Marketing summary of the book: Principles of Marketing by Philip Kotler and Gary Armstrong. This summary contains the following chapters: 1, 2, 3, 7, 8, 9, 14, 17, 18 and 19. Got myself a 8,2 on the Resit. Goodluck studying.
Principles of Marketing
Chapter 1. About Marketing
Creati ng Customer value and engagement
It is not just about selling:
You need:
- Engaging customers
- Understanding customer needs
- Satisfying customer wants
- Developing
customer
demands
- Building
customer
relationships
Marketing – the
process by which
companies engage Designing a
Engage customers
customers, build strategy
Customer needs Value driven Integrated Profitable
strong customer and wants relationships
Customer driven Delivers value
relationships and Customer
create customer value delight
in order to capture
value from customers Understanding the Marketing
in return. market place programme
The marketing process
consists out of 5 steps:
This all will form the FINAL STEP: Capture value from customers to create profit and customer equity
The aim of marketing is to make selling unnecessary
The goal is to make a product part of daily life, and have a personal connection with a product.
Consumer connection
Marketing promise
why do you choose that brand?
Why do you buy that?
Create a connection with you costumer
Customer connection
Multichannel marketing: communicate with your costumers
true different
Marketing drivers
Create value
Marketing process
Consumer insights
Getting a deeper understanding of your
customers’ needs
“Customer insight refers to having a deep
understanding of your customers, their
behaviors, their preferences and even their
needs. By analyzing the wealth of data you
have about your customers – you can
,communicate with them in a highly personalized way and consistently provide them with added
value that leads to strong loyalty and long-term relationships.”
Consumer understanding: the understanding of consumer behavior, attitudes and beliefs in
conjunction with the decision-making process regarding their brand choice and usage behavior. You
wil come to a…
Consumer insights: derived from consumer understanding, consumer insights are insights into
brand/ product performance in term of meanings and values for consumers, identifying
differentiating values for consumers.
Value creation: turning consumer insights into ideas for new consumer solutions, with competitive
advantages, resulting in profitable growth and, ultimately into value creation for the brand.
Customer needs – states of felt deprivation. Lots of
levels, Piramide of maslow On what de consumer
needs you can develop a curtain product
Not only talk about internal goals but also look at
the external goals
Customer wants – the form human needs take as
they are shaped by culture and individual
personality. People are different in there need and
so also in what they want
We a have needs but or want can be different, like
in going on vacation some like chill and some like
active.
Marketing needs
Include basic physical needs for clothing warmth and safety, the needs are always chancing in time.
Consumer Demands – what the costumer wants and how do they want it - human wants that are
backed by buying power
Marketing system – How your company can connect with the consumers.
Customer value strategy
Create a customer
relationship
In value proposition the
brand, experiences and
product come together
, If costumer have a positive feedback to the brand, experience and product the costumer create
value to the company.
What is the competition doing? How do you differentiate yourself? And make people want to buy
your brand.
Marketing
orientation
Within you
have
different
concepts
Marketing VS
selling
concept
Marketing is about keeping contact and building
relationships
Societal marketing concept
Is about consumer needs but also about society
You have company’s what to make profits
Consumers how would like satisfaction
And society what is al about human welfare
More bands are focusing on how can i interact
met society and how can I make sure that
society also part of my marketing strategy.
The marketing landscape is changing a lot
Kotler major developments: Digital,
globalization, non-profit, sustainability
Digital age;
Explosive growth digital technology: fundamental societal changes:
- Living
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