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Summary of all the Marketing 1 lectures

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Marketing I (E_EBE1_MRKT1)

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Vrije Universiteit Amsterdam (VU)

This is an comprehensive summary of all the lectures for the course Marketing 1 at the Vrije Universiteit for EBE students. Besides the lecture slides, I also included all my lecture notes

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marketing

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Week 1.1: Introduction (CH.1)
L1: Define marketing and outline the steps in the marketing process
Marketing = an organizational function and a set of processes for creating, communicating
and delivering value to customers and for managing customer relationships in ways that
benefit the organization and its stakeholders
- Marketing focuses on the 4P’s: product, place, price, promotion
- Marketing process = a process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in
return.

L2: Explain the importance of understanding the customers and the market place
and identify the five core marketplace concepts
Concept 1: Needs, wants and demands
Needs = states of felt deprivation

MASLOW’S HIERARCHY OF NEEDS

Wants = needs that are shaped by culture/personality
Demand = wants that are backed by buying power

Concept 2: market offering
Market offering = combination of products, services and experiences offered to a market to
satisfy a need or want. It can be physical products, but also services – activities that are
essentially intangible

Concept 3: value and satisfaction
Value and satisfaction are the key building blocks for customer relationships

Concept 4: exchange
Exchange = the act of obtaining a desired object from someone by offering something in return.
Marketing consist of action trying to build an exchange relationship with an audience.

Concept 5: market
Market = the set of all actual and potential buyers of a product or service

Summary by Angela Tran for EBE Mentor students

,Marketing myopia = management’s failure to recognize the scope of its business. It’s the case
when the company does not know its competitors that well (e.g tesla)
To avoid marketing myopia companies must broadly define organizational goals, oriented
towards consumer needs, rather than products.

“There will always be need for some selling. But the aim of marketing is to make selling
superfluous. The aim of marketing is to know and understand the customer so well that the
product or service fits him and sells itself.

Focus on the need instead of the product itself
1. Drill: it is not that you are selling the drill, but you are selling holes, because that is what
the consumer truly needs when buying the drill
2. Disney ticket: people do not buy tickets to theme parks, they buy entertainment
3. Luxury products: people do not buy the “product”. They buy life-style and self-
expression, success and status, memories, hopes and dreams

Value proposition = the set of benefits or values it promises to deliver to customers to satisfy
their needs

L3: Identify the key elements of a customer-driven marketing strategy and
discuss the marketing management orientations that guide marketing strategy
Marketing management = the art and science of choosing target markets and building profitable
relationships with them

Start with the value proposition: “What makes your product different than the opponent?”

S.T.P (Segmentation – targeting – positioning)
- Dividing the market into customer segments (market segmentation)
- Deciding which customer segments the company will serve (target marketing)
- Deciding how the company can best serve the targeted audience (value proposition –
positioning – differentiation)

Marketing management orientation
1. Production concept = the idea that consumers will favor products that are available and
highly affordable and that the organization should therefore focus on improving
production and distribution efficiency. (volume maximizing, economies of scale)

2. Product concept = the idea that consumers will favor products that offer the most quality,
performance, and features and that the organization should therefore devote its energy
to making continuous product improvements. (increase the product specification)

3. Selling concept the idea that consumers will not buy enough of the firm’s product, unless
it undertakes a large-scale selling and promotion effort. (push the product)

4. Marketing concept = the idea that achieving organizational goals depends on knowing
the needs and wants of target markets and delivering the desired satisfactions better
than competitors do. It can be regarded as an “outside-in view”. (creating value)

Summary by Angela Tran for EBE Mentor students

, 5. Societal marketing concept = is the idea that a company’s marketing decisions should
consider consumer wants, the company’s requirements, consumers’ long-term interests
and society’s long-term interests. Companies should deliver value in a way that
maintains consumers and society’s well-being. (companies may educate the customer)

Marketing mix is comprised of a set of tools known as the four P’s
- Product: creating value
- Promotion: communicate value
- Place: delivering value
- Price: capturing value

Integrated marketing program = a comprehensive plan that outlines which customers it will
target and how it will create and deliver value. It contains the marketing mix.

L4: Discuss customer relationship management and identify strategies for
creating value for customers and capturing value from customers in return.
Customer relationship management = the overall process of building and maintaining profitable
customer relationships by delivering superior customer value and satisfaction
- Customer-managed relationships = marketing relationships in which customers,
empowered by today’s new digital technologies, interact with companies and with each
other to shape their relationships with brands.
- Consumer-generated marketing = brand exchanges created by consumers themselves,
by which consumers are playing an increasing role in shaping their own brand
experiences and those of other consumers.

Relationship building blocks
Customer-perceived value = the difference between all the benefit and the costs (time and
effort) of a marketing offer
- Customer satisfaction = the extent to which perceived performance matches a buyer’s
expectations. If expectation and actual value = same à loyalty
o Customer delight = can be achieved by delivering more than promised

Customer lifetime value (CLV) = the value of the entire stream of purchases that the customer
would make over a lifetime of patronage. Companies must aim high in building customer
relations, to make sure that customers are coming back.
- Retention rate: the rate of seeing your customer back or not. (100% means that they
come back). The rate depends on customer satisfaction

Customer equity (CE) = the total combined customer lifetime values of all the company’s
customers
Different types of customers require different engagement and relationship strategies

Summary by Angela Tran for EBE Mentor students

, ENGAGEMENT AND RELATIONSHIP TYPES

Week 1.2: Company and marketing strategy (CH.2)
L1: Explain company-wide strategic planning and its four steps
Strategy = how you will do it and the logical argument that makes it workable (e.g everyday low
price, if you want to sell a lot of products)
VS.
Tactics = the group of actions you will take to fulfill the strategy and succeed (e.g. how you
would maintain the low prices)

Strategic planning = the process of developing and maintaining a strategic fit between the
organization’s goals and capabilities, and its changing marketing opportunities.
- Defining the company mission à setting company objectives and goals à designing the
business portfolio à planning marketing and other functional strategies

Mission statement = the organization’s purpose or goal; what it wants to accomplish in the
larger environment. The mission leads to a hierarchy of goals
- Market oriented: consumer focused, start with the need of the consumer
- Product oriented: emphasize the selling of the product

A mission statement should:
- Be market oriented
- Be meaningful and specific
- Be motivating
- Emphasize the company’s strengths
- Contain specific workable guidelines
- Not be stated as making sales or profit

Four steps of strategic planning
1. What is our business?
2. Who is the customer?
3. What do consumers value?
4. What should our business be?

Summary by Angela Tran for EBE Mentor students

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