International Marketing: Foundations (LBVP18IMK1A)
Summary
Summary Marketing, ISBN: 9781292294865 International Marketing: Foundations (LBVP18IMK1A)
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Course
International Marketing: Foundations (LBVP18IMK1A)
Institution
Hanzehogeschool Groningen (Hanze)
Book
Marketing
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Summary of Marketing: An Introduction (ISBN: 9781292146508)
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Hanzehogeschool Groningen (Hanze)
International Business And Languages
International Marketing: Foundations (LBVP18IMK1A)
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Content preview
Chapter 1&2 Creating and Capturing Customer Value
What is marketing? The process by which companies create value for customers
and build strong customer relationships in order to capture value in return.
Goals:
- Keep current customers by delivering satisfaction
- Attract new customers by promising superior value
Customer value and satisfaction: customers form expectations about the value that
various market offerings will deliver.
- Set expectations too low – fail to attract enough buyers
- Set expectations too high – buyers can be disappointed
Customer satisfaction: the extent to which the product’s perceived performance
matches a buyer’s expectations.
- Needs
- Wants
- Demands
Market segmentation: Dividing a market into distinct groups of buyers who have
different needs, characteristics, or behaviours, and who might require separate
products or marketing programs.
Market segment: A group of consumers who respond in a similar way to a given set
of marketing efforts.
Market targeting: The process of evaluating each market segment’s attractiveness
and selecting one or more segments to enter.
Positioning: Arranging for a product to occupy a clear, distinctive, and desirable
place relative to competing products in the minds of target consumers.
Differentiation: Actually differentiating the market offering to create superior
costumer value.
Designing a winning marketing strategy:
Target the market - what customers will we serve?
Value proposition – how can we serve these customers best?
Value proposition: The set of benefits or values a company promises to deliver to
consumers to satisfy their needs.
A simple model of marketing process:
, Modern marketing system:
Preparing an intergrated marketing plan and program
Marketing mis tools
o Product
o Price
o Place (distribution)
o Promotion
The firm must blend each marketing mis tool into a
comprehensive integrated marketing program.
Marketing management orientations: Organizations design and vary out their
marketing strategies under five alternate concepts:
Production concept: focus on production and distribution efficiency (highly
available & affordable)
Product concept: product focus (best quality, performance, features)
Selling concepts: focus on selling efforts (unsought goods, i.e. donations)
Marketing concept: customer focus and value
Societal marketing concept: deliver value to customers in a way that
maintains or improves both the consumer’s and society’s well-being.
The changing marketing landscape
- Economic uncertainties
- Growth in digital technology
- Rapid globalization
- Sustainable marketing
- Growth of no-for-profit marketing
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