Summary Advanced Marketing Theory Lectures ('21 - '22)
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Module
Advanced Marketing (4018133FNR)
Institution
Vrije Universiteit Brussel (VUB)
Comprehensive summary of the lectures for the course Advanced Marketing. Suitable for students International Business. Given by Kim Willems at the Vrije Universiteit Brussel in the academic year .
Summary:
Theory lectures Advanced Marketing
PROFESSOR: KIM WILLEMS
Gino Aytas | 1MA IB | Academic year 2021 – 2022
Version 1
,Practical information:
The grading of this course consists out of 2 elements. There will be a written closed book
exam consisting out of open and multiple choice questions with guess correction. This
exam will be good for 70% of the final mark for this course. Additional credit can be
awarded by answering bonus questions and participating in scientific studies.
The other 30% will be divided over 2 assignments.
1. Lecture I: Recap 1, Ansoff matrix
1.1. RECAP
Marketing can be defined as 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.
Marketing is an exchange of value
where we give a benefit to the
customer for which it has to pay a cost.
This is a two-way process, being able
to occur in a non-profit (a), B2C (b)
and B2B (c) context.
Here we can see a few examples.
A big misconception is that marketing is only something for products while in fact it is
also done for services, places and people. Think for example of the amount of marketing
money being spend in election campaigns trying to influence the public opinion trough
marketing.
Another misconception is that marketing is solely present to drive sales. A better way of
thinking about its existence is that the aim of marketing is to know and understand
customers so well that the product or service fits him and sells itself.
Here we see the differences between marketing and sales in more detail. Notice that the
sales goals are more short term oriented, whereas marketing tries to achieve long term
goals.
PAGE 1
,Marketing utilizes the marketing mix,
which consists out of product,
promotion, price and place.
Marketing is definitely not only for
profit. It is readily used by local
governments, charities and universities.
This is necessary to ‘get the word out
there’ as they say.
You have on the one hand non-profit organizations promoting something
and on the other hand commercial organizations spreading an important
message (causal marketing).
Another important remark is that in marketing a customer is not always
the same person as the consumer. The customer buys the product whereas
the consumer actually uses your product. An example of this would be a
parent (customer) buying a toy for their children (consumer) to play with.
This leads to different approaches for
marketing, either push or pull. In push
marketing the seller goes to the customer
explaining how great the product is. In pull
marketing this is the other way around.
This is also present in B2B and B2C marketing.
Marketing as we know it today finds it origin in the second half of the last century. It
started by trading objects of value, evolving into trading money.
In Business Society marketing its position is not always comparable to the position of
other disciplines. Marketeers their work is heavily dependant on the economical
prosperity. Managers often cut down the budget of marketing depertments during slow
economic times, which is not always wise and a big mistake according to some.
An example of this is when Procter and Gamble pushed their
Ivory soap product during The Great Depression. At the time all
their competitors stopped advertising which allowed P&G’s
product to receive the full attention of the target market.
PAGE 2
, Marketing started as predominantly having a production concept. Right after the
industrial revolution demand was much higher than supply. This called for efficient
production, which limited the range of products.
Later in 1920 consumers wanted more out of a product. Companies started investing in
quality, performance and innovative features. This gave birth to the product concept.
In the years to come after WWI this evolved into the sales concept which focussed on
personal selling. Consumers wanted to buy products only if the company promotes these
products.
After WWII the main philosophy was the marketing concept. The goal of this concept was
to get an insight into wat customers actually need and want. This allowed some
companies to deliver a better customer satisfaction than competitors, giving them an
advantage.
Finally in the present we moved to the societal marketing concept. This concept looks
beyond what customers want and need, because it is solely short term based. It rather
focusses on social and ethical concerns.
Marketing is also very much present in
academia. It is quite a young discipline,
but it has links with economy, sociology
and much more. For example our
economical understanding of demand and
supply helps us to determine an
appropriate price for a product. Sociology
helps us for example understanding group
behaviour.
Marketing knowledge in mainstream journals
only started compiling from the early 1930s.
PAGE 3
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