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Summary Marketing: Business Economics BA1- VUB
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This is a summary of the marketing course in the first bachelor Business Economics at the VUB. I got 15/20 with this summary.
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Summary: Principles of Marketing 18e Global Edition - Marketing (MAN-BCU2008)
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Business Economics- Bachelor 1: Marketing summaryMarketing: Creating customer value and -engagement
1. What is marketing?
Definition: Marketing is the process by which companies engage
customers, build strong customer relationships, and create
customer value in order to capture value from customers in return.
‘Value creation’ & ‘Value appropriation’ of Existing and new
customers ( acquiring new customers, retain existing costumers)
Empirical research has demonstrated that: Companies that use
strategic marketing planning, perform better financially
2. What is marketing not: Going against some common prejudices
Marketing isn’t the same as ‘Sales’. Not just selling but also satisfying the costumers needs
and looking for solutions
Marketing Sales
Focus on long-term satisfying of customer Focus on short-term satisfying of customer
needs needs
Based to a larger extent on customer input in Based to only a limited extent on customer
designing the offering (co-creation) input in designing the offering
Puts the focus on stimulating demand Rather than focusing on stimulating demand, it
tends to focus more on satisfying existing
demand
Marketing ≠ advertising -> advertising is only a form of marketing (promotion -> 1 of the 4
P’s).
4 P’s -> product (variety, quality, design, features, brand name,
services), promotion (advertising, personal selling, sales promotion,
public relations), price (list price, discounts, payment period, credit
terms), place ( channels, locations, inventory, transportation).
Marketing ≠ redundant in times of economic crisis -> don’t cut
marketing budget -> mistake during economic crisis. E.g. -> Heinz,
Tesco, Aldi – In pandemic lockdown 2020
Not only for products and ‘non profit’ organizations -> marketing is
used by governments, churches, museums, charities, universities, hospitals -> not just ‘profit’
as central goal ( generating awareness, acquiring volunteers, inform the people)
Marketing as ‘exchange’ is a 2 way diadic process. Exchange does not necessarily imply
merely paying a price (money). You can also pay in efforts, you can only create value if you
put an effort. Example -> the retailer gives goods and costumer service to the costumer and
the customer gives payment at retail price for goods.
Value can only be created by co-creation between supplier and consumer -> supplier can
provide ‘value proposition’. Offer only has value for consumer upon usage within the goal of
satisfying one’s needs/wants/demand.
Marketing ≠ only for profit Short-term customer wants vs. Long-term customer well-
being.
,3. The marketplace and customer needs
The marketing process
Aim of marketing is to know and understand the costumer so well that the products sells
itself.
Watch out for marketing myopia! → Look beyond product, to underlying customer needs.
Sellers pay more attention to the products they offer than to the benefits of this product.
Costumer Needs <-> wants <-> demand. Consumers have different needs/wants/demands.
What is valuable depends on consumer groups. Companies have limited resources and
cannot please all consumers and must select consumers to serve.
Wants = human needs shaped by
culture/personality. When backed by
buying power wants -> demands.
Market offering (services, products,
experiences) -> products, services,
persons, places, organizations,
information, ideas offered to a market to
satisfy a need or want of a consumer.
Consumers face a broad array of products to satisfy their given needs.
A market = all actual and potential buyers of a product/service.
Markets and the marketing system Each party in the system adds value, Arrows represent
relationships (with partners as well as with customers; external and internal) that must be
developed and managed to create customer value and profitable customer relationships.
4. A customer value-driven marketing strategy
Selecting customers to serve (= dividing markets into segments and selected which one’s
they want to serve to be profitable) , choosing a value proposition ( how to differentiate itself
in the market) , marketing management orientations (design strategies to engage target
costumers).
Marketing management = the art and science of choosing target markets and building
profitable relationships with them.
Marketing Management Orientations concepts under which organizations design and
carry out their marketing strategies to engage target customers and build profitable
relationships with them.
, 1) Production concept ( 1900 – production) products available and highly
affordable, improving production and distribution efficiency ( the more efficiency ->
more production). Demand > supply.
2) Product concept ( 1915 – quality) costumers favour Products with best quality,
performance, innovative features, Continuous product improvements
3) Selling concept ( 1930 – selling) large-scale selling and promotion.
4) Marketing concept ( 1960 – need) organizational goals depends on knowing
needs and wants of target markets and delivering satisfaction better than
competitors.
5) Societal marketing concept (1975 - environment) Short-term customer wants vs.
Long-term customer well-being deliver value to consumers in a way that
maintains/improves consumers wellbeing.
5. An integrated marketing plan
From marketing strategy to action ( how can I
implement my strategy).
The marketing mix -> product, price, promotion,
price.
Designing the marketing mix (4Ps) bearing in mind 4Cs they represent
6. Engaging customer and managing customer relationships
Customer relationship management (CRM) -> the overall process of building and
maintaining profitable customer relationships by delivering superior customer value and
satisfaction.
Data -> knowing your customer
Relevant targeting (person- and/ or location, time-adapted).
Loyalty programs (financial structural, community-linked basis)
Customer-perceived value -> the customer’s evaluation of the difference between all the
benefits and all the costs of a market offering relative to those of competitive offerings
Customer satisfaction -> good CRM creates customer satisfaction -> satisfied consumers
stay loyal. The extent to which a product’s perceived performance matches a buyer’s
expectations. Setting the exceptions right, do not overpromise!
Expectancy (dis)confirmation theory: P = E (performance = expectancy) -> consumer
satisfied (loyalty) , P > E -> consumer highly satisfied. , P < E -> consumer
dissatisfied (drop in loyalty)
Marketers must careful set the right level of expectations. If they set expectations
too low -> fail to attract enough costumers. Too high -> buyers disappointed.
7. Customer engagement
Marketing evolved from transaction- to relationship-orientation.
Customer relationship management = more than stimulating (repeat) purchases
Customer engagement marketing = making the brand a meaningful part of consumers’
conversations and lives by fostering direct and continuous customer involvement in shaping
brand conversations, experiences, and community
Consumer-generated marketing = brand exchanges created by consumers themselves – both
invited and uninvited – by which consumers are playing an increasing role in shaping their
own brand experiences and those of other consumers.
8. Capturing value from customers
, Customer lifetime value = the value of the entire stream of purchases a customer makes
over a lifetime of patronage
Customer equity = the total combined customer lifetime values of all the company’s current
and potential customers. The more loyal the firm’s profitable customers -> higher the
customer equity.
Customer Relationship Groups Cost of customer acquisition >>> Cost of customer
retention, Within group of existing customers: diverse degree of profitability of the
relationship.
9. The changing marketing landscape
Digital age growth in digital technology -> changed way we live, communicate, share info,
… -> internet of Things (IoT -> everything and everyone is digitally connected).
Digital social media marketing -> use of digital marketing tools as websites, media,
apps, email to engage consumers anywhere, anytime. Company reaches out to
customers with multiple websites, fb pages, ….
Social media provides opportunities to extend customer engagement. Ideal platform
for real-time marketing.
Dynamic environment
Artificial intelligence marketeers can use Al to analyse data at lightning speed and apply
insights to engage costumers in real time.
Sustainable marketing marketeers must develop sustainable marketing practices:
corporate ethics, social responsibility -> stricter demands on companies in the future. They
seek ways to profit by serving needs and long-run interest of customers/communities.
Marketing: Marketing Strategy & Marketing Environment
1. Company-wide strategic planning: Defining marketing’s role
4 steps in strategic
planning:
Levels of planning:
Concern-/company
level e.g. Nestlé.
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