my product (strategic marketing)-> providing the value: product
development, pricing, servicing etc (tactical marketing) -> communicating the value:
advertising, sales forces etc (tactical marketing)
, Corporate planning (Unilever) -> division planning -> business planning (OLA) -> product
planning (Magnum)
Characteristics of core competency: source of competitive advantage + applications in a
wide variety of markets + difficult to imitate
Strategic planning: 1. Managing the businesses as an investment portfolio 2. Assessing the
market’s growth rate and the company’s position in that market 3. Establishing a strategy
Marketing plan: the central instrument for directing and coordinating the marketing effort
(strategic marketing plan lays out target markets and firms’ value proposition + tactical
marketing plan specifies the marketing tactics including product features, promotion etc.)
Corporate planning: 1. Defining the corporate mission (not product orientated but market
orientated, target market definition tends to focus on selling a product/service + strategic
market definition focuses on the potential market) 2. Establishing strategic business units
(single business or collection of related businesses, that can be planned separately from the
rest of the company, has a manager) 3. Assigning resources to each strategic business unit
4. Assessing growth opportunities (intensive growth: identify opportunities for growth
within current business + integrative growth: identify opportunities to build or acquire
businesses related to current business + diversification: identify opportunities to add
attractive unrelated businesses)
Organization: structure, policy and corporate culture (shared experiences, stories beliefs and
norms that characterize an organisation)
Business unit strategic planning: business mission -> SWOT analysis (external environment +
internal environment (benchmark yourself)) -> goal formulation (developing specific goals
for the planning period) -> strategic formulation (game plan for getting to the goal, porter=
overall cost leadership + differentiation + focus, value positions) -> program formulation and
implementation (marketing mix) -> feedback and control
Porter’s value chain: you have primary activities (operations, marketing, service etc) +
support activities (HRM, firm infrastructure etc.)
Elements of competitive advantage: sources of advantages (superior skills, superior
resources) + positional advantage (superior customer value, lower relative costs) +
performance outcomes (satisfaction, loyalty, market share, profitability) + investment of
profits to sustain advantage
Business planning: marketing plan (for a specifi product), contains guidelines, marketing
strategy (value chain), should be simple + specific + realistic + complete
Marketing chapter 3 & 4
Potential market: consumers with a sufficient level of interest in a market offer
Available market: consumers with a sufficient level of interest in, income for and access to a
market offer
Qualified available market: consumers with a sufficient level of interest in, income for and
access to and qualifications for a market offer
Target market: part of the qualified available market that the company decides to pursue
Penetrated market: consumers who are buying the company’s market offer
Market forecast is the market demand at the level of marketing expenditure that will
actually occur
Market potential is the limit approached by market demand when industry marketing
expenditure approaches infinity
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller isavbergen. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.31. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
56326 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now