Summary

Summary - Marketing

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Institution
Universiteit Antwerpen (UA)

This summary work on marketing is based on the fifth edition of the book Marketing, written by Paul Baines, and the topics seen in the Marketing course taught by Prof. Dens at the FBE faculty of the University of Antwerp.

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Uploaded on October 28, 2023
Number of pages 105
Written in 2022/2023
Type Summary

marketing
business to consumer
b2c
b2b
business to business
effie cases
samenvatting

Institution
Universiteit Antwerpen (UA)
Education
Toegepaste Economische Wetenschappen: Bedrijfskunde
Course Unknown

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MARKETING
2022-2023

Dit samenvattend werk dat de marketing behandelt is gebaseerd op de vijfde editie van het
boek Marketing, geschreven door Paul Baines, en de topics die gezien worden in het
opleidingsonderdeel Marketing gedoceerd door Prof. Dens aan de faculteit FBE van de Universiteit
Antwerpen.

, Chapter 1: Marketing principles and practice
1. What is marketing?
Marketing = a social and managerial process by which individuals and groups obtain what they need and
want through creating and exchanging products and value with others
→ building and maintaining profitable customer relationships with stakeholders

Offering = the formulation of benefits a company designs to meet customers’ needs, whether these are in
service or product form, or a combination of the two

Exchange = the act of obtaining a desired object (= something with value) from someone by offering
something in return
→ creates value and gives more consumption choices or possibilities

Customer value = the consumer’s assessment of the product’s overall capacity to satisfy his/her needs
→ perceived value

Economist approach: “maximize utility”
→ value is more than utility, consumers pay for more than just the utility (e.g. luxury products)

What does marketing apply to?
Anywhere “buyers” have a choice
→ physical products, services, retail, experiences, events, places, ideas, charities & non-profits, people,
film & music & theater

2. What is the difference between customers and consumers?
Customer = a buyer, a purchaser, a patron, a client or a shopper - someone buying from a shop, a
website, a business and in the sharing economy another customer

Consumer’s buying roles = initiator, influencer, decider, buyer, payer, user and gatekeeper

⇒ A customer purchases or obtains an offering, but a consumer uses it.

3. Market orientation
● organization wide belief in delivering customer value
● understanding consumers needs even better than consumers themselves do
→ underlying needs: creating products to meet current and future needs

Three components:
● customer orientation → customer first
● competitor orientation → stay ahead, work off their ideas
● interfunctional orientation → work as a whole

⇒ long-term profit focus

Customer centricity:
● not trying to please all customers
● fulfilling needs in a profitable way
→ create value for the target audience

,4. Marketing’s intellectual roots
Industrial economics influences:
● supply and demand (price, quantity)
● theories of income distribution, scale of operation, monopoly, competition…

Psychological influences:
● consumer behavior, motivation research, information processing
● persuasion, consumer personality, customer satisfaction …

Sociological influences:
● how groups of people behave: demographics, class, motivation, customs, culture …
● how communication passes through opinion leaders

Anthropological influences:
● qualitative approaches in researching consumer behavior

Computer science influences:
● digitization, recommendation systems, apps …

5. Differences between sales and marketing
Sales and advertising = tip of the iceberg

Marketing: ‘product pull’
● tends towards long-term satisfaction of customer needs
● tends to greater input into customer design of offering → co-creation
● tends to higher focus on stimulation of demand

Sales: ‘product push’
● tends towards short-term satisfaction of customer needs
= part of value delivery process (↔ designing and development of customer value processes)
● tends to lesser input into customer design of offering
● tends to low focus on stimulation of demand, more focused on meeting existing demand

6. What do marketers do?
Core competencies of the marketer:
● generate customer insights → be their advocate
● champion the customer and hence customer focus
● develop marketing strategy
→ who are customers, how to sell products, how to be unique

⇒ understand the marketplace and its needs

, 7. Marketing as exchange
Value of customers and other stakeholders
● purchases
● free publicity and recommendations → attract new possible customers
● upselling → increasing order value by persuading expensive purchases
● cross selling → making product recommendations to purchase as an add-on
● loyalty

The marketing process:

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