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Summary Marketing book Principles of Marketing, IBS quarter 3, year 1
Summary Marketing, year 1 IBS, first part
Samenvatting Principles of Marketing, ISBN: 9781292269566 Marketing
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Erasmus Universiteit Rotterdam (EUR)
Msc Marketing Management
Marketing Strategy
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Table of Contents
1 Marketing in a Changing World............................................................................................................................5
1.1 Marketing Model – Core concepts............................................................................................................................5
1.2 Marketing management.............................................................................................................................................7
1.3 Marketing concepts...................................................................................................................................................8
1.4 Challenges in the new connected millennium...........................................................................................................9
2 Strategic Planning and the Marketing Process....................................................................................................9
2.1 Strategic planning process.........................................................................................................................................9
2.2 Marketing process...................................................................................................................................................12
3 The Marketing Environment................................................................................................................................15
3.1 Overview.................................................................................................................................................................15
3.2 Microenvironment...................................................................................................................................................15
3.3 Macroenvironment..................................................................................................................................................16
3.4 Responding to marketing environment...................................................................................................................19
4 Marketing Research and Information Systems..................................................................................................20
4.1 General....................................................................................................................................................................20
4.2 Marketing information system (MIS).....................................................................................................................20
4.3 Marketing research process.....................................................................................................................................21
4.4 Other marketing research considerations................................................................................................................24
5 Consumer Markets and Consumer BuyerBehavior..........................................................................................25
5.1 Model of consumer behavior..................................................................................................................................25
5.2 Characteristics affecting consumer behavior..........................................................................................................25
5.3 Types of buying decision behavior.........................................................................................................................29
5.4 The buyer decision process.....................................................................................................................................30
5.5 The buyer decision process for new products.........................................................................................................30
5.6 Consumer behavior across international borders....................................................................................................31
6 Business Markets and Business BuyerBehavior.................................................................................................31
6.1 Overview.................................................................................................................................................................31
6.2 Business buyer behavior.........................................................................................................................................32
6.3 Institutional and government markets.....................................................................................................................34
7 Market Segmentation, Targeting, andPositioning for Competitive Advantage.............................................35
7.1 Overview.................................................................................................................................................................35
7.2 Market Segmentation..............................................................................................................................................36
7.3 Market targeting......................................................................................................................................................38
7.4 Positioning for competitive advantage....................................................................................................................39
8 Product and Services Strategy.............................................................................................................................42
8.1 What is a product?...................................................................................................................................................42
8.2 Product classifications.............................................................................................................................................43
8.3 Individual product decisions...................................................................................................................................46
8.4 Product line decisions.............................................................................................................................................50
8.5 Product mix decisions.............................................................................................................................................50
8.6 Services marketing..................................................................................................................................................51
8.7 International product and services marketing.........................................................................................................52
9 New-Product Development and Product LifeCycle Strategies.........................................................................52
9.1 New product development strategy.........................................................................................................................52
9.2 Product life-cycle strategies....................................................................................................................................55
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10 Pricing Products: Pricing Considerations andApproaches............................................................................59
10.1 Introduction...........................................................................................................................................................59
10.2 Factors to consider when setting prices................................................................................................................59
10.3 General pricing approaches...................................................................................................................................62
11 Pricing Products: Pricing Strategies..................................................................................................................64
11.1 New-product pricing strategies.............................................................................................................................64
11.2 Product mix pricing strategies...............................................................................................................................64
11.3 Price adjustment strategies....................................................................................................................................65
11.4 Price changes.........................................................................................................................................................68
11.5 Public policy and pricing......................................................................................................................................70
12 Distribution Channels and LogisticsManagement...........................................................................................71
12.1 The nature of distribution channels.......................................................................................................................71
12.2 Channel behavior and organization.......................................................................................................................72
12.3 Channel design decisions......................................................................................................................................74
12.4 Channel management decisions............................................................................................................................75
12.5 Public policy and distribution decisions...............................................................................................................76
12.6 Physical distribution and logistics management...................................................................................................77
13 Retailing and wholesaling...................................................................................................................................80
13.1 Retailing................................................................................................................................................................80
13.2 Retailer marketing decisions.................................................................................................................................83
13.3 The future of retailing...........................................................................................................................................84
13.4 Wholesaling...........................................................................................................................................................85
13.5 Wholesaler marketing decisions...........................................................................................................................86
13.6 Trends in wholesaling...........................................................................................................................................87
14 Integrated marketing communicationsstrategy...............................................................................................87
14.1 The marketing communications mix.....................................................................................................................87
14.2 Integrated marketing communications..................................................................................................................88
14.3 A view of the communication process..................................................................................................................89
14.4 Steps in developing effective communication......................................................................................................89
14.5 Setting the total promotion budget and mix..........................................................................................................93
14.6 Socially responsible marketing communication...................................................................................................95
15 Advertising, sales promotions, and publicrelations.........................................................................................96
15.1 Advertising............................................................................................................................................................96
15.2 Sales promotion...................................................................................................................................................100
15.3 Public relations....................................................................................................................................................102
16 Personal selling and sales management...........................................................................................................104
16.1 Role of personal selling.......................................................................................................................................104
16.2 Managing the sales force.....................................................................................................................................104
16.3 Principles of personal selling..............................................................................................................................106
17 Direct and online marketing: the newmarketing model................................................................................109
17.1 What is direct marketing?...................................................................................................................................109
17.2 Benefits and growth of direct marketing.............................................................................................................109
17.3 Customer databases and direct marketing...........................................................................................................110
17.4 Forms of direct marketing...................................................................................................................................110
17.5 Online marketing and electronic commerce.......................................................................................................111
17.6 Integrated direct marketing.................................................................................................................................113
17.7 Public policy and ethical issues in direct marketing...........................................................................................113
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18 Competitive strategies.......................................................................................................................................114
18.1 Customer relationship marketing........................................................................................................................114
18.2 Competitive marketing strategies........................................................................................................................117
18.3 Balancing customer and competitor orientations................................................................................................120
19 The global marketplace.....................................................................................................................................120
19.1 Global marketing in the twenty-first century......................................................................................................120
19.2 Looking at the global marketing environment....................................................................................................121
19.3 Deciding whether to go international..................................................................................................................122
19.4 Deciding which markets to enter.........................................................................................................................123
19.5 Deciding how to enter the market.......................................................................................................................123
19.6 Deciding on the global marketing program........................................................................................................123
19.7 Deciding on the global marketing organization..................................................................................................124
20 Marketing and society: social responsibilitiesand marketing ethics............................................................125
20.1 Social criticisms of marketing.............................................................................................................................125
20.2 Citizen and public actions to regulate marketing................................................................................................125
20.3 Business actions toward socially responsiblemarketing.....................................................................................126
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1 Marketing in a Changing World
1.1 Marketing Model – Core concepts
Marketing Five core concepts
– Needs, wants, demands
– Products and services
– Value, satisfaction, quality
– Exchanges, transactions, relationships
– Markets
Definition of marketing
– A social and managerial process whereby individuals and groups
obtain what they need and want through creating and exchanging
products and value with others
– Simple definition
– Deliver customer satisfaction at a profit
– By: (1) attracting new customers by promising superior value, and (2) keep
current customers by delivering satisfaction
Scope of marketing
– Book has a broad scoping: R&D, communcation, distribution, pricing,
service
– Also buyers carry on marketing activities – e.g. by searching for goods
Main elements of a modern marketing system – value added in steps
– Suppliers
– Company (marketer) + competitors
– Marketing intermediaries
– End user market
Needs, wants, demands Needs
– States of felt deprivation, part of human makeup
– Physical and social needs
Wants
– The form needs take (e.g. food => hamburger)
– Shaped by culture and personality
Demands
– When wants are backed by buying power
Products and services Products
– Anything that can be offered to satisfy a need or a want
– Physical products, services, experiences, persons, places, organizations,
information, ideas
– Example: “smoking is bad” idea can be a product, a person can be a
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product in an election
– Aka: satisfier, resource, marketing offer
Services
– Just one kind of a product
Value, satisfaction, (Customer) Value
quality – Difference between “value gained by owning and using a product” and
“cost of obtaining the product”
– Value gained not necessarily monetary
– Similarly cost of obtaining not necessarily monetary
– Customers act on perceived value [and perceived cost]
(Customer) Satisfaction
– Perceived performance relative to expectations
Quality
– Closely related to satisfaction
– Narrow definition: no defects
– Broad definition: ability to satisfy customer needs [circular definition!]
Exchange, transactions, Exchange
relationships – Obtaining a desired object from someone by offering something in
return – Offerings could be money, product, service, ...
Transaction
– A trade of values between two parties; marketing's unit of
measurement!
– Monetary transactions and barter transactions
Relationship (Marketing)
– Going beyong short term transactions
– Long-term relationships with valued customers, partners, etc
– Marketing network – company and all its supporting stakeholders
Markets Market – Economist's definition
– Place (virtual or physical) where buyers and sellers meet
Market – Marketer's definition
– The set of actual and potential buyers of a product
– The sellers of a product are labeled as the “industry”
Industry – Marketer's definition
– The sellers of a product
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