Summary
Marketing IBS year 1 summary
- Course
- Institution
- Book
chapter 1 2 3 5 6 7 19 20 Kotler, P., Armstrong, G., Harris, L. C., & Piercy, N. (2017). Principles of Marketing - 7th European Edition
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Complete summary of book and lectures slides of Marketing I and II
-
Summary Principles of Marketing IB Y2Q2
-
Marketing strategy hoofdstuk 8 tm 18
Seller
Follow
rrrsss
Content preview
MarketingChapter 1
Marketing:
- companies create value for customers
- build strong relationships to capture value from customers
- satisfying customer needs
- ‘the aim of marketing is to make selling unnecessary’
The marketing process:
1. Understand the marketplace / customer needs and wants
2. Design a customer-driven marketing strategy
3. Construct a marketing program that delivers value
4. Build profitable customer relationships and create delight
5. Capture value from customers to create profits and equity
Needs = states of deprivation
Physical: food, clothing, warmth and safety
Social: belonging and affection
Individual: knowledge
Wants = form that needs take as they are shaped by culture and personality
Food: pizza, fries or bratwurst
Demands = wants backed by buying power
Marketing offerings:
- Combinations of products, services, information or experiences offered to a market
to satisfy a need or want
Marketing myopia:
- Focusing only on existing wants and losing sights of underlying consumer needs
Exchange:
- Every exchange is supposed to produce ‘utility’. It has value for both parties.
Market:
- The set of all actual and potential buyers
Marketing management:
- Choosing target markets ‘what customers will we serve?’
- Build relationships with customers ‘how can we serve these customers best?’
Market segmentation:
- Refers to dividing the markets into segments of customers age, gender etc.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller rrrsss. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R105,02. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
66579 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now