I am introducing a new way of learning, through which procrastination becomes fun instead of something that later turns into blaming and stress. Throughout the whole summary I included messages for the student, advices as to what to do next, how to continue studying. Making the learning process mor...
Principles Of Marketing 13e Kotler | Questions and Answers
TEST BANK FOR MKT 305 PRINCIPLE OF MARKETING GRADED A+ WITH CORRECT SOLUTIONS AND REFERENCES
Exam (elaborations) MKT305 Principles of Marketing Chapter 7 Customer Value-Driven Marketing Strategy: Creating Value for Target Customers
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Rijksuniversiteit Groningen (RuG)
Economie en bedrijfseconomie
International Marketing for IB
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Assembled by Lilla Toth 2017
Principles of Marketing
Global Edition
16th Edition
by Gary Armstrong, Philip Kotler
ISBN: 9781292092485
ATTENTION!
All of the information (including texts and graphs) assembled in this summary were either quoted from or
based on chapters 1, 2, 3, 5, 7, 18 or 19 of the 16th global edition of “Principles of Marketing” written
by Gary Amrstrong and Philip Kotler (ISBN 9781292092485).
Reference pages:
Chapter 1 pp. 26-62
Chapter 2 pp. 62-92
Chapter 3 pp. 92-128
Chapter 5 pp. 164-196
Chapter 7 pp. 220-254
Chapter 18 pp. 566-592
Chapter 19 pp. 594-606
I do NOT claim the authorship of any of the texts or graphs that were put into this summary based on
any information found in these chapters. I solely assembled the information into a shorter form and
interpreted some parts.
Dear Student,
My goal with this summary is to help you through the studying for the intermediate exam in the
course of International Marketing for IB (taught at the University of Groningen). You can master all
you need to know comfortably in 3 days – or 1 day, but that’ll be intensive. It’s a 40 pages summary of
over 200 pages…
At some points of these notes you will find messages and inter-messages from me, these are
advices, further explanations. The aim was to make the learning process into a fun journey, where you
always have something to look forward to. My advice is: give yourself time! Don’t try to learn everything
in one day, because that’s not only impossible, but will also just stress you out. Don’t blame yourself for
procrastinating! Procrastination – practiced at the right level – is actually healthy and a great brain
training. But remember! In case you procrastinate, enjoy the time you are not spending with studying.
When you study, stop doing something else at the same time. A few hours are worth a good grade, aren’t
they?
GOOD LUCK!
ENJOY!
1
,Assembled by Lilla Toth 2017
Table of Contents
Part I Defining Marketing and the Marketing Process .............................................. 3
I. Marketing: Creating Customer Value and Engagement ............................................. 3
II. Company and Marketing Strategy: Partnering to Build Customer Engagement,
Value, and Relationships ............................................................................................ 11
Part II Understanding the Marketplace and Customer Value .................................. 20
III. Analyzing the Marketing Environment .................................................................. 20
V. Consumer Markets and Buyer Behaviour ............................................................... 25
Part III Designing a Customer Value-Driven Strategy and Mix .......................... 33
VII. Customer-Driven Marketing Strategy: Creating Value for Target Customers ....... 33
Part IV Extending Marketing .................................................................................. 38
XVIII. Creating Competitive Advantage ...................................................................... 38
XIX. The Global Marketplace (pp.594-604) ................................................................. 41
2
,Assembled by Lilla Toth 2017
1. Before you start studying, get a coffee or a tea or something else you want to
drink. (It can be vodka, I’m not judging.)
Part I Defining Marketing and the Marketing Process
I. Marketing: Creating Customer Value and Engagement
Marketing: the process by which companies create value for customers and build strong customer
relationships in order to capture value from customer in return
broad definition: a social and managerial process by which individuals and organizations obtain
what they need and want through creating and exchanging value with others
Aim of marketing: create value for customers, capture value from customers in return
AMAZON.COM
The book brings an example of how Amazon became so successful and then explains it through like 5
pages – through “being obsessed” with customers. Amazon.com does much more than just sell goods
online. It creates satisfying online customer experiences.
Customer’s:
Needs: states of felt deprivation - physical, social, individual – these are basic kinds of needs of all
humans
Wants: the form human needs take as they are shaped by culture and individual personality (examples:
An American needs food but wants a Big Mac, french fries, and a soft drink. A person in Papua, New
Guinea, needs food but wants taro, rice, yams, and pork.)
Demands: wants backed by buying power
This here tries to explain to you the Marketing Process:
Market offerings: Some combination 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.
(A manufacturer of quarter-inch drill bits may think that the customer needs a drill bit. But what the
customer really needs is a quarter-inch hole.)
Costumers have expectations about the value of offerings and if those live up to or even exceed these
expectations, the satisfied customer will buy again and spread the word.
Exchange: The act of obtaining a desired object from someone by offering something in return.
3
, Assembled by Lilla Toth 2017
2. I’m sure you’re ALREADY getting bored with these definitions. Let’s see how that
“coffee” helped. Refresh your memory but trying to remember: what is
MARKETING?
Companies want to build strong relationships by consistently delivering superior customer value.
You need more definitions. Trust me…. you “need” them!
Market: The set of all actual and potential buyers of a product or service.
Buyers also carry out marketing. Consumers market when they search for products, interact with
companies to obtain information, and make their purchases.
Marketing management: The art and science of choosing target markets and building profitable
relationships with them. (customer management and demand management)
1. The company must first decide whom it will serve: by dividing the market into segments of
customers (market segmentation) and selecting which segments it will go after (target marketing)
2. The company must decide how it will serve targeted customers: differentiate and position itself in
the marketplace.
1. Production concept: The idea that consumers will favor products that are available and highly
affordable; therefore, the organization should focus on improving production and distribution
efficiency.
However, although useful in some situations, the production concept can lead to marketing
myopia. What is that, again?
2. Product concept: The idea that consumers will favor products that offer the most quality,
performance, and features; therefore, the organization should devote its energy to making continuous
product improvements. This can lead to marketing myopia.
3. 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. (typically practiced with unsought goods—
those that buyers do not normally think of buying, such as life insurance or blood donations)
4
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