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Marketing 1 Summary IBS
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Summary of chapters 1, 2, 3, 5, 6, 7, 19 & 20 of the book: Principles of Marketing
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Summary marketingChapter 1
deals with customers
Marketing is engaging customers and managing profitable customer relationships.
1. Attract new customers by promising superior value
2. Keep and grow current customers by delivering value and satisfaction
You see marketing in everything you do.
Marketing defined
All about satisfying customer needs.
If the marketer engages customers, understands their needs, develops products that provide
superior customer value and prices, distributes and promotes them well, these products will
sell easily.
The aim of marketing is to make selling unnecessary.
We define marketing as the process by which companies engage customers, build strong
customer relationships and create customer value in order to capture value from customers in
return.
Marketing process
First four steps = understand consumers, create customer value and build strong customer
relationships.
Final step = reap the rewards of creating superior customer value.
By creating value for customers, they in turn capture value from customers (in the form of
sales, profits and long-term customer equity).
Understanding the marketplace and customer needs
5 core customer and marketplace concepts:
1. Customer needs, wants and demands.
Human needs are states of felt deprivation. Physical needs (food, clothing, warmth,
safety), social needs (belonging and affection) and individual needs (knowledge and
self-expression). Marketers did not create these needs.
Wants are human needs shaped by culture and individual personality. Wants are shaped
by one’s society and are described in terms of objects that will satisfy those needs.
1
, When backed by buying power, wants become demands. Given their wants and
resources, people demand products and services with benefits that add up to the most
value and satisfaction.
Companies go great lengths to learn about and understand customer needs, wants and
demands. People at all levels of the company stay close to customers.
2. Market offerings (products, services and experiences)
Consumers’ needs and wants are fulfilled through market offerings. Some combinations
of products, services, information or experiences offered to a market to satisfy a need or
want.
Marketing myopia = the mistake of paying more attention to the specific products a
company offers than to the benefits and experiences produced by these products.
3. Customer value and satisfaction
Customers form expectations about the value and satisfaction that various market
offerings will deliver and buy accordingly. Satisfied customers buy again and tell others
about their good experiences. Dissatisfied customers often switch to competitors and
disparage the product to others.
marketers must be careful to set the right level of expectations.
4. Exchanges and relationships
Marketing occurs when people decide to satisfy their needs and wants through
exchange relationships.
Exchange = the act of obtaining a desired object from someone by offering something in
return.
Marketing consists of actions taken to create, maintain and grow desirable exchange
relationships with target audiences involving a product, service, idea or other object.
5. Markets
A market is the set of actual and potential buyers of a product or service. These buyers
share a particular need or want that can be satisfied through exchange relationships.
Designing a customer value-driven marketing strategy and plan
Marketing management = the art and science of choosing target markets and building
profitable relationships with them.
Marketing manager’s aim is to engage, keep and grow target customers by creating, delivering
and communicating superior customer value.
2 important questions when designing a winning marketing strategy: “what’s our target
market?” and “what’s our value proposition?”
- Selecting customers to serve
Done by dividing the market into segments of customers (market segmentation) and
deciding which segments it will go after (target marketing). A company wants to select
only customers that it can serve well and profitably.
- Choosing a value proposition
How will the company serve targeted customers? How will the company differentiate
and position itself in the marketplace?
A brand’s value proposition is the set of benefits or values it promises to deliver to
customers to satisfy their needs.
2
,There are 5 alternative concepts under which organisations design and carry out their
marketing strategies:
1. The production concept the idea that consumers will favor products that are
available and highly affordable. Therefore, the organisation should focus on improving
production and distribution efficiency. (These companies run a high risk of focusing too
narrowly on their own operations and losing sight of the real objective).
2. The product concept the idea that consumers will favor products that offer most
quality, performance and features. Therefore, the organisation should devote its energy
to making continuous product improvements.
3. The selling concept the idea that consumers will not buy enough of the firm’s
products unless the firm undertakes a large-scale selling and promotion effort. It focuses
on creating sales transactions rather than on building long-term, profitable customer
relationships. The aim often is to sell what the company makes rather than to make
what the market wants.
4. The marketing concept a philosophy in which achieving organizational goals depends
on knowing the needs and wants of target markets and delivering the desired
satisfactions better than competitors do. Customer focus and value are the paths to
sales and profits. The job is not to find the right customers for your product, but to find
the right products for you customers.
5. The societal marketing concept the idea that a company’s marketing decisions
should consider consumers’ wants, the company’s requirements and the long-term
interest of consumers and society. It calls for sustainable marketing, socially and
environmentally responsible marketing that meets the present needs of consumers and
businesses while also preserving or enhancing the ability of future generations to meet
their needs.
Preparing an integrated marketing plan and programme
This will actually deliver the intended value to target customers. It builds customer
relationships by transforming the marketing strategy into action. It consists of the firm’s
marketing mix, the set of marketing tools the firm uses to implement its marketing strategy.
Product: to deliver on its value proposition, the firm must first create a need-satisfying market
offering.
Price: it must then decide how much it will charge for the offering.
Place: how will it make the offering available to target consumers?
Promotion: it must engage target consumers, communicate about the offering and persuade
consumers of the offer’s merits.
The firm must blend each marketing mix tool into a comprehensive integrated marketing
programme that communicates and delivers the intended value to chosen customers.
Building customer relationships
All previous steps lead up to this step (the most important one): engaging customers and
managing profitable customer relationships.
3
, Customer relationship management (CRM) is perhaps the most important concept of modern
marketing. It’s the overall process of building and maintaining profitable customer relationships
by delivering superior customer value and satisfaction.
- Relationship building blocks: customer value and satisfaction.
A customer buys from the firm that offers the highest customer-perceived value (the
customer’s evaluation of the difference between all the benefits and all the costs of a
marketing offer relative to those of competing offers).
Customer satisfaction = the extent to which a product’s perceived performance
matches a buyer’s expectations.
- Customer relationship levels and tools.
Companies can build customer relationships at many levels, depending on the nature of
the target market. Beyond offering consistently high value and satisfaction, marketers
can use specific marketing tools to develop stronger bonds with customers (i.e. loyalty
rewards).
- Customer engagement and today’s digital and social media.
Today’s companies are using online, mobile and social media to refine their targeting
and to engage customers more deeply and interactively. The new marketing is
customer-engagement marketing making a brand a meaningful part of consumers’
conversations and lives by fostering direct and continuous customer involvement in
shaping brand conversations, experiences and community.
Customer-managed relationships = customers connect with companies and with each
other to help forge and share their own brand experience.
- Consumer-generated marketing.
brand exchanges by consumers themselves – both invited and uninvited – by which
consumers are playing an increasing role in shaping their own brand experiences and
those of other consumers.
Many brands incorporate user-generated social media content into their own traditional
marketing and social media campaigns. (It can be a time-consuming and costly process.)
Partner relationship management is working closely with partners in other company
departments and outside the company to jointly bring greater value to customers. Creating
value can’t be done by a company alone. They must work closely with a variety of marketing
partners.
Firms must link all departments in the cause of creating customer value.
Also partner with suppliers, channel partners and other outside the company.
Capturing value from customers
- Creating customer loyalty and retention.
Keeping customers loyal makes good economic sense. Customer lifetime value = the
value of the entire stream of purchases a customer makes over a lifetime of patronage.
- Growing share of customer.
Share of customer = the portion of the customer’s purchasing that a company gets in its
product categories. To increase share of customer offer greater variety or creating
4
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