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Samenvatting Principles of Marketing , Global Edition - Marketing (MAN-BCU2008)
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Chapter 1 Creating customer value and engagementMarketing = The process by which companies engage customers, build strong relationships, and
create customer value in order to capture value from customers in return (telling & selling).
The aim of marketing is to create value for customers in order to capture value from customers in
return. Today’s successful companies share a passion for satisfying customer needs in well-defined
target markets. They motivate everyone in the organization to help build lasting customer
relationships based on creating value. Due to the fast changing environment this is more important
than ever.
The figure below shows the marketing 5-step model from the marketing process.
Step 1: Understanding the marketplace and customer needs
Five core customer and marketplace concepts:
1. Needs wants and demands
Needs = States of felt deprivation, basic part of human makeup
Wants = The form human needs take as they are shaped by culture and individual personality. (If
these wants are backed by buying power it will become a demand).
2. Market offerings (products, services and experiences)
Consumer needs and wants are fulfilled through market offerings (= Some combination of products,
services, information or experiences offered to a market to satisfy a need or want). Many sellers make
the mistake of paying more attention to the specific products they offer than to the benefits and
experiences produced by these products, this is called marketing myopia.
3. Value and satisfaction
Marketeers must be careful to set the right level of expectations. If expectations are too low → they
might not attract enough buyers. If expectations are too high → buyers will be disappointed.
4. Exchanges and relationships
Exchange = The act of obtaining a desired object from someone by offering something in return
5. Markets
Market = The set of all actual and potential buyers of a product or service
,Buyers also carry out marketing
Step 2: 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. To design a winning marketing strategy there must be two important
questions answered:
1. What customers will we serve?
It is important to select customers to serve. By trying to serve all customers the company may not be
able to serve the customers at the desired level.
2. How can we serve these customers best?
The company must decide how it will serve targeted customers and how it will differentiate and
position itself in the marketplace. There are five alternative concepts under which organizations
design and carry out their marketing strategies.
Production concept = Consumers will favor products that are available and highly affordable;
therefore the organization should focus on improving production and distribution efficiency (one of
the oldest orientation that guide sellers)(can sometimes lead to marketing myopia).
Product concept = Consumers will favor products that offer the most quality performance, and
features ; therefore the organization should devote its energy to making continuous product
improvements (can also lead to marketing myopia).
Selling concept = Consumers will not buy enough of the firms products unless the firm undertakes a
large-scale selling and promotion effort (unsought goods, for example life insurance).
Marketing concept = A philosophy in which achieving organizational goals depends on knowing the
need and wants of target markets and delivering the desired satisfaction better than competitors do
(find the best product for your customer)(in many cases customers don’t know what they want yet,
example p32. Faster horses)
Societal marketing concept = The idea that a company’s marketing decisions should consider
consumers’ wants, the company’s requirements, consumers long run interests and society’s long run
interests. (Shared value also recognizes that societal needs). Companies should balance thee
considerations in setting their marketing strategies; company profits, consumer wants and society
interests.
Step 3: Construct an integrated marketing program that delivers superior value
This integrated marketing program 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. The major marketing mix tools are classified into four broad
groups, called the four P’s of marketing: price, product, place and promotion.
Step 4: Engage customers build profitable relationships and create customer delight
Customer relationship management = The overall process of 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
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 evangelists = Customers who are satisfied and loyal who spread the good word and
experiences to others.
Companies can build customer relationships at many levels, depending on the nature of the target
market. One way to develop a customer relationship is through a loyalty program. The digital age has
broaden the possibilities a company has to build a relationship with their customers. Social media
can be used to define their targeting and engage customers more deeply. 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.
Customer brand advocacy = Actions by which satisfied customers initiate favorable interactions with
others about a brand.
A form of customer-engagement marketing is consumer generated marketing = brand exchanges
created by customers themselves – both invited and uninvited—by which customers are playing an
increasing role in shaping their own brand experience and those of other consumers. Uninvited ways
are for example blogs or reviews. Invited ways can be for example influencers collaborations or new
flavor contests (Lays flavor). Despite the successes, however harnessing consumer generated content
can be a time consuming and costly process. Moreover because consumers have so much control
over social media it can occur that the company receives backfire and negative publicity
(#McDstories example).
Partner relationship management = Working closely with partners in other company departments
and outside the company to jointly bring greater value to customers.
Step 5: Capture value from customers to create profits and customer equity
The final step in the marketing process involves capturing value in return in the form of sales, market
share, advocacy and profits. The outcomes of creating customer value will be discussed: customer
loyalty and retention, share of market and share of customer, and customer equity.
Good customer relationship management creates customer satisfaction → loyalty and retention.
Customer lifetime value = The value of the entire stream of purchases a customer makes over a
lifetime of patronage.
Share of customer = The portion of the customer’s purchasing that a company gets in its product
categories. To increase share of customer, firms can offer greater variety to current customers. Or
they can create programs to cross-sell and up-sell to market more products and services to existing
customers.
, The ultimate aim of customer relationship management is to produce high customer equity = The
total combined customer lifetime values of all of the company’s customers.
The company can classify customers according to their potential profitability and manage its
relationships with them accordingly. Customer can be divided into four relationship groups which all
need a different relationship management strategy.
Strangers = There is little fit between the company’s
offerings and their needs. The relationship management
strategy is to not invest anything in this group.
Butterflies = Potentially profitable but not loyal. There is a
good fit between the company’s offering and needs. The
company should create satisfying and profitable
transactions as possible in the short time they will buy
from the company. Then it should move on.
True friends = Profitable and loyal. Strong fit between needs and offerings. The firm wants to make
continuous relationship investments to delight these customers and engage, nurture, retain and
grow them.
Barnacles = Highly loyal but not very profitable. The fit between offerings and needs is limited. This is
the most problematic group of customers, they create a drag.
Changing marketing landscape
There are four major trends and forces that are changing the marketing landscape and challenging
marketing strategy: the digital age, the growth for-non-profit marketing, rapid globalization, and the
call for sustainable marketing practices.
Iot = Internet of things, a global environment where everything and everyone is digitally connected
to everything and everyone else.
Digital and social media marketing = Using digital marketing tools such as websites, social media,
mobile apps and ads, online video, email and blogs to engage consumers anywhere, at any time, via
their digital devices.
Marketeers use mobile channels to stimulate immediate buying, make shopping easier, enrich the
brand experience, reach on the go consumers or all these.
Further information about the trends can be found in the book page 46/47 but its mostly obvious.
Chapter 3: Analyzing the marketing environment
In this chapter we’ll begin digging deeper into the first step of the marketing process – understanding
the marketplace and customer needs and wants. Marketing operates in a complex and changing
environment. To develop effective marketing strategies, a company must first understand the
environment in which marketing operates.
Marketing environment = The actors and forces outside marketing that affect marketing
management’s ability to build and maintain successful relationships with target customers. More
than any other group in the company, marketers must be environmental tend trackers and
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