Summary
Strategic Marketing Summary
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Summary made on the basis of the Powerpoints that passed in class, extended with notes. The book 'A framework for marketing management' is also included in the summary.
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Strategische Marketing SamenvattingInhoudsopgave
WEEK 1: INTRODUCTION, SCOPE & STRATEGY..................................................................................1
WEEK 2: CONNECTING WITH CUSTOMERS.......................................................................................10
WEEK 3: SEGMENTATION, TARGETING & POSITIONING..................................................................16
WEEK 4: BRANDING.........................................................................................................................20
WEEK 5: PRODUCTS & SERVICES......................................................................................................25
WEEK 6: PRICING.............................................................................................................................32
WEEK 7: VALUE DELIVERY................................................................................................................37
WEEK 8: MARKETING COMMUNICATION STRATEGY.......................................................................45
WEEK 9: MANAGING COMMUNICATIONS.......................................................................................51
WEEK 10: SUMMARY MKS...............................................................................................................56
Week 1: Introduction, scope & strategy
,Chapter 1: Scope of marketing for new realities
What is marketing?
The scope of marketing is (definition): Marketing is an organizational function and a set of
processes for creating, communicating, and delivering value to customers and for managing
customer relationships in ways that benefit the organization and its stakeholders.
The value of marketing is:
1. Financial success often depends on marketing ability.
2. Successful marketing builds demand for products and services, which, in turn, creates
jobs.
What can be marketed?
Basically everything can be marketed, like:
Products
Services
Events
Experiences
Persons
Cities, places, regions
Properties
Organization
What is the market?
First the market needs to be
defined, before a marketing
strategy can be developed, the
competition can be analyzed etc.
Developments effecting marketing
The following social developments are effecting current marketing activities:
1. Network information technology
2. Globalization
3. Deregulation
4. Privatization
5. Mega brands
6. Retail trade versus web shops
7. Online companies displace the brokering
8. Big 5: Google, Apple, Microsoft, Amazon and Facebook
9. Consumer seeks supplier and negotiates
10. Co-creation
New customers
,The (international) market has changed and therefore the way marketing is executed.
Customers have changed their behavior, due to:
Less real differences in products.
Less brand loyalty.
Information about everything and easy to get.
Buyers come together on social networks.
Consumers influence public opinion via YouTube, Facebook, etc.
New options offered by the internet
The development of the internet as an international platform to promote and sell products
have offered companies the following options:
Platform for information sharing and sales channel.
Fast communication via WhatsApp, Twitter, YouTube and other social media
channels.
Influence of blogs and comparison sites.
Target marketing and two-way communication.
Online technology offers lower costs and greater service.
Smart algorithms predict buying behavior.
Core marketing concepts
Not everyone likes the same cereal, restaurant, university, or movie. Marketers therefore
identify distinct segments of buyers, They then decide which segment(s) present the
greatest opportunities. For each of these target markets, the firm develops a market offering
that it positions in target buyers’ minds as delivering some key benefit(s).
1. Segmenting
2. Target markets
3. Positioning
“If you try to be everything for everybody, you end up being nothing to nobody…”
Marketing channels
To reach a target market, the marketer uses three kinds of marketing channels:
1. Communication channels deliver and receive messages from target buyers and
include newspapers, the internet, etc.
2. Distribution channels help display, sell, or deliver the physical product or service(s) to
the buyer or user.
3. To carry out transactions with potential buyers, the marketer also uses service
channel that include warehouses, transportation companies, banks, and insurance
companies.
Communication
Distribution
Service
The new marketing realities
The new marketing realities concern:
1. Technology: Massive amounts of information and data about almost everything are
now available to consumers and marketers. The old credo “information is power” is
, giving way to the new idea that “sharing information is power.” Even traditional
marketing activities are profoundly affected by technology.
2. Globalization: The world has become a smaller place. Globalization has made
countries increasingly multicultural.
3. Social responsibility: The private sector is taking some responsibility for improving
living conditions, and firms all over the world have elevated the role of corporate
social responsibility. Because marketing’s effects extend to society as a whole,
marketers must consider the ethical, environmental, legal, and social context of their
activities.
What is holistic marketing?
Holistic marketing
Holistic marketing acknowledges that everything matters in marketing – and that a broad,
integrated perspective is often necessary. Figure 1.2 can be found on page 35 of the book.
Holistische marketing = alles omvattende marketing.
Relationship marketing
Relationship marketing aims to build mutually satisfying long-term relationships with key
constituents in order to earn and retain their business.
Customers
Employees
Marketing partners
Financial community
Integrated marketing
Devise marketing activities and programs that create communicate, and deliver value such
that “the whole is greater than the sum of its parts.”
Two key themes of integrated marketing are that
1) Many different marketing activities can create, communicate, and deliver value.
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