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  7. Marketing (1105TEWBDK)

Summary

Full summary + guest lectures - Marketing
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  • Course
  • Marketing (1105TEWBDK)
  • Institution
  • Universiteit Antwerpen (UA)

This is a complete summary of the Marketing course taught in the first semester at UA. This document contains extra notes from the class and all guest lectures! With this summary, you are ideally prepared for the exam. Good luck! (12/20)

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Document information

  • November 27, 2023
  • 86
  • 2022/2023
  • Summary

Subjects

  • tew
  • ua
  • marketing
  • sew
  • first year
  • first semester
  • elective

Written for

  • Universiteit Antwerpen (UA)
  • Toegepaste Economische Wetenschappen: Bedrijfskunde
  • Marketing (1105TEWBDK)
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Chapter 1: Marketing Principles and Practice

1.1. What is Marketing?

= a social and managerial process by which individuals and groups obtain what they need & want through
creating and exchanging products and value with others.

(business) to build and maintain profitable customer relationships with stakeholders


Exchange = act of obtaining a desired object from someone by offering sth in return

• Two parties
• Each must hold sth of value to offer
• Parties must want to deal with each other
 Creates value, gives people more consumption choices/ possibilities


Value = costumers assessment (beoordeling) e.g: Tesla
= perceived value (waargenomen)

1) Physical products (cars, food, iMac)
2) Services (ING, Google)
3) Retail (Zara, Mediamarkt, Amazon)
4) Experiences (Pairi Daiza, Disneyworld)
5) Events (Tomorrowland)
6) Film, music & theater (La La Land)
7) Places (Stad Antwerpen)
8) Ideas (Don’t drink & drive)
9) Charities & non-profits (De warmste week)
10) People (famous: Trump, politics)

Marketing applies … (van toepassing) => anywhere “buyers” have a choice



1.2 What is the difference between customers and consumers?

Customer = buyer/ klant Consumer = user/ verbruiker

Consumers’ buying roles: initiator: initiates idea / influencer: influences /decider: ultimate buying decision/
buyer: actual purchase (daadwerkelijke aankoop)/ user: consumes/ gatekeeper: controls access
(poortwachter controleert toegang)
e.g: old spice (shampoo: poster with girl fewer trigger to buy/ video with man: more)


1.3 Market Orientation
= organization-wide belief in delivering customer value (leveren klantenwaarde)
= Understanding consumer needs even better than consumers themselves do
= Creating products that meet existing and latent needs, now or in future
(Kohli and Jaworski, 1990)




1

, The three components of market orientation (figure 1.1)
Competitor = concurrent




➔ The simple
average of the scores of the three components is the market orientation score
- Customer orientation: meet customer needs, measure customer satisfaction on a
continuous basis and train front-line service staff
- Competitor orientation: which requires an organization to develop an understanding of its
competitors’ short-term strengths and weaknesses, and its own long-term capabilities and
strategies
- Interfunctional coordination: which requires al functions of an organization to work together
for long-term profit growth
Customer centricity (klantgerichtheid) is also … => NOT trying to please ALL costumers => fulfilling needs
in a profitable way (behoeften vervullen winstgevende)


1.3 Marketing’s intellectual roots
Industrial economics influences:
• Supply & demand (price, quality)
• Theories of income distribution, scale of operation, monopoly, competition …

Psychological influences:

• Consumer behaviour motivation research, information processing
• Persuasion, consumer personality, costumer satisfaction …

Sociological influences:

- How groups of people behave: demographics, class, motivation, customs, culture
- How communication passes through opinion leaders …

Anthropological influences:

- Qualitative approaches in researching consumer behavior

Computer science influences: Digitization, recommendation systems, apps, …




2

,1.4 Differences between Sales & Marketing
Sales = shorter (tip of the iceberg)
Marketing = longer (under the top)


“The aim of marketing is to make selling superfluous.” -
Peter Drucker (doel marketing = verkopen overbodig makn)




3

, 1.5 What do Marketers do?

Functional map for professional marketing
competencies




Marketing within organizations:

- Marketers do not control all the marketing mix elements.
- Marketing is present in all aspects of an organization, since all departments play a role in creating,
delivering and satisfying customers (Gummesson, 1990)



Core competencies of the marketer: generate customer insights, champion the customer & hence
customer focus and develop marketing strategies

Sheth and Sisodia have recommended that marketers might reform their reputation by:

- Showing more integrity, gratitude (dankbaarheid), recognition (herkenning), and humility towards,
and building real trust with customers
- Building a true dialogue with customers and respecting their privacy
- Striving for authenticity by really personalizing customer offerings rather than only appearing to do
so
- Asking for forgiveness in the occasional instance in which their judgement lapses and they treat
customers badly
- Having the courage to stop over-promising and under-delivering
- Showing respect for customer, competitors and supplier




Understand the marketplace and customer needs: (samenvatting K)

“Marketing is not about you. It is about your customers an the needs our customers have.

1.6 Marketing as exchange




4

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