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Marketing summary BS Y2-Q1 IBS
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Summary of marketing BS Y2-Q1. Includes slides from class and Kotler chapters 1, 2, 8, 11, 12, 15
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Marketing summary BSChapter 1 marketing: creating customer value and engagement
Marketing = the process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in
return.
Satisfying customer needs.
Marketing mix = a set of marketing tools that work together to engage
customers, satisfy customer needs, build customer relationships.
Marketing myopia = the mistake of paying more attention to the specific
products you’re selling than to the benefits and experiences which comes
because of this product.
They forget that a product is just a tool to solve a costumers’ problem.
Market = the set of all actual and potential buyers of a product/service.
Marketing management = the art and science of choosing target markets and
building profitable relationships with them customer & demand management.
First companies decide which customers to serve: marketing segmentation,
target marketing. Then they decide how they will differentiate and position
themselves in the marketplace.
Value proposition = the set of benefits/values a company promises to deliver
when satisfying consumers’ needs.
5 marketing management orientations:
1. The production concept (oil, raw materials, services). Consumers will
favour products that are highly available and affordable organisations
should focus on improving efficiency of production and distribution.
2. The product concept (oil, raw materials, services). Consumer will favour
products with the most quality organisation should focus on continue
product improvement.
, 3. The selling concept (energy, insurance, mobile phone subscription). Goal
is to sell what the company makes, rather than marketing what the
consumer wants. (blood donations, funeral insurance).
4. The marketing concept (Toyota, Unilever, Ikea, L’Oréal). A philosophy in
which achieving organisational goals depends on knowing the needs and
wants of target customer (consumer) and delivering the desired
satisfactions (pleasure) better than competitors do. Focus on customer
needs + wants.
‘We don’t have a marketing department, we have a customer
department.’
Instead of ‘make & sell philosophy’ a ‘sense & respond philosophy’.
5. The societal marketing concept (Body Shop, Tony Chocolonely).
Company’s marketing should consider:
a. Consumers’ wants
b. Company’s requirements
c. Consumer long-run interest
d. Society long-run interest
- Sustainable marketing = responsible marketing (socially &
environmentally) that meets the needs of now and the future.
- Shared value = creating economic value that also creates value for
society.
companies need 3 considerations for their marketing strategy:
1 company profits
2 consumer wants
3 society’s interest/human welfare
Customer relationship management = building and maintaining profitable
customer relationships by delivering superior customer value and satisfaction.
Customer-perceived value = the customer’s evaluation of the difference between
all the benefits and costs of a marketing offer relative to those of competing
offers.
Customer-engagement marketing = making the brand a meaningful part of
consumers’ conversations and lives by fostering direct and continuous customer
involvement in shaping brand conversations, experiences and community.
Consumer-generated marketing = brand exchanges created by consumers
themselves (invited and uninvited) where consumers are playing an increasing
role in shaping their own brand experiences and those of other consumers.
Partner relationship management = working closely with others inside & outside
the company to jointly engage and bring more value to customers.
Share of customer = the portion of the customer’s purchasing that a company
gets in its products categories.
Customers equity = the total combined customer lifetime values of all the
company’s customers.
Changing landscape: digital marketing.
,Week 1 lecture
, BCG growth-share matrix
Examples:
BCG growth-share matrix: y-axis
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