Full Summary of Marketing Mix Management - Consumer Behaviour Towards The Marketing Mix by T. De Bock. The summary contains all slides from the lectures + own notes.
Introduction to CB towards the marketing mix .............................................................................................. 3
Defining marketing and the marketing process ................................................................................................. 3
Defining the marketing mix................................................................................................................................ 4
Defining consumer behaviour .......................................................................................................................... 12
Examples .......................................................................................................................................................... 12
Theoretical background & Hypotheses ............................................................................................................ 18
Study 1 ............................................................................................................................................................. 21
Study 2 ............................................................................................................................................................. 24
Discussion......................................................................................................................................................... 27
From specific to general ................................................................................................................................... 29
Risk and consumer decision-making............................................................................................................. 31
How should people think about risk ................................................................................................................. 31
How do people think about RISK? .................................................................................................................... 32
Prospect theory ................................................................................................................................................ 35
The endowment effect, sunk cost effect, and choice deferral .......................................................................... 37
Short intro on numerical congition .................................................................................................................. 41
Making decisions about nuumbers in the marketing mix ................................................................................ 43
Short recap ....................................................................................................................................................... 51
Placebo effects of marketing actions............................................................................................................ 53
Introduction ..................................................................................................................................................... 53
Some limitations requiring a more in-depth investigation ............................................................................... 54
Theoretical background ................................................................................................................................... 55
General decision ............................................................................................................................................... 56
Online versus offline shopping ..................................................................................................................... 58
Introduction ..................................................................................................................................................... 58
,Theory and hypotheses .................................................................................................................................... 61
Study 1 ............................................................................................................................................................. 66
Study 2 ............................................................................................................................................................. 66
Study 3 ............................................................................................................................................................. 69
Study 4 ............................................................................................................................................................. 69
Discussion......................................................................................................................................................... 71
,INTRODUCTION TO CB TOWARDS THE MARKETING MIX
DEFINING MARKETING AND THE MARKETING PROCESS
Marketing is about advertising or commercials according to a large group of people, but
marketing is so much more than advertising or the promotional side of marketing
Marketing
Marketing = the process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return
- Definition by Philip Kotler used by professionals and academics to define marketing
Many definitions have in common: marketing is about creating value by identifying,
anticipating and satisfying customers' needs and wants, whether these customers are
businesses, individual consumers or other stakeholders
- When you create value in a good way or even better compared to competitors, an
organization receives value in return and this value in return is often about money
and thus financial results, but don't forget that organizations can also receive other
types of value in return
o E.g. sharing positive brand experience on social media
- Successful marketing is about putting the customer at the center of your organization
è it's about being customer centric
The marketing process
Analysis Companies can create value by
means of the marketing process
Strategy In the several steps of the marketing
process, organisations need to take
certain activities and take certain
Tactics
decisions to be able to create value
for customers and create in return
Implementation & Evaluation value for themselves
STEP 1: MARKET ANALYSIS
After defining the mission statement, organizations engage in an analysis of the market
environment, do research about what clients need and want, and analyse their own
strengths and weaknesses. Afterwards, they are confronted with threats and opportunities
that can be noticed in the organization’s environment
- Concepts like Five forces model of Michael Porter, analysis of competitors or SWOT
analysis are all central in this first step of the marketing process
, STEP 2: MARKETING STRATEGY
The market analysis should inspire the marketing strategy in which you define the target
audience after a segmentation exercise, think about how to position your organization or
brand and think about marketing goals you want to put forward which comes with a certain
budget.
STEP 3: TACTICAL DECISIONS
Next, it's about tactical decisions with regards to price, product, place and promotion. You
decide how to brand your product, how much your product will cost, where your product will
be produced and how it will be distributed, as well as how you will promote your product.
- Advertising as part of marketing communication or promotion is only part of the
marketing process, this phase is often referred to as the four P’s or the marketing mix
- In this course, our focus will be on this step, namely the marketing mix
STEP 4: IMPLEMENTATION AND EVALUATION
A marketing strategy and a marketing tactic which are in line with results from the first
analysis step (market analysis) are of little use if the implementation goes wrong.
Implementation is important but as an organization you also have to check whether the goals
were achieved and why you did or did not achieve these goals.
è The last phase/step of the marketing process is all about implementation and
evaluation
DEFINING THE MARKETING MIX
This is about putting the right product or a
combination thereof in the right place at the
right time and at the right price
è Also referred to as 4 P’s
Product
A product = an item that is built or produced to satisfy the needs of a certain group of people
- A product can be intangible or tangible, as it can be in the form of services or goods
- You must ensure to have the right type of product that is in demand for your market,
so during the product development phase the marketer must do an extensive
research on a life cycle of the product that they are creating
- It is important for marketers to reinvent their products to stimulate more demand once
it reaches a sales decline phase
- Marketeers must also create the right product mix; it may be wise to expand the
current product mix by diversifying and increasing the depth of your product line
All in all, marketers must ask themselves the question: What can I do to offer a better
product to this group of people than my competitors?
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