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TEST BANK FOR MARKETING MANAGEMENT, 15TH EDITION BY PHILIP KOTLER
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TEST BANK FOR MARKETING MANAGEMENT, 15TH EDITION BY PHILIP KOTLER
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TEST BANK FOR MARKETING MANAGEMENT, 15TH EDITION BY PHILIP KOTLER
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Hst1 (26-10-2020)Self-test
- Performance marketing focusses on social responsibility and financial accountability
- Samsung is producing among others TVs, smart phones and computers -> industry
convergence
- Marketing channels include: distribution channels, communication channels and
service channels
- The production concept is characterized by mass distribution
- Nonprofit markets are markets with customers that are non-profit organizations
- Internal marketing focusses on building marketing knowledge and expertise within
the company
- The marketing Mix includes: Product, promotion, place and price
- Holistic marketing acknowledges that everything matters in marketing
- World without markets?
o Self sufficient
o No specialization
o No economies of scale
o No learning curve
o Lower welfare
- Market concept (philosophy): the key to achieving organizational goals is being
more effective than competitors in creating, delivering and communicating superior
customer value to your target markets. -> about achieving your own goals. The goals
is to be profitable for most companies. How can I make my customers happy? The
customers wins. You are market oriented if you apply the market concept.
o The production concept: trying to produce as efficient as possible
o The product concept: always trying to make a better product. When it is new,
people will by the new one and will leave the old one.
o The sale concept: consumers want my product but they don’t know it yet. I
have to tell them. It is about hard selling. Persuading people to buy your
product. This works not always. If people realise they don’t need it
o The marketing concept: we have to focus on satisfying our customers. If we
satisfy our customers better than our concurrent they will return to do
business with us again soon. This is a lot cheaper
o Holistic marketing concept: Ultimately everything the company does matter.
It is not about selling products but about sustainability as well.
Internal marketing: strong focus on explaining your employees what
your companies is about. It is our employees who have to sell the
products to consumers. -> especially services example hair dresser.``
, Integrated marketing: High quality product. Then high quality
communication as well. Retail channel high quality as well.
Relationship marketing: focusses on keeping customers. Not focusing
on individual transaction. Example Samsung. Long term relationship
with suppliers etc.
Integrated marketing: occurs when the marketer devises marketing
activities and assembles marketing programs to create, communicate
and deliver value for consumers such that “the whole is greater than
the sum of its parts”.
Performance marketing: it requires understanding the financial and
nonfinancial returns to business and society form marketing activities
and programs.
- Fundamental
marketing concepts:
o Needs : basic human requirements. Example: food, shelter
o Wants: needs directed towards specific objects that might satisfy the need.
Example: need is food you may have want for dinner at expansive restaurant
o Demands: wants for specific products backed by an ability to pay. Example: I
may want expensive restaurant but if I cannot pay it, it is not a demand. Only
if I can pay for it, I am willing to pay for the dinner then it becomes a demand.
Demand is really relevant for companies.
- Marketing environment relevant external environment of a company. It has 2
important components:
1. broad/macro environment: you cannot influence. I have to response to it. If I see
my customers are getting older, I may have to change my services. I have to
response to new laws. Social/ cultural environment, the values in societies.
Companies have to response to it.
2. task/micro environment: that are the customers, suppliers etc. You can
influence with commercials, product you sell. If you sell new product to target
customers, competitors are going to respond to that.
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