Theories of Marketing
Lecture 1 – Introduction & development of marketing thought
What is marketing?
Functions & Processes/activities to deliver “customer value”
History of marketing as a business philosophy
Marketing definitions AMA
- 1985: Marketing is the process of planning and executing conception, pricing,
promotion and distributions of goods, ideas and services to create exchanges that
satisfy individual and organizational goals
- 2012: 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
The marketing system
Two main marketing decisions
1. Segmentation – understanding consumers
2. Value differentiation – creating customer value
offering different things for different customers
, this course
Knowledge Clip 1.1 – Customer Experience Management
Customer experience management (According to Homburg, 2017)
What it is and how it is different from other marketing concepts
Grounded theory
o Integration of existing ideas (since ‘90s)
o Adding new insights and principles – 52 managers
How to excel in customer experience management
The Customer Experience (CX) Director: Leader who create business value (quicknotes) –
new buzz word. ‘customer experience is the new marketing’ (CEO)
Start:
From adding isolated events… or specific sensory experiences…
Now: … managing the entire brand experience in évery encounter
What is customer experience?
The evolvement of a person’s sensorial, affective, cognitive, relational, and behavioral
responses to a firm or brand by living through a journey of touchpoints along pre-
, purchase, purchase, and post-purchase situations and continually judging this journey
against response thresholds of co-occuring experiences in a person’s related
environment
Focus on:
o Full sensorial response (need) satisfaction
o Customer journey ‘product offering’
o Other experiences beyond own company alliances
Example Nespresso
- Stages that the company can control.
- Alliances: from coffee to entire coffee experience (you have to go beyond your own
company) look at the entire experience.
- It also includes home delivery by other companies (DHL) and the recycling of it (also
by another company).
- It also goes beyond different channels/platforms (blogs can write about your product).
CEM: Development of network-oriented value propositions (taking full journey into
account when creating the experience, not just focusing on one part)
Customer experience Management - How to succeed:
3 tiers
, Company ambidexterity: both responsive (look for what customers need) and proactive
(already look for what customers want in the future)
How does this relate to the market orientation concept? (Narver & Slater, 1990)
Cultural mindset
o Customer orientation
o Competitor orientation
o Cross-functional coordin.
Strategic direction (not included)
Firm capabilities
o Exploitative mindset (being very reactive)
How does this relate to the customer experience management? (Narver & Slater, 1990)
Cultural mindset
o Experiential response orientation
o Alliance orientation (collaboration!)
o Touchpoint journey orientation (also external!)
Strategic direction (added)
Firm capabilities
o Ambidexterity (i.e. also explorative)
However: reactive vs. proactive MO! (1998)
So, overall: in sum …
Marketing thought is context driven
But there is consistency as to the basic assumptions since the last ‘marketing concept’
o Customers (& environment) are starting point for company success
o Differentiation by superior (network) value delivery to compete with others
But many changes in the HOW: Marketing management
Knowledge Clip 1.2 – Network Paradigm (developments in marketing thinking)
Network paradigm by Achrol & Kotler (2012)
What is a paradigm (change)
What are the developments that invoke this paradigm change?
o Sub-phenomena
o Phenomena
o Super-phenomena
Paradigm= how we should change our thinking
The marketing system – recent changes
and also other stakeholders.
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