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Marketing Summary UvA BA Year 2
- Instelling
- Universiteit Van Amsterdam (UvA)
Summary of chapters 1-18
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CHAPTER 1Four broad components characterizing holistic marketing:
A. Relationship Marketing
Relationship marketing aims to build mutually satisfying long-term
relationships with key constituents in order to earn and retain their business. Four
key constituents for relationship marketing are customers, employees, marketing
partners (channels, suppliers, distributors, dealers, agencies), and members of the
financial community (shareholders, investors, analysts).
The ultimate outcome of a relationship marketing is a unique company asset
called a marketing network, consisting of the company and its supporting
stakeholders -customers, employees, suppliers, distributors- with whom it has built
mutually profitable business relationships.
operating principle= build an effective network of relationships with key
stakeholders, and profits will follow.
B. Integrated Marketing
Integrated marketing occurs when the marketer devises activities and
programs to create, communicate and deliver value for consumer such that "the
whole is greater than the sum of its parts."
Key themes:
- many different marketing activities can create, communicate, and deliver
value;
- marketers should design and implement each marketing activity with all
other activities in mind.
C. Internal Marketing
Integrated marketing, is the task of hiring, training, and motivating able
employees who want to serve customers well. Marketing activities within the firm
can be as important as, those directed outside the company.
D. Performance Marketing
Performance marketing, requires understanding the financial and
nonfinancial returns to business and society from marketing activities and
programs. Top marketers are increasingly going beyond sales revenue to interpret
what is happening to market share, customer loss rate, customer satisfaction,
product quality, and other measures.
,UPDATING THE FOUR PS
McCarthy classified various marketing activities into marketing-mix tools of four broad
kinds, the four Ps of marketing: product, price, place, and promotion. These four needs
to be updates, they're not the whole story anymore.
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, People reflects internal marketing and the fact that employees are critical to
marketing success. Marketing will only be as good as the people inside the organization.
It also reflects that marketers must view consumers as people to understand their lives
more broadly and not just as shoppers who consume products and services.
Processes are all the creativity, discipline, and structure brought to marketing
management. Marketers must ensure that state-of-the-art marketing ideas and concepts
play an appropriate role in all they do, including creating mutually beneficial long-term
relationships and imaginatively generating insights and breakthrough products,
services, and marketing activities.
Programs are all the firm's consumer-directed activities. Regardless of whether they
are online or offline, traditional or nontraditional, these activities must be integrated
such that their whole is greater than the sum of their parts and they accomplish
multiple objectives for the firm.
Performance reflects, the range of possible outcome measures that have financial
and nonfinancial implications (profitability as well as brand and customer equity) and
implications beyond the company itself (social responsibility, legal, ethical, and
community related).
MARKETING MANAGEMENT TASKS
With these concepts in place, we can identify a specific set of tasks that make up
successful marketing management and marketing leadership;
Developing and implementing marketing strategies and plans. The first
task is to identify and plan for the organization's potential long-run
opportunities, given its market experience and core competencies. (CH2)
Capturing marketing insights. Each organization should closely monitor its
marketing environment, continually assess market potential, and forecast
demand. (CH3)
Connecting with customers. Management must decide how to best create
value for the firm's chosen target markets and how to develop strong, profitable,
long-term relationships with customers (CH4+5)
Building strong brands. The organization must divide the market into major
market segments, evaluate each one, and target those it can best serve. (CH6) It
needs to craft a brand positioning and plan to compete effectively (CH7). It
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, should also understand how customers perceive its brands and plan for growth
(CH8).
Creating value. The firm's tangible offering to the market which includes the
product quality, design, features, packaging (CH9). CH10 looks at how firms can
design and market services, CH11 examines critical marketing decisions related
to pricing.
Delivering value. CH12 discusses channel activities needed to make the
product accessible and available to customers. CH13 explores the marketing
decisions made by retailers, wholesalers, and physical distribution firms.
Communicating value. Each marketer needs to communicate to the target
market the value embodied by its offerings. This requires an integrated
marketing program that maximizes the individual and collective contribution of
all communication activities, as shown in CH14. CH15 examines mass
communications such as advertising, sales promotion, events, and public
relations, while CH16 discusses online, social media, and mobile options for
reaching consumers. CH17 looks at personal communications such as direct and
database marketing as well as personal selling.
Managing the marketing organization for long term success. The marketing
strategy should consider changing global opportunities and challenges as well as
social responsibility and ethics. Management must also establish an appropriate
marketing organization. (CH18)
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