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Theories of Marketing - Knowledge clips + articles
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Theories of MarketingLecture 1 – introduction to the course
What is marketing:
- Functions & processes/activities to deliver customer value
- A business philosophy
In the past marketing was really about the distribution and getting the product from A to B
after that it became more about the promotion of the product/service. Now it is about
promoting, but also really about customer value and customer experience.
The change
- Marketing (1985) is the process of planning and executing conception, pricing,
promotion and distribution of goods, ideas and services to create exchanges that
satisfy organizational and individual goals
- Marketing (2012) Is the activity, set of institution and processes for creating,
communication, delivering, and exchanging offerings that have value for customers,
clients, partners and society at large
From transaction & product driven to relation & value driven
Share of wallet: How can I get as much of the wallet of the customer in my category (loyalty
measure)
To main marketing decisions
- Segmentation understanding consumers
- Value differentiation creating customer value
,Lecture 2 – topic 1
Article 1 & 2 : Slater and Narver
1. measurement of market orientation
- Reliability
- construct validity
2. Effects on profitability
The effect of MO diminished overt time, because it was not ‘special’ anymore and more and
more companies used it. But there is still a significant positive effect, so it is still important.
Even when there is no significant effect anymore it is kind of a ‘minimum’ you have to do
because all companies are doing it. So when you don’t implement MO, you might have a
negative effect on the profit. MO therefore, is not obsolete.
Is market orientation enough? next phase
Is one more important than the other? Not necessarily. Try to find a mix: total MO
,Marketing system recent changes:
- Suppliers network
- Co-creation and co-production
- Consumer networks
V1: product centric. V2: customer centric. V3: Value centric. V4: digital centric
Lecture 3 – Topic 1
Market orientation crucial for sustainable superior customer value
- customer orientation
- Competitor orientation
- Interfunctional coordination
Customer experience focus on
- Full sensorial response rather than need satisfaction
- Customer journey rather ‘product offering”
- Other experiences beyond own company rather than alliances
, Customer experience management
- Cultural mindset
- Set strategic directions
- Central firm capabilities
Customer engagement
- CE involves behavior that goes beyond transactions: customer purchases, customer
referrals, customer influence and customer knowledge
- ‘ a customer’s voluntary resource contribution to a firm’s marketing function going
beyond financial purchase. Marketing function; W-o-M, blogs, reviews, new ideas
How to create that kind of behavior:
- Just ask/pay them
- Entice them by your immersive experiences
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