Full summary of the course Marketing Management given by Ruben Monsieurs in the first year of IBM, semester 1. Complete with all things needed to take the exam. based on the powerpoints.
Summary Marketing Management
Table of Contents:
Part 1: Fundamentals of Marketing .................................................................................................................................. 6
1. The scope of marketing............................................................................................................................................. 6
1.1 Marketing Definitions ......................................................................................................................................... 6
2. The new marketing realities...................................................................................................................................... 7
2.1 The changing face of marketing .......................................................................................................................... 7
2.2 Holistic Marketing approach ............................................................................................................................... 7
3. The role of marketing in the organization ................................................................................................................ 8
3.1 Five philosophies to look at the role of the marketing department................................................................... 8
4. Organizing the marketing department ..................................................................................................................... 8
4.1 Five ways of organizing the marketing department ........................................................................................... 8
5. Everything starts with a mission ............................................................................................................................. 10
6. Need to know for this part ...................................................................................................................................... 10
Part 2: Understanding the market .................................................................................................................................. 10
1. The model of consumer behaviour ......................................................................................................................... 10
1.1 Consumer behaviour ......................................................................................................................................... 10
2. Consumer Characteristics ....................................................................................................................................... 10
2.1 Cultural factors .................................................................................................................................................. 10
2.2 Social factors ..................................................................................................................................................... 12
2.3 Personal factors ................................................................................................................................................ 12
3. Consumer psychology ............................................................................................................................................. 12
3.1 Consumer motivation – Maslow’s pyramid ...................................................................................................... 12
3.2 Perception – Emotions – Memory .................................................................................................................... 13
4. The buying decision process ................................................................................................................................... 13
5. Differences between B2C and B2B ......................................................................................................................... 14
5.1 Comparing B2C & B2B ....................................................................................................................................... 14
6. The buying decision process B2B ............................................................................................................................ 14
6.1 Difference in buying process ............................................................................................................................. 14
7. Analysing business markets .................................................................................................................................... 15
7.1 The scope of marketing research ...................................................................................................................... 15
7.2 The marketing research process ....................................................................................................................... 15
8. Need to know for this part ...................................................................................................................................... 15
Part 3: Developing a viable marketing strategy .............................................................................................................. 16
1. What is segmentation ............................................................................................................................................. 16
1.1 Definition........................................................................................................................................................... 16
2. How to segment the consumer market .................................................................................................................. 16
1
, 2.1 Different ways to segment the consumer market ............................................................................................ 16
2.2 Geographic segmentation ................................................................................................................................. 16
2.3 Behavioural segmentation ................................................................................................................................ 16
2.4 Psychographic segmentation ............................................................................................................................ 17
3. What is targeting? ................................................................................................................................................... 17
3.1 Definition........................................................................................................................................................... 17
3.2 Logic of targeting .............................................................................................................................................. 17
3.3 Evaluating the viability of a particular customer segment ............................................................................... 18
3.3 Single-segment vs. Multi-segment targeting .................................................................................................... 18
3.4 Bringing target segments to live – Personas ..................................................................................................... 18
4. Why do you need a value proposition and a positioning strategy? ....................................................................... 19
4.1 What is it and why do we need it? .................................................................................................................... 19
4.2 Positioning strategy........................................................................................................................................... 19
4.3 Mapping out our position – Perceptual map .................................................................................................... 20
5. Need to know for this part ...................................................................................................................................... 20
Part 4 - 1: Designing value – Branding ............................................................................................................................ 20
1. How does branding work? ...................................................................................................................................... 20
1.1 Definition........................................................................................................................................................... 20
1.2 Role of brands ................................................................................................................................................... 20
1.3 Scope of branding ............................................................................................................................................. 20
2. Brand equity & power ............................................................................................................................................. 21
2.1 Brand equity ...................................................................................................................................................... 21
2.2 Brand power...................................................................................................................................................... 21
3. Designing the brand ................................................................................................................................................ 21
3.1 Brand mantra .................................................................................................................................................... 21
3.2 Brand elements ................................................................................................................................................. 22
4. Secondary associations ........................................................................................................................................... 22
4.1 Definition........................................................................................................................................................... 22
4.2 Secondary sources of brand knowledge ........................................................................................................... 22
5. Brand hierarchy ....................................................................................................................................................... 23
5.1 Definition........................................................................................................................................................... 23
6. Brand positioning Bull’s-eye ................................................................................................................................... 24
6.1 Definition........................................................................................................................................................... 24
7. What you need to know for this part...................................................................................................................... 24
Part 4 – 2: Designing value – Designing & Managing products and services.................................................................. 25
1. Differentiating your products ................................................................................................................................. 25
1.1 What to differentiate ........................................................................................................................................ 25
1.2 Importance of product design .......................................................................................................................... 25
2
, 2. Packaging and labelling...................................................................................................................................... 25
2.1 Packaging .......................................................................................................................................................... 25
2.2 Labelling ............................................................................................................................................................ 25
3. Guarantees and Warranties .................................................................................................................................... 25
3.1 Definitions ......................................................................................................................................................... 25
4. Product portfolios an Product lines ........................................................................................................................ 26
4.1 Terminology ...................................................................................................................................................... 26
4.2 Product portfolio decisions ............................................................................................................................... 26
5. Physical vs. Digital products .................................................................................................................................... 27
5.1 The differences.................................................................................................................................................. 27
6. Nature of services ................................................................................................................................................... 27
6.1 Characteristics of services ................................................................................................................................. 27
6.2 Tackling the insecurities linked to services ....................................................................................................... 27
6.3 Managing service quality .................................................................................................................................. 28
7. How to use service differentiation to differentiate your products ........................................................................ 28
7.1 Different ways to differentiate services............................................................................................................ 28
8. How to achieve service excellence .................................................................................................................... 28
8.1 Pushing towards excellence .............................................................................................................................. 28
9. What you need to know for this part...................................................................................................................... 28
Part 4 – 3: Designing value – Pricing ............................................................................................................................... 29
1. Understanding Pricing / Consumer psychology and pricing ................................................................................... 29
1.1 Price: the one marketing element that produces revenue ............................................................................... 29
1.2 Consumer psychology & pricing ........................................................................................................................ 29
2. Setting the price ................................................................................................................................................ 29
2.1 Defining the pricing objective ........................................................................................................................... 30
2.2 Determining demand ........................................................................................................................................ 30
2.3 Estimating costs ................................................................................................................................................ 30
2.4 Competitor analysis .......................................................................................................................................... 30
2.5 Selecting a pricing method – The three C’s model ........................................................................................... 31
2.6 Setting the final price ........................................................................................................................................ 31
3. Initiating and Responding to price changes ............................................................................................................ 31
3.1 Which changes and how to respond to them ................................................................................................... 31
4. What you need to know for this part...................................................................................................................... 32
Part 5: Communicating Value ......................................................................................................................................... 32
1. The role of marketing communication ................................................................................................................... 32
1.1 The three roles of communication in marketing .............................................................................................. 32
2. Developing an effective communication program ............................................................................................ 33
2.1 Setting the objectives........................................................................................................................................ 33
3
, 2.2 Identify the target audience ............................................................................................................................. 33
2.3 Defining the communication media mix (deciding on the media) ................................................................... 33
2.4 Developing a media plan (deciding on the media plan) ................................................................................... 34
2.5 Determining the message appeal (developing the creative approach) ............................................................ 34
2.6 Measuring communication effectiveness ......................................................................................................... 34
3. What is Integrated Marketing Communications (IMC) ..................................................................................... 34
3.1 Definition........................................................................................................................................................... 34
3.2 IMC in a digital era ............................................................................................................................................ 35
5. What you need to know for this part...................................................................................................................... 35
Part 6: Delivering Value................................................................................................................................................... 36
1. The role of distribution channels ............................................................................................................................ 36
1.1 Definition........................................................................................................................................................... 36
1.2 Types of intermediaries .................................................................................................................................... 36
1.3 Why use intermediaries .................................................................................................................................... 36
1.4 Channel functions and flows ............................................................................................................................. 36
1.5 Channel levels ................................................................................................................................................... 37
1.6 Multi-channel vs. Omni-channel ....................................................................................................................... 37
2. Channel-Management decisions............................................................................................................................. 37
2.1 Four decisions to make ..................................................................................................................................... 37
2.2 Setting the channel objectives .......................................................................................................................... 37
2.3 Selecting channel members .............................................................................................................................. 38
2.4 Motivating channel members ........................................................................................................................... 39
2.5 Evaluating channel members ............................................................................................................................ 39
4. The modern Retail environment ............................................................................................................................. 40
4.1 New marketing realities .................................................................................................................................... 40
4.2 Defining types of retailers ................................................................................................................................. 40
4.3 Major types of store retailers ........................................................................................................................... 40
5. What you need to know for this part...................................................................................................................... 41
Part 7: Managing growth ................................................................................................................................................ 41
1. Understanding the competitive environment ........................................................................................................ 41
1.1 Market members in a competitive environment .............................................................................................. 41
1.2 Market leader: Market position defined .......................................................................................................... 42
1.3 Market-challenger: Strategies........................................................................................................................... 42
1.4 Market-follower: Strategies .............................................................................................................................. 42
1.5 Market nicher .................................................................................................................................................... 42
2. Product life cycle Marketing strategies ............................................................................................................. 43
2.1 Product life cycles / patterns ............................................................................................................................ 43
3. Managing customer acquisition & retention .......................................................................................................... 44
4
, 3.1 The customer acquisition funnel (The 5 A’s) .................................................................................................... 44
4. Managing customer satisfaction and loyalty .......................................................................................................... 44
4.1 Customer satisfaction vs. Customer loyalty ...................................................................................................... 44
4.2 Measuring Customer satisfaction ..................................................................................................................... 45
4.3 How to build customer loyalty .......................................................................................................................... 45
5. Managing Customer relationships .......................................................................................................................... 45
5.1 Customer Relationship Management (CRM) .................................................................................................... 45
6. Managing Customer Lifetime value ........................................................................................................................ 45
6.1 What is it and how to build it? .......................................................................................................................... 45
7. Tapping into global markets.................................................................................................................................... 46
7.1 Process .............................................................................................................................................................. 46
8. Deciding whether to go abroad ........................................................................................................................ 46
8.1 Industry Globalism ............................................................................................................................................ 46
8.2 Preparedness for internationalizationn ............................................................................................................ 46
9. What you need to know from this part .................................................................................................................. 47
5
,Part 1: Fundamentals of Marketing
1. The scope of marketing
1.1 Marketing Definitions
• Marketing goal:
o Finding customer needs and satisfy them better than the competition
• Marketing Management:
o The art and science of choosing target markets and getting, keeping and growing customers through
creating, delivering and communicating superior market value
• Building a customer-oriented organization:
• What can be marketed?
o Ideas: Drink driving kills, smoking kills, etc
6
,2. The new marketing realities
2.1 The changing face of marketing
2.2 Holistic Marketing approach
• Holistic marketing:
o Consider all the different parts of a business as one single entity. It is based on the premise that the
whole is greater than the sum of its parts. As such, there is a shared aim and purpose for all the
activities related to a business.
• Internal marketing:
o Treat employees as customers who must be convinced of the company’s core values just as
aggressively as its external customers. This ensures that they understand their role in the marketing
process.
7
, • Integrated marketing:
o Create a seamless experience for the consumer to interact with the brand by integrating various
communication channels (sales promotion, public relations, advertising, direct marketing, digital
marketing, etc). This ensures that the communication is in sync and projects a strong and focused
brand image.
• Relationship marketing:
o Centered on the relationships you have with your potential and existing customers, employees,
partners, and competitors. focused on creating a comprehensive business plan with long-term goals
that cover the whole business system. The main goal is to focus on marketing activities that create a
strong, emotional bond and cultivate loyalty from these stakeholders, rather than simply interacting
with them only when required.
• Performance marketing
o Focused on the different activities of a business, such as selling a product or service, ethical and legal
responsibilities as a business, brand and customer equity, etc.
• 4P’s
o Product
o Price
o Place
o Promotion
3. The role of marketing in the organization
3.1 Five philosophies to look at the role of the marketing department
4. Organizing the marketing department
4.1 Five ways of organizing the marketing department
• Functional organisation
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