100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Marketing summary (marketing management) $6.95
Add to cart

Class notes

Marketing summary (marketing management)

 23 views  0 purchase
  • Course
  • Institution
  • Book

This is a summary of the lectures for the course marketing.

Preview 4 out of 32  pages

  • January 13, 2021
  • 32
  • 2018/2019
  • Class notes
  • -
  • All classes
avatar-seller
Marketing

Lecture 1 – week 1 (chapters 1,2,3,4)

Marketing process in 5 steps
1. Understand the marketplace and customer needs and wants
2. Design a customer-driven marketing strategy: STP
3. Construct a programme mix that delivers superior value: 4 P’s
4. Build profitable relationships and create customer delight
5. Capture value from customers to create and profits and customer equity

Part 1: Understanding marketing management (ch1+2)

What is marketing?
 Marketing: activity, set of institutions and processes for creating, communicating,
delivering and exchanging offerings that have value for customers, clients, partners
and society at large
 Marketing: process of planning and executing the conception, pricing, promotion, and
distribution of ideas, goods, and services to create exchanges that satisfy individual
and organizational goals

 Aim of marketing is to make selling superfluous to know and understand the customer
so well that the product or service fits him and sells itself: pull strategy

Marketing management philosophies/ orientations
 Production concept: production and distribution efficiency (MacDonald)
 Product concept: continuous product improvement (Apple)
 Selling concept: transactions, not relations (insurance companies)
 Marketing concept: customer focus, understanding needs and wants (Harley
Davidson)
 Holistic marketing concept: everything matters in marketing, requires a broad,
integrated perspective

What is marketing today?
 Product-driven marketing (1.0)
 Customer-centric marketing (2.0)
 Human-centric marketing (3.0)
 Digital marketing (4.0)

 Any company that wants to survive has to use social media and digital media to
facilitate their management of their business. Blending traditional and digital.
 Marketing should adapt to the changing nature of the customer and the customer’s
paths in the digital economy. The role of marketers is to guide customers throughout
their journey from awareness to advocacy

Trend - more functional marketing at corporate level
 Consumers don’t just want to buy staff, they want real relationships with companies
that stand for the shared priorities in their own lives

Corporate & division strategic planning
 Corporate mission
 Establish SBU
 Assign resources to SBUs
o GE/McKinsey matrix

, o BCQ growth-share matrix
 Asses growth opportunities
o Intensive growth
 Product-market expansion grid
o Integrative growth
 Backward/forward/horizontal integration within industry
o Diversification growth
 Unrelated diversification

Business unit strategic planning
 Business mission
 SWOT analysis
o Macro, micro environment: PESTEL, 5 forces
o Resources & capabilities: VRINE, value chain
 Goal formulation
o What to achieve?
 Strategy formulation
o How to achieve that?
 Program formulation
 Implementation
 Feedback & control

Marketing plan
 For individual products, lines, brands, channels, segments
 What have we learned about the marketplace?
 How will we reach our marketing objectives?

 Contents
o Executive summary and table of contents
o Situation analysis
 Current target markets, product review, competitors, swot
o Marketing strategy
 Mission, marketing and financial objectives, target markets,
positioning, marketing program
o Financial projections (budgeting)
 Sales and expense forecast, break-even analysis, risk analysis
o Implementation controls
 Goals and budgets per month or quarter are reviewed

Mission statement
 What is our business
 Who is the customer
 What is the value to the customer
 What will our business be
 What should our business be

Good mission statements
 Limited number of goals
 Stress major policies & values
 Define competitive spheres
 Take a long-term view
 Short, memorable, meaningful

,Part 2: Capture Marketing Insights (ch3+4)

Marketing information system (MIS): consists of people, equipment and procedures to
gather, sort, analyse, evaluate, and distribute needed, timely and accurate information to
marketing decision makers

1. MIS - Internal record system
 Results data: internal reports of orders, sales, prices, costs, inventory levels,
receivables and payables
o Order to payment cycle
o Databases, warehousing, data mining
o Sales information system

2. MIS - The marketing intelligence system
 Happenings data: everyday information about developments in the marketing
environment
 Hiring external experts: mystery shopping
 Customer advisory panels
 Internet resources: to research the company’s and competitor’s strengths and
weaknesses

Analysing the macro environment using PESTEL  relevant trends?

Analysing the macro environment
 Fad: unpredictable, short-lived, without social, economic, political significance (fidget
spinner)
 Trend: a sequence of events with momentum and durability (uber)
 Megatrend: large social, economic, political and technological change; min 7-10 years
influence (people wanting to eat healthier and live longer)

Fundamental human need: self-improvement (eternal human quest to be better fitter, more
skilled)
Human want: directed to specific objects, innovations driven by artificial intelligence to help
meet this need

Introducing new market offerings
 Generating ideas by interacting with others
o Customers: brainstorm sessions, surveys, observe how customer use the
product, ask them about potential problems with current products, their dream
product, brand community
o Employees, creative techniques (brainstorming): allow off-time, monetary,
holiday or recognition awards for submitting ideas
o Scientists, engineers, channel members, top management: open innovation
movement  crowdsourcing ideas/ co-creation
o Study competitors

3. MIS – marketing research system
 Systematic design, collection, analysis and reporting of data and findings relevant to
a specific marketing situation facing a company

1. Define the problem – what?

2. Develop research plan – how?
 Data sources: primary, secondary or both

,  Research approach: observation, focus groups, surveys, behavioural research
 experiments
 Research instruments: questionnaires, qualitative measures, technological
devices
 Sampling plan: sampling unit, sample size, sampling procedure
 Contact methods: mail, telephone, personal, online

3. Collect information
4. Analyse information
5. Present findings
6. Make decision

RA: Focus group:
 Exploratory research approach: listen & observe
 6 - 10 people, selected based on demographics, psychographics or others, brought
together to discuss various topics of interest in depth
 Professional research moderator
 Aim: to discern consumers’ real motivations and why they say and do certain things

 Pros:
 Emotional & physical reactions  additional information
 Sensitive materials are not leaked in offline focus groups
 Cost-effective and quick

o Cons:
 Small and biased sample  generalization not possible
 Potential response bias: maintaining one’s self-image, social influences by group
members

RA: Observation:
 Ethnographic research
 Uses concepts and tools from anthropology and other social sciences to provide deep
cultural understanding of how people live & work
 Goal: get immersed into consumers lives to uncover unarticulated desires

Nethnography: ethnography focused on social media

RA: Experiments
 Captures cause-effect relationships: most scientifically valid method
 Individuals assigned to different treatments: do observed responses differ statistically
significantly between these treatment conditions?

RI: Questionnaires: most common instrument
Closed-end questions
 Dichotomous: yes-o
 Liker scale: strongly disagree – strongly agree
 Semantic differential: large --- small
 Importance skill: not at all – extremely important
 Rating skill: poor – excellent
 Multiple choice
 Intention-to-buy scale: definitely buy – definitely not buy

Open-end questions
 Completely structured
 Picture

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 frederieke008. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $6.95. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

53022 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$6.95
  • (0)
Add to cart
Added