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Marketing summary (in English) UA
In deze samenvatting is het gehele boek 5th Edition Marketing behandelt, die gegeven wordt door Nathalie Dens. Het bevat nota's en een tal van overzichtelijke schema's.
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Marketing SummaryPart 1: Principles of marketing
Chapter 1: marketing principles and Practice
1. What is marketing?
Marketing is a social and managerial process by which individuals and groups obtain what
they need and want through creating and exchanging products and value with others.
In business context: To build and maintain profitable customer relationships
Exchange… The core of marketing
= the act of obtaining a desired object from someone by offering something in return
• At least two parties
• Each must hold something of value to offer
• Parties must want to deal with each other
Exchange creates value, gives people more consumption choices or possibilities
▪ Customer value: the consumer’s assessment of the product’s overall
capacity to satisfy his or her needs
▪ PERCEIVED value!!!
Market orientation
Organisation-wide belief in delivering customer value
Understanding consumer needs even better than consumers themselves do
Creating products that meet existing and latent needs, now or in future
Developing:
-customer orientation: continuously developing and
redeveloping offerings to meet customer needs which
means that we must measure customer satisfaction on
continuous basis and train front-line service staff.
-competitor orientation: develop an understanding of
the competitors’ short-term strengths and
weaknesses, and its long-term capabilities and
strategies.
-Interfunctional coordination: all functions of an
organizations should work together for long-term
profit growth
Developing a market orientation refers to ‘the organization-wide generations of market
intelligence pertaining to current and future customer needs, dissemination of the intelligence
across the departments, and organizations-wide responsiveness to it’. So, a market orientation
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,not only involves the marketing function but also involves everyone gathering and responding
to market intelligence.
Developing a market orientation within a company is a capability—something that not all
companies are able to do. Organizations that develop a market orientation are better at market
sensing (=understanding the strategic implications of the market and acting on the info
collected through environmental scanning exercises).
Marketing’s intellectual roots
▪ Industrial economics influences:
▪ Supply and demand (price, quantity)
▪ Theories of income distribution, scale of operation, monopoly, competition, …
▪ Psychological influences
▪ Consumer behaviour, motivation research, information processing
▪ Persuasion, consumer personality, customer satisfaction, …
▪ Sociological influences
▪ How groups of people behave: Demographics, class, motivation, customs,
culture
▪ How communication passes through opinion leaders, …
▪ Anthropological influences
▪ Qualitative approaches in researching consumer behaviour
▪ Computer science influences
▪ Digitization, recommendation systems, apps, …
Differences between sales and marketing
What do marketers do?
Marketing applies to physical product, retail, services, people, experiences, events, film,
music, theater, ideas, charities and nonprofits, places… so anywhere “buyers” have a choice.
2
, -The core competencies of the
marketer are to generate customer
insights, champion the customer and
hence customer focus, and develop
marketing strategy.
-The technical competencies
(see next chapters)
-The behavioural competencies
contribute to the development of
an individual in the organization
to take up bigger roles.
The marketer is often being criticized. So, there are some recommendations to reform their
reputation:
➔ Showing mare integrity, gratitude, recognition, and humility towards, and building
real trust with, customers;
➔ Building a true dialogue with customers and respecting their privacy;
➔ Striving for authenticity by really personalizing customer offerings rather than only
appearing to do so.
➔ Asking for forgiveness in the occasional instance in which their judgement lapses and
they treat customers badly;
➔ Having the courage to stop over promising and under-delivering;
➔ And showing respect for customers, competitors, and suppliers.
Marketing is present in all aspect of the organization, since all departments have some role to
play with respect to creating, delivering, and satisfying customers.
2. Marketing’s Principal Principles
Economics ‘laws’ to argue that only the following marketing generalizations exist (1857 and
1931)
-Engels’ Laws= a as consumer’s income increases, the percentages of income spent for food
decreases; for rent, fuel, and light remains the same, for clothing remains the same; and for
miscellaneous items increases.
-Reilly’s Law of Retail Gravitation= two cities attract retail trade from an intermediary city or
town in the vicinity of the breaking point approximately in direct proportion to population of
the two cities and inverse proportion to the square of the distance from these two cities to the
intermediate town.
Things have changed since these laws have been produced. Populations are more mobile
and food is less expensive than it was 70-80 years ago.
Law-like generalizations:
1.Advertising has a direct and positive influence on total industry
2. Selective advertising has a direct and positive influence on individual company sales
3. The elasticity of selective advertising on company sales is low (advertising has only a very
limited effect in raising sales)
3
, 4. Increasing store shelf space (display) has a positive impact on sales of non-staple grocery
items, such as products bought on impulse rather those are planned purchases, which are less
important, but perhaps more luxurious types of good.
5. market share has a positive influence on company sales.
Marketing as exchange
Customers specify how we might satisfy their needs because marketers cannot read their
minds. Customer must then pay for the offering.
Value?
=What can customers and other stakeholders bring of value, other than purchases?
Examples:
The Marketing Mix and the 4Ps
1. Product: the offering and how it meets the customer’s
need (packaging and its labeling)
2. Price
3. Place: the way in which the offering is delivered to the
customer.
4. Promotion: how the offering’s benefits and features are
communicated to the potential buyer
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