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PUBLIC LAW SUMMARY
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PUBLIC LAW SUMMARY BBA KU LEUVEN
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Pierre Palms Marketing BBA2Lecture 1 :
Marketing is about creating exchanges between those who have it and those who want it. It is a
quite demanding process for both parties to be successful.
Marketing :
is the term given to all activities which occur at the interface between the organization
and its customers.
The aim of marketing is to ensure that consumers conduct exchanges with the
marketer’s organization and not with key competitors.
For this to happen, marketers must provide customers with what they want to buy, at
prices which represent value for money in the most convenient way possible.
The official definition :
“Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering and exchanging offerings that value for customers, clients, partners, and society at
large.”
Marketing is an activity, rather than an outcome. It is the things that an organization
does in order to achieve corporate goals.
The term “set of institutions” refers to any possible organized structure, such as a
company, a department, a law, a tool, in short, any form of an established structure,
that we could link to each other and use in a marketing perspective.
“Processes” are series of actions in a specific sequence that are taken in order to
achieve a result.
>> This part of the definition highlights that marketing is not just a department or a function
but much more. Marketing is an organized series of activities interacting between structures.
For creating, communicating, delivering and exchanging offerings that have value are the key
outcomes of marketing. The final goal of any organization.
The keyword here is “value” referring to suitable products that provide benefits and
solutions to the marketplace. The activity of “creating” points to research and
development of our offerings, the word “communicating” obviously refers to our
communication and promotion, and the word “delivering” refers to our distribution
channels.
“Exchanging” refers to actually achieving some form of sale in the marketplace where
we typically exchange a product for a return, that is a price or any other effort a
customer has to provide.
For customers, clients, partners, and society at large
,Pierre Palms Marketing BBA2
The final part of the definition stresses the various stakeholders to whom we want to
provide value and “customers” are obviously a key targeted group
“Clients” is a broader term which suggests a profit as well as a nonprofit focus. This is
important because marketing activities extend beyond simply profit motivated firms.
Many non-government organizations, not for profit firms and even government
institutions, and locations and events and ideas, and so on - are marketed. Therefore,
the word “clients” reflects a broader perspective beyond just customers.
“Partners” refers to the array of supporting businesses and relationships that are critical
in achieving commercial success. Partners would include suppliers, wholesalers, retailers
as well as consultants, legal advisers, strategic partners and so on.
“Society at large” reflects the current trends toward firms providing overall value to the
broader community, rather than being simply focused upon their own profitability. it is a
reflection of the shifts to the societal marketing concept (ecology, sustainability,
equality, culturalism, ... ).
With the years, the definition of marketing evolved some key components were added and the
marketing definition became clearer.
Exploring the evolution of this definition shows us that :
From the academic point of view :
Marketing has evolved from improvising opportunism to a science.
From the managerial point of view:
Marketing evolved from transactional performance to a management competence further to an
integrated business process.
From a societal point of view:
Marketing evolved from a pure economical exchange facilitating competence to a pronounced
social responsibility.
Dr. Philip Kotler, Marketing >> CCDVTP
Create
Communicate
Deliver
Value to a
Target Market at a
Profit.
Creating value is product management. Communicate value is branding, brand management.
Deliver value is customer management.
How do organizations market their products?
Market products has gone through a series of evolutionary stages. Today, we recognize 5.
,Pierre Palms Marketing BBA2
Evolution of Marketing Theory :
1. Production Orientation
2. Product Orientation
3. Sales Orientation
4. Marketing Orientation
5. Societal Marketing
1. Production Orientation
Production orientation is the view that the route to corporate success lies in production
efficiency, getting production costs as low as possible (usually by manufacturing in very large
volume) in order to reduce costs and prices.
Had its beginning at the start of the Industrial Revolution. When machines were introduced to
speed the manufacturing process, costs decreased. The longer the production run, the lower
the costs and consequently the greater the profit.
Customers were prepared to accept items that were not exactly meeting their needs, since
prices were way lower than what they would have had to pay.
For manufacturers, the key to success was therefore ever more efficient and low cost
production, but at the cost of meeting individual customers’ needs.
Hence, a company can increase its supply as it decreases its costs via mass production and
economies of scale, decreased production cost per unit, hence, maximizing profits.
Companies that use the production concept believe that customers wants are restricted to
products that are accessible and affordable.
2. Product Orientation
Product orientation is the view that an ideal product can be produced that will have all the
features any potential customer might want.
This orientation is thought to be a result of oversupply of basic goods. Once everyone already
owns the core benefits of the products concerned, customers got bored and manufacturers
needed to provide something different in order to keep sales and profits going.
Products with more features, made to a higher quality standard began to be introduced. The
drawback of this approach is that the price of the product increases dramatically, and
customers are not always prepared to pay for features, they will never use.
In short, this concept works on an assumption that customers prefer products with greater
quality and with more features. Companies produces them with increases the prices.
3. Sales Orientation :
, Pierre Palms Marketing BBA2
This concept is based on the idea that manufacturing companies can produce far more goods
than the market can accept. Sales orientated companies assume that people do not want to
buy goods unless they are persuaded to do so.
Sales orientation relies on several assumptions :
1. customers have plenty of alternatives, competing products and brands, to choose from.
2. they must be persuaded by all kinds of incentives such as price cuts, promotions, sales talks.
3. that they like it that way.
In short, the concept focuses on making an actual sale of the product in a context of heavy
competition. Selling concept focuses on making every possible sale of the product, regardless of
the quality of the product or the need of the customer.
This concept highlights that customers would buy a company’s product only if it were to be sold
aggressively.
There is nothing wrong by promoting a product but ethical and legal borders cannot be crossed.
This concept gave Marketing and Sales a “bad name” and generated the consumerism
movement and all sorts of legal customer protections.
4. Marketing Orientation
Marketing orientation means being driven by customer needs: this is sometimes also called
customer orientation. Companies that are truly marketing oriented will always start with the
customer’s needs …whatever the business problem.
Customers can be grouped according to their different needs, and a slightly different product
offered to each group. This type of differentiation allows the company to provide for the needs
of a larger group in total, because each target segment of the market is able to satisfy its needs
through purchase of one or other of the company’s products.
The underlying assumption of marketing orientation is that customers want to satisfy their
needs and will be willing to buy products that do so. Customer need includes a need for
information about the products, advice about product usage, availability of products and so
forth.
Marketing orientation also implies that customer needs are the driving force throughout the
organization. Decisions within the organization, in every department from manufacture through
to delivery, need to be taken in consideration of customer needs at every stage.
In short, a company that believes in the marketing concept places the consumer at the center
of the organization. All activities are geared towards the consumer. A business aims to
understand the needs and wants of a customer. It executes the marketing strategy according to
market research beginning from product conception to sales.
Instead of producing first and then trying to sell, marketing-oriented companies first research
what customers want and then start producing it. By focusing on the needs and wants of a
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