Summary
Summary IC 1.2 Examination Reviewer (Complete)
- Course
- Institution
- Book
Document includes: - Kotler readings (chapters 1-3, 7-14, 17-18) - Research lectures - ICC
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
MARKETING FOR E&BE | Summary (RUG)
-
Samenvatting Principles of Marketing, ISBN: 9781292220178
-
Marketing Fundamentals Notes
Seller
Follow
Samhob
Reviews received
Content preview
1.2 MARKETINGAND MEDIA
EXAMINATION
REVIEWER
MARKETING COMMUNICATIONS,
RESEARCH, ICC
Prepared by: Samantha Hoberg
, Learning outcomes Marketing and Online Communication (Kotler et al.)
Chapter 1: Marketing
Students understand that “marketing” is a complex concept, are aware of the definition of what marketing is or could be
compared to the product concept, production concept, selling and societal concepts, can identify the difference between
needs, wants, demand, market offering, recognise the five steps in the marketing process and understand the complexity
of engaging customers and customer relationship management.
Marketing - "is engaging customers and managing profitable customer relationships."
" the process by which companies engage customers, build strong customer relationships, and create customer value in
order to capture value from customers in return."
• Satisfying customer needs
• Managing markets to bring about profitable customer relationships.
• Customer management and demand management
Product concept - The idea that consumers will favor products that offer the most quality, performance, and features;
therefore, the organization should devote its energy to making continuous product improvements.
Production concept - The idea that consumers will favor products that are available and highly affordable; therefore, the
organization should focus on improving production and distribution efficiency.
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.
Marketing concept - A philosophy in which achieving organizational goals depends on knowing the needs and wants of
target markets and delivering the desired satisfactions better than competitors do.
Societal marketing concept - The idea that a company’s marketing decisions should consider consumers’ wants, the
company’s requirements, consumers’ long-run interests, and society’s long-run interests.
Needs - States of felt deprivation.
Wants - The form human needs take as they are shaped by culture and individual personality.
Demands - Human wants that are backed by buying power.
Market offerings - Some combination of products, services, information, or experiences offered to a market to satisfy a
need or want.
1
,Students are able to describe the key features of the Abell model for mapping out the market orientation of a company.
(not discussed in Chapter 1 but discussed in the general lecture).
Chapter 2: Company and Marketing Strategy
2
, Students know what mission and vision are, know how to recognize a market-oriented mission statement and are able to
explain why mission and vision are important for a company.
Mission statement - A statement of the organization’s purpose—what it wants to accomplish in the larger environment
Vision -
Students understand the product/market expansion grid and can apply each of its four growth strategies to specific
examples.
Market penetration - Company growth by increasing sales of current products to current market segments without
changing the product.
Ex. Under Armour offers an ever-increasing range of styles and colors in its original apparel lines. And it recently boosted its spending on
advertising and professional athlete and team endorsements by 35 percent over previous years. The company has also added direct-to-consumer
distribution channels, including its own retail stores and sales websites. Direct-to-consumer sales have tripled over the past eight years and now
account for some 30 percent of total revenues
3
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 Samhob. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $6.44. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52510 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now