This is a complete summary of both the slides and the lectures for the course Marketing Management in the program bachelor of science in business administration (BBA) for professor Eduard Boschloos (second year). This summary is completely in English.
Motivation ................................................................................... 19
4.6.1 Need ....................................................................................................................... 19
4.6.2 Direction or Goal ..................................................................................................... 20
4.6.3 Involvement ............................................................................................................ 20
4.6.4 Motivational Theories .............................................................................................. 21
Business and Marketing Intelligence................................................... 23
Business Research ........................................................................ 23
5.1.1 10 key issues of BI ................................................................................................... 23
6.1.1 Why?....................................................................................................................... 30
6.1.2 How? ....................................................................................................................... 30
6.1.3 How to segment? ..................................................................................................... 31
Targeting .................................................................................... 31
6.2.1 Why?....................................................................................................................... 31
6.2.2 How to choose a target? ........................................................................................... 31
Detecting the right approach ........................................................... 50
2
,Marketing Summary Megan Lenaerts
Marketing exam → Multiple choice without guessing-correction
What do marketeers do?
Marketing
= a term given to all activities which occur at the interface between the organization and its
customers
= people (in real life)
= about creating exchanges between those who have it and those who want it (demanding
procedure to be successful) → to ensure that customers will conduct exchanges with the
market’s organization rather than with other key competitors
= much more than sales, advertising, social media, …
= is like an iceberg
= is a process: we know where it starts but not where it ends
➔ marketing is about an organization → it has to cooperate with non-violence and other
socially relevant issues
➔ There are a lot of critics whom are concerned about the ethics-part of marketing
➔ Marketing needs to be relevant!! (TV adds while there’s Netflix)
An Oxford prof. said that “marketing is a jungle”
→ people meet at the market (not a physical place) and they will hunt after each other until
they have found what they wanted
➔ Marketing is part of the mission statement + it is not limited to long term / short term
➔ Customers today are more demanding & arrogant BUT also more intelligent
this caused marketeers to decide in 2000 that they are going to listen to the customer, to
their needs / wants / demands
3
,Marketing Summary Megan Lenaerts
“Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large.”
→ Marketing is an activity rather than an outcome
→ ‘set of institutions’ refers to various tools, practices, approaches and mechanisms that we
would use in a marketing role.
→ Marketing is a process, we don’t know the outcome
→ the terms ‘create, communicate, deliver’ are not implemented in the definition
➔ Consumers purchase things they value, they are satisfied afterwards
Marketing isn’t an exact science, it’s a performance of business activities
Holistic business model = helicopter view
→ everything counts
→ detail-marketing (product differentiation)
→ looking at the whole but knowing that details
are important
→ every department has its own plugs, marketing
combines this all
Modelling (management) = reduced simplified reality put on paper so that when something
changes we can deal with that (Marketing mix)
→ models are usually easy to explain, but hard to apply
→ Example: Osterwalder’s canvas (try this with Pokemon Go)
→ Models need to be adapted (Porter’s model went from 5 to 6)
4
, Marketing Summary Megan Lenaerts
Marketing can be about: - places - behavior
- goods - organizations
- services - information
- experiences - people
- Ideas - events
Core marketing concepts:
1) Needs = basic human requirements (food, water, electricity,…)
→ Maslow’s pyramid (marketing cannot create a need)
2) Wants = specific objects that might satisfy the need (a break in class you didn’t know
you wanted)
3) Demands = wants for specific products backed by an ability to pay (economical
focus)
There are NO synonyms for maketeers!!
➔ Customers share 5 types of needs, which marketeers have to detect through market
research: - Stated needs
- Real needs
- Unstated needs
- Delight needs
- Secret needs
Example: purchase of a new car → stated need: wants and inexpensive car (we don’t
know anything about the other needs (iceberg))
Wants can be created by marketeers in 2 ways:
1) Need recognition: actual state declines
→ something new
2) Opportunity recognition: ideal state moves
upward → new winter collection (zalando,
amazon)
➔ occurs when consumer senses difference
between current state and ideal state
(iphone xs VS iphone XI)
5
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