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Summary marketing management for IBA
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Marketing full Summary
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Chapter 1 Marketing: creating customer valueand engagement
What is marketing?
● Simples definition of marketing: engaging customers and managing profitable customer
relationships; with a twofold goal: attract new customer and keep and grow current
customers by delivering superior value and satisfaction
● Marketing is all around us (ads, products in shopping mall, mailbox)
○ In recent years, marketers assembled a host of new marketing approaches,
reaching you directly, personally and interactively
Marketing defined
● Marketing: the process by which companies engage customers, build strong customer
relationships, & create customer value in order to capture value from customers in return
The marketing process
Understanding the marketplace and customer needs
In this step, we examine 5 core customer and marketplace concepts:
(1) Customer needs, wants and demands
● Human needs: states of felt deprivation
○ Basic physical needs: food. Clothing, warmth, safety
○ Social needs: belonging, affection
○ Individual needs: knowledge, self expression
● Wants: the form human needs take as they are shaped by culture and individual
personality
● Demands: human wants that are backed by buying power
○ People demand products and services with benefits that add up to the most
value and satisfaction
,(2) Market offerings - products, services, and experiences
● Market offerings: some combination of products, services, information, or experiences
offered to a market to satisfy a need or want
● Marketing myopia: The mistake of paying more attention to the specific product a
company offers than to the benefits and experiences produced by those products
(3) Customer value and satisfaction
● Customers have a broad array of products/services satisfying a need → how to choose:
● Customers form expectations and buy accordingly → tell or switch
● Marketers must be careful to set the right level of expectations
○ Too low= fail to attract // too high = disappoint buyers
(4) Exchanges and relationships
● Exchange: act of obtaining a desired object from smn by offering something in return
● A marketer tries to bring about some response to some market offering
● Marketing consists of actions taken to create, maintain, grow desirable exchange
relationships with target audiences involving a product, service, isea, etc.
(5) Markets
● Markets: the set of all actual and potential buyers of a product/service
● Consumer research, product development, communication, distribution, pricing: core
marketing activities
● Consumers market as well (searching for products, interact with companies to obtain information, make their
purchases) → marketing is now a two-way affair (1.2)
○ Each arrow is a relationship that must be developed and managed
,Designing a customer value-driven marketing
strategy and plan
Customer value driven marketing strategy
● Marketing management: the art and science of choosing target markets and building
profitable relationships with them
● Aim marketing management → engage, keep, grow target customers by creating,
delivering and communicating superior customer value
● To keep a winning marketing strategy → 2 core questions
○ What customers will we serve → target market
○ How can we serve these customers best → value proposition
Selecting customers to serve
● First, divide the market in segments, then target market
● Ultimately, marketing managers must decide which customers they want to target and
on the level, timing, and nature of their demand: customer and demand management
Choosing a value proposition
● How will the company differentiate and position itself in the marketplace
● A brand’s value proposition is the set of benefits or values it promises to deliver to
consumers to satisfy their needs
Marketing management orientation
● Marketing management wants to design strategies that will engage target customers and
build profitable relationships with them → 5 concepts designing & carrying out strategies
The production concept
● Production concept: the idea that customers will favor products that are available and
highly affordable; therefore, the organization should focus on improving production and
distribution efficiency
○ Sometimes leads to marketing myopia
, The product concept
● Product concept: the idea that customers will favor products that offer the most quality,
performance, and features; therefore, the organization should devote its energy to
making continuous product improvements
○ Also can lead to marketing myopia (want another solution/ attractive selling)
The selling concept
● Selling concept: The idea that customers will not buy enough of the firm’s products
unless the firm undertakes a large-scale selling and promotion effort
○ Practiced with unsought goods: goods buyers do not normally think of buying
○ Carries high risks
The marketing concept
● Marketing concept: a philosophy in which achieving organizational goals depends on
knowing the needs and wants of target markets and delivering the desired satisfaction
better than components do → focus on customer focus and value
○ Works well when a clear need exists and customers know what they want
○ When customers do not know → need of customer-driving marketing:
understanding customer needs better than customers do
The social marketing concept
● Social 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
○ Focus on maintaining/improving consumer AND
society’s well being
○ Shared value: recognizes both societal and
economic needs
Preparing an integrated marketing plan and
program
● Marketing strategy outlines which customers to serve and how to create value for them
● Next, the marketer develops an integrated marketing program building customer
relationships by turning strategy into action
● Major marketing tools:
○ Product: design a need-satisfying offering
○ Price: how much to starge
○ Place: how to make the offering available to target customers
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