Marketing fundamentals, an international perspective
It is a summary of the book Marketing Fundamentals, written by Bronis Verhage and published by Noordhoff publishers. The summary consists of chapters 1,3 and 4 and 6.1,6.2,6.3 7.1, 7.5, 7.7, 7.8.
It is a summary from the book marketing fundamentals, written by Bronis Verhage and published by 'Noo...
Chapters: 1, 3 and 4 and 6.1,6.2,6.3 7.1, 7.5, 7.7, 7.8.
December 23, 2019
January 8, 2020
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buas
marketing fundamentals
hotel management
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Essay Marketing Fundamentals chapter 1 t/m 15
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Hoofdstuk 1
meaning of Marketing: all activities that bring buyers and sellers together.
marketing: anticipate and satisfy the needs and wants of the customer, identifying with customers,
building an ongoing relationship and it is also about building bridges between production and
consumption. (making sure that what you have on the shelves is what the customer wants).
selling: trying to get rid of what you have on the shelves
The marketing mix (the four p’s): A combination of four marketing instruments that are used to
target the market.
- Product: goods, services or ideas that meet the wants and needs of the costumer
- Price: the amount of money exchanged for a product or service
- Place: (distribution) how the company gets its products into the buyer’s hands
- Promotion: the supplier’s activities to communicate with the market and to promote sales
Target market: The part of the market that an organization concentrates on and wants to turn into
customers. (customers are loyal consumers who will make repeat purchases)
1) company divides market into market segments on basis of criteria →
2) select one/more target markets
3) bring about an exchange (2 parties agree to exchange something of value so both parties
´needs are met) with these groups.
Exchange transaction: items of
worth. Often they are products
that are exchanged for money,
but it can also be a service,
idea, labor or even status.
(students getting education in
exchange for paying)
→ process of exchange creates,
communicate and delivers
value.
production-oriented (production concept) company: does everything possible to make it production
process highly efficient.
product oriented (product concept) company: moving the attention from the production process to
the product itself to improve quality.
seller's market: demand exceeds limited supply → suppliers / sellers have the upper hand →
detriment (schade) of customers
Buyer's market: buyers have a stronger position than the suppliers because supply exceed demand
→ battle for winning over consumer → entrepreneurs focus on selling (selling concept) and use
aggressive techniques to dispose products.
more buying power → companies have to tailor products & services to meet needs and wants of
buyers effectively → managers adopt a customer-oriented mode & put marketing concept into
practice, starting with a market-oriented approach.
,market orientation: companies which not only consider customers, but also intermediaries and
competitors in making business
decisions at all levels of the
organisation.
differences in stages between product
& selling orientation and market-
orientation.
identify customer need → target
market
difference: marketing (integrated
plan) the product rather than selling
(1 component of marketing) the
product.
societ
al marketing concept (socially responsible marketing): production & marketing of certain products
may have damaging consequences in the long term → effort must be made to prevent harming the
interests of buyers and non buyers (greenpeace) → marketers should balance the interest of the
consumer, the producer and the society.
when developing a societal marketing-oriented strategy, firms with a sense of responsibility consider
the impact of marketing activities on various groups within society (children, environmental,
activists)
relationship marketing: goes beyond
creating relationship of exchange process:
developing long-term relationships with
customers and suppliers who add value to
the collaboration for all parties involved →
more strategic alliances.
, relationship-marketing needs a
well thought-out strategy when it
comes to implementing the
marketing concept.
marketing concept:
attitude/mindset in which the
needs and wants of customers are
factored into virtually every
decision (actively supported by
senior management).
based on 6 principles:
1. customer satisfaction:
¨customer is always right´´. customer-orientation is crucial in decision making → developing
ongoing relationships → this line of thought should be followed by all individuals in
organisation. Customers satisfaction → organisation must make choices, focusing on certain
groups of customers → may be customers a company prefers not to have: demarketing.
Customer affairs: customer service → handle customers complaints & affairs wel, everything
an organisation does to maintain good relations with customers. Customer affair/service
department (external face of company) → one of most important instruments should:
- anticipate the needs and wants of customers
- provide useful information about the products and services
- assure that the product/service is easy for customers to use.
- determine how satisfied customers are with their purchases.
- maintain contact and develop relationships with buyers.
- deal with complaints and solve customer problems in the best possible way.
2. integrated approach:
difference product-and marketing-oriented approach: extent to which various activities are
systematically integrated into overall marketing policy.
compartmentalised/product-oriented approach: most activities are performed in isolation
→ coordination is lacking and the customer is no more than a minor consideration.
customer-oriented approach: (coordinating role of marketing department): strategy
dependent on needs & wants of customer, identified through market research/data analysis
→ organisation operates as a unified system driven by the marketing concept → decision-
making process centres on the customer.
marketing is integrated in nearly every aspect of management.
stimulate this kind of collaboration → focus not only on stakeholders outside of firm, but also
on internal marketing: all employees should be well-trained and motivated to satisfy the
customers (effective internal communication)
3. broad business definition:
companies that don't implement marketing concept → self-limiting definitions (we produce laptops)
→ marketing myopia: focuses on immediate needs of company instead of customers → products
may fall out of favour. Facilitate rapid adjustments to changing needs or market →
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