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Summary Marketing.. an introduction - Pease
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This is a summary of the book Marketing an introduction of the chapter 1 - 14, except for chapter 4. There are also class notes.
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Summary of Marketing: An Introduction (ISBN: 9781292146508)
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Lecture 1, chapters 1 & 2What is marketing = engaging customers and managing profitable customer relationships.
Goals:
- Attract new customers by promising superior value.
- Keep and grow current superior value.
Forms of marketing
Traditional Contemporary
Making a sale Satisfying customer needs
Abundance of products in the nearby Imaginative websites and mobile phone
shopping centers apps, blogs, online videos, and social
media
Television, magazine, and direct-mail ads Reach customers directly, personally, and
interactively
Five core customer and marketplace concepts:
- Needs, wants, and demand
- Market offerings
- Value and satisfaction
- Exchanges and relationships
- Markets
Modern marketing system
Marketing management orientations:
- Product concept
- Production concept
- Selling concept
- Marketing concept
- Societal marketing concept
,Three considerations underlying the societal marketing concept
Marketing mix. Four p’s of marketing:
- Product
- Price
- Promotie
- Place
Marketing mix tools should be blended into a comprehensive integrated marketing program.
Keeping customers loyal makes good economic sense. Customer lifetime value is the value
of the entire stream of purchase a customer makes over a lifetime of patronage.
Customer defections can be costly:
- Can lose that customer's lifetime value
- May cause other customers to defect
Portion of the customer’s purchasing in their product categories.
Share of customer is increased by:
- Good customer relationship management
- Offering greater variety to current customers
- Creating programs to cross-sell and up-sell to existing customers.
Simple definition of marketing = engaging customers and managing profitable customer
relationships.
,Broad definition = social and managerial process by which individuals and organizations
obtain what they need and want through creating and exchanging value with others.
Narrower context = marketing involves building profitable, value laden exchange
relationships with others.
Marketing = the process by which companies engage customers, build strong customer
relationships, and create customer value in order to capture value from customers in return.
Five core consumer and marketplace concepts:
- Needs (states of felt deprivation. Basic human needs, marketers did not create
these), wants (=the form human needs take as they are shaped by culture and
individual personality), and demands (human wants that are being backed by buying
power).
- Market offerings - products, services and experiences.
- Customer value and satisfaction.
- Exchanges and relationships.
- Markets (= the set of all actual and potential buyers of a product or service).
Marketing management = the art and science of choosing target markets and building
profitable relationships with them. Aim: to keep, engage, and grow target customers by
creating, delivering, and communicating superior customer value. Target market + value
proposition must be clear for the firm.
Value proposition = the set of benefits or values it promises to deliver to consumers to satisfy
their needs.
Alternative concepts under which organizations design and carry out their marketing
strategies:
1. The production concept = the idea that consumers will favor products that are
available and highly affordable; therefore, the organization should focus on improving
production and distribution efficiently.
2. The product concept = the idea that consumers will favor a product that offers the
most quality, performance, and features; therefore, the organization should devote its
energy to making continuous product improvement.
3. The selling concept = the idea that consumers will not buy enough of the firm’s
products unless the firm undertakes a large-scale selling and promotion effort.
4. The marketing concept = a philosophy in which organizational goals depend on
knowing the needs and wants of target markets and delivering the desired
satisfactions better than competitors do. Find the right product for your customers.
Customer driving marketing → understanding customer’s needs even better than
customers themselves do and creating products and services that meet both existing
and latent needs, now and in the future.
5. Societal marketing concept = the idea that a company’s marketing decisions should
consider consumer’s wants, the company’s requirements, consumer’s long-run
interests, and society’s short-term interests.
Concept of shared value: recognizes that societal needs, not just economic needs, define
markets.
, Social marketing concept: society (human welfare), consumers (want satisfaction) and
company (profits).
Brand advocacy → satisfied customers initiate favorable interactions with other brands.
Consumer generated marketing → brand exchanges created by consumers themselves -
both invited and uninvited - by which consumers are playing an increasing role in shaping
their own brand experiences and those of other consumers. Through social media, blogs.
Customer lifetime value = the value of the entire stream of purchases a customer makes
over a lifetime of patronage.
Share of customers = the portion of the customer’s purchasing that a company gets its
product categories → offer great variety.
Customer equity = the total combined customer lifetime values of all the company’s
customers (current + potential).
Marketing = the process of engaging customers and building profitable customer
relationships by creating value for customers and capturing value in return.
First 4 steps of marketing → creating value for customers:
1. Gaining full understanding of the marketplace by researching customers needs and
managing marketing info.
2. Designing a customer-driven marketing strategy: 1. What consumers will we serve?
How can we best serve targeted customers?
3. Constructing an integrated marketing program that delivers superior value. 4 P’s.
4. Engage customers, build profitable relationships, and create customer delight.
Final step: capture value from customers to create profits and customer equity.
3 additional factors: harness marketing technology, manage global markets, and ensure
environmental and social responsibility.
Chapter 2
Strategic planning;
- Game plan for long-run survival and growth.
- Helps to maintain a strategic fit between its goals and capabilities and changing
market opportunities.
Steps:
1. Defining the company mission
2. Setting company objective and goals (corporate level)
3. Designing the business portfolio
4. Planning, marketing, and other functional strategies (business unit, product and
market level)
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