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Marketing (Weeks 1-3) Book Summary & Lecture Notes - GRADE 8,5
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  • Course
  • Marketing (6012B0420Y)
  • Institution
  • Universiteit Van Amsterdam (UvA)
  • Book
  • A Framework for Marketing Management, Global Edition

Markering Summary from Philip Kotler and Kevin Keller's "A Framework for Marketing Management, Global Edition" (2015). The summary is 121 pages and includes all the chapters covered in weeks 1, 2 and 3 in the course 6012B0420Y at UvA, as well as notes from the lectures (in dark blue).

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Document information

  • No
  • Chapter 1 - 9
  • January 13, 2021
  • 121
  • 2020/2021
  • Summary

Subjects

  • marketing
  • keller
  • kotler
  • management
  • communications
  • university of amsterdam
  • uva
  • universiteit van amsterdam

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Available practice questions

Marketing Midterm Exam - September 2020 (covering Weeks 1-3)

Flashcards 20 Flashcards
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Flashcards 20 Flashcards
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Some examples from this set of practice questions

1.

Lay\'s Oven Baked Potato Crisps come in various flavors, including Nature!, Roasted Paprika, Mediterranean Herbs and Barbecue. The brand has recently introduced a new flavor, Lay\'s Oven Baked with Veggie. This is an example of a: A) line extension B) licensed product C) category extension D) third-party endorsement

Answer: A) line extension

2.

Which of the following is NOT one of the six criteria for choosing brand elements? A) memorable B) likable C) profitable D) protectable

Answer: C) profitable

3.

Mill\'s Bakery has decided to purchase Farina Bakery, another bakery store in the area, to reduce competition and improve its profits. Which form of growth strategy has Mill\'s Bakery employed? A) backward integration B) intensive growth C) diversification growth D) horizontal integration

Answer: D) horizontal integration

4.

Decisions about pricing and distribution channels are usually found in the ___(?)___ section of the marketing plan. A) marketing tactics B) financial projections C) implementation controls D) marketing strategy

Answer: A) marketing tactics

5.

WholeRun, a running shoe brand, segments the market based on consumers\' frequency, duration and intensity of the training. They divide the market into segments \'light, medium and heavy\', ranging from beginners to professional runners. This is an example of segmentation based on: A) demographics B) decision roles C) generation D) usage rate

Answer: D) usage rate

6.

Cargo bike brand \'CityDad\' has recently introduced a new cargo bike called CityDad Mini. The core positioning of CityDad is \"affordability\". The CityDad Mini is relatively cheap compared to other cargo bike brands. Apart from affordability, the brand also promises other features such as good performance, light and direct steering, easy storage and safety. This describes the ___(?)___ of the cargo bike. A) value proposition B) customer-perceived C) value value network D) total customer cost

Answer: A) value proposition

7.

Based on Frederick Reichheld\'s Net Promotor approach, customer satisfaction can best be measured with one single question, namely: A) \"How likely is it that you would recommend this product or service to a friend or colleague\"? B) \"How likely is it that you would try this product or service\"? C) \"How likely is it that you would purchase this product or service for a friend or colleague\"? D) \"How likely is it that you would make a friend or colleague aware of this product or service\"?

Answer: A) \"How likely is it that you would recommend this product or service to a friend or colleague\"?

8.

Performance marketing is one of the four dimensions of Holistic marketing. According to the framework of Holistic marketing, \'Performance marketing\' focuses on all of the following aspects EXCEPT: A) Social B) Communications C) Brand equity D) Environment

Answer: B) Communications

9.

Paul would like to eat the Caviar menu at Ciel Bleu, one of Amsterdam\'s most expensive restaurants. The price for a Ciel Bleu Caviar menu is 495 Euro. Paul has saved enough money during the past three months so that he can now fulfill his wish. This is an example of a(n) A) unsought good B) demand C) want D) need

Answer: B) demand

10.

This question is based on the mandatory article by Goldstein, Cialdini, & Griskevicius, V. (2008), \"A room with a viewpoint: Using social norms to motivate environmental conservation in hotels\": The authors conducted two field experiments. Based on the results of experiment 2, the authors found all of the following results EXCEPT: A) The descriptive norm condition \'gender identity\' yielded a significantly higher towel reuse rate than the descriptive norm condition \'same room identity\'. B) All four \'descriptive norm\' messages combined yielded a significantly higher towel reuse rate than the \'standard environmental message\'. C) The descriptive norm condition \'same room identity\' yielded a significantly higher towel reuse rate than the descriptive norm condition \'citizen identity\'. D) The descriptive norm conditions \'citizen identity\' and \'guest identity\' did not differ from one another.

Answer: A) The descriptive norm condition \'gender identity\' yielded a significantly higher towel reuse rate than the descriptive norm condition \'same room identity\'.

Content preview

A Framework for Marketing Management



Ch 1 – Scope of Marketing for New Realities 2

Ch 2 – Marketing Strategies and Plans 11

Ch 3 – Marketing Research and Analysis 21

Lecture – Marketing Introduction 33

Lecture – Week 1 Clip 1 34

Lecture – Week 1 Clip 2 35

Lecture – Week 1 Clip 3 37

Lecture – Week 1 Clip 4 38

Lecture – Feedback Lecture 1 42

Ch 9 – Product Mix and New Offerings (p.170 – 180) 44

Ch 4 – Building Long-Term Customer Relationships 52

Ch 5 – Buying Dynamics of Consumers and Businesses 59

Ch 6 – Target Marketing 74

Lecture – Introduction to Lecture 2 82

Lecture – Week 2 Clip 1 83

Lecture – Week 2 Clip 2 86

Lecture – Week 2 Clip 3 88

Lecture – Feedback Lecture 2 93

Ch 7 – Competitive and Effective Brand Positioning 95

Ch 8 – Branding and Core Business Growth 105

Lecture – Interview with Jorge Labadie 114

Lecture – Lecture Week 3 Branding and Positioning (Jorge Labadie) 115

,A Framework for Marketing Management


Ch 1 – Scope of Marketing for New Realities
The Value of Marketing
• Finance, operations, accounting, and other business functions won’t really matter without sufficient demand
for products and services so the firm can make a profit.
o There must be a top line for there to be a bottom line.
• Thus, financial success often depends on marketing ability.
• Marketing’s value extends to society as a whole.
o It has helped introduce new or enhanced products that ease or enrich people’s lives.
o Successful marketing builds demand for products and services, which, in turn, creates jobs.
o By contributing to the bottom line, successful marketing also allows firms to more fully engage in
socially responsible activities
• Many firms, even service and nonprofit, now have a chief marketing officer (CMO) to put marketing on a more
equal footing with other C-level executives such as the chief financial officer (CFO) or chief information officer
(CIO).
• In an internet-fueled environment where consumers, competition, technology, and economic forces change
rapidly and consequences quickly multiply, marketers in every organization must choose features, prices, and
markets and decide how much to spend on advertising, sales, and online and mobile marketing—while under
intense pressure to make every marketing dollar count.
• At greatest risk are those that fail to carefully monitor their customers and competitors, continuously improve
their value offerings and marketing strategies, or satisfy their employees, stockholders, suppliers, and channel
partners in the process.

The Scope of Marketing
• What is marketing?
o Marketing is about identifying and meeting human and social needs.
§ Marketing is “meeting needs profitably.”
o When Google recognized that people needed to more effectively and efficiently access information
on the Internet, it created a powerful search engine that organized and prioritized queries.
o When IKEA noticed that people wanted good furnishings at substantially lower prices, it created
knockdown furniture.
o These two firms demonstrated marketing savvy and turned a private or social need into a profitable
business opportunity.
o The American Marketing Association offers the following formal definition:
§ Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and
society at large.
o We see marketing management as the art and science of choosing target markets and getting,
keeping, and growing customers through creating, delivering, and communicating superior customer
value.
o Cocreation of value among consumers and with businesses and the importance of value creation and
sharing have become important themes in the development of modern marketing thought.
o Note that selling is not the most important part of marketing.
o Peter Drucker: “the aim of marketing is to know and understand the customer so well that the
product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready
to buy. All that should be needed then is to make the product or service available.”
• What is marketed?
o Goods
§ Physical goods constitute the bulk of most countries’ production and marketing efforts.
o Services
§ As economies advance, a growing proportion of their activities focuses on the production of
services.
§ The U.S. economy today produces a services-to-goods mix of roughly two-thirds to one-third.
§ Many market offerings mix goods and services, such as a fast-food meal.
o Events
§ Marketers promote time-based events, such as major trade shows, artistic performances,
and company anniversaries.

,A Framework for Marketing Management


§ Global sporting events such as the Olympics and the World Cup are promoted aggressively to
companies and fans.
o Experiences
§ By orchestrating several services and goods, a firm can create, stage, and market
experiences.
o Persons
§ Artists, musicians, CEOs, physicians, high-profile financiers, and other professionals often get
help from marketers.
§ Management consultant Tom Peters, himself a master at self- branding, has advised each
person to become a “brand.”
o Places
§ Cities, states, regions, and whole nations compete to attract tourists, residents, factories,
and company headquarters.
§ Place marketers include economic development specialists, real estate agents, commercial
banks, local business associations, and advertising and public relations agencies.
o Properties
§ Properties are intangible rights of ownership to either real property (real estate) or financial
property (stocks and bonds).
§ They can be bought and sold and therefore require marketing through the efforts of real
estate agents, investment companies, and banks.
o Organisations
§ Museums, performing arts organizations, corporations, and nonprofits all use marketing to
boost their public images and compete for audiences and funds.
o Information
§ Information is essentially what books, schools, and universities produce, market, and
distribute at a price to parents, students, and communities.
o Ideas
§ Every market offering includes a basic idea.
§ Products and services are platforms for delivering some idea or benefit.
§ Social marketers promote such ideas as “Friends Don’t Let Friends Drive Drunk” and “A Mind
Is a Terrible Thing to Waste.”
• Who markets?
o A marketer is someone who seeks a response—attention, a purchase, a vote, a donation—from
another party, called the prospect.
o If two parties are seeking to sell something to each other, we call them both marketers.
o Increasingly, marketing is not done only by the marketing department.
§ Marketers now must properly manage all possible touch points (where a customer directly or
indirectly interacts with the company), including store layouts, package designs, product
functions, employee training, and shipping and logistics.
o To create a strong marketing organization, marketers must think like executives in other
departments, and executives in other departments must think more like marketers.
o Interdepartmental teamwork that includes marketers is needed to manage key processes like
production innovation, new-business development, customer acquisition and retention, and order
fulfillment.
• What is a market?
o Economists describe a market as a collection of buyers and sellers who transact over a particular
product or product class (such as the housing market or the grain market).
o Marketers use the term market to describe customer groups.
o They talk about need markets (the diet- seeking market), product markets (the shoe market),
demographic markets (the “millennium” youth market), geographic markets (the Chinese market), or
voter markets, labor markets, and donor markets.
§ Four key customer markets are consumer, business, global, and nonprofit.
o Sellers and buyers are connected by four flows.

, A Framework for Marketing Management


§ Sellers send goods and services and
communications such as ads and direct
mail to the market; in return they
receive money and information such as
customer attitudes and sales data.
§ The inner loop shows an exchange of
money for goods and services; the
outer loop shows an exchange of
information.

Core Marketing Concepts
• Needs, wants, and demands
o Needs are the basic human requirements such as for air, food, water, clothing, and shelter.
§ Humans also have strong needs for recreation, education, and entertainment.
o These needs become wants when directed to specific objects that might satisfy the need.
§ Our wants are shaped by our society.
o Demands are wants for specific products backed by an ability to pay.
§ Many people want a Mercedes; only a few can buy one.
o Companies must measure not only how many people want their product, but also how many are
willing and able to buy it.
o These distinctions shed light on the criticism that “marketers get people to buy things they don’t
want.”
§ Marketers do not create needs: Needs pre-exist marketers.
§ Marketers might promote the idea that a Mercedes satisfies a person’s need for social
status.
• They do not, however, create the need for social status.
o Some customers have needs of which they are not fully conscious or that they cannot articulate.
§ What does the customer mean in asking for a “powerful” lawn mower or a “peaceful” hotel?
o We can distinguish five types of 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.)
o Responding only to the stated need may shortchange the customer.
§ To gain an edge, companies must help customers learn what they want.
• Target markets, positioning, and segmentation
o Not everyone likes the same cereal, restaurant, university, or movie.
o Marketers therefore identify distinct segments of buyers by identifying demographic, psychographic,
and behavioral differences between them.
§ They then decide which segment(s) present the greatest opportunities.
o For each of these target markets, the firm develops a market offering that it positions in target
buyers’ minds as delivering some key benefit(s).
§ Porsche targets buyers who seek pleasure and excitement in driving and want to make a
statement about their wheels.
• Offerings and brands
o Companies address customer needs by putting forth a value proposition, a set of benefits that satisfy
those needs.
§ The intangible value proposition is made physical by an offering, which can be a combination
of products, services, information, and experiences.
o A brand is an offering from a known source.
§ A brand name such as Apple carries many different kinds of associations in people’s minds
that make up its image: creative, innovative, easy-to-use, fun, cool, iPhone, and iPad to name
just a few.
o All companies strive to build a brand image with strong, favorable, and unique brand associations.
• Marketing channels

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