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Summary Principles of Marketing, Global Edition, ISBN: 9781292341132 International Marketing for IB

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Principles of Marketing

Exam summary for the course Marketing for IB, includes notes form lectures, tutorials and summary for each chapter relevant for the final exam and the midterm

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Geupload op 9 maart 2023
Aantal pagina's 41
Geschreven in 2022/2023
Type Samenvatting

marketing
marketing for ib
principles of marketing
exam summary
international business
kotler
summary
ib
p
armstrong g
isbn 9781292341132

Chapter 1: Marketing
Marketing: The process by which companies engage customers, build strong customer relationships, and
create customer value in order to capture value from customers in return.

International Marketing: The multinational process of planning and executing the conception, pricing,
promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and
organizational objectives.

The Marketing Model
In the first four steps, companies work to understand consumers, create customer value, and build strong
customer relationships. In the final step, companies reap the rewards of creating superior customer value.

By creating value for consumers, they in turn capture value from consumers in the form of sales, profits,
and long-term customer equity.

Understanding the Marketplace and Customer Needs
1. Customer Needs, Wants, and Demand
Needs: States of felt deprivation.
➔ Physical (food, clothing, warmth, safety)
➔ Social (belonging, affection)
➔ Individual (knowledge, self-expression)

Wants: The form human needs take as they are shaped by culture and individual personality.

Demands: Human wants that are backed by buying power.

2. Market Offerings - Products, Services, Experiences
Market offerings: Some combination of products, services, information, or experiences offered to a market
to satisfy a need or want.

Marketing myopia: The mistake of paying more attention to the specific products a company offers than to
the benefits and experiences produced by these products; They forget that a product is only a tool to solve
a consumer problem.

Smart marketers look beyond the attributes of the products and services they sell. By orchestrating several
services and products, they create brand experiences for consumers.

3. Customer Value and Satisfaction
Customers form expectations about the value and satisfaction that various market offerings will deliver and
buy accordingly.
➔ Satisfied customers buy again and tell others about their good experiences
➔ Dissatisfied customers often switch to competitors and disparage the product to others

,Marketers must be careful to set the right level of expectations.
➔ If they set expectations too low, they may satisfy those who buy but fail to attract enough buyers
➔ If they set expectations too high, buyers will be disappointed

4. Exchanges and Relationships
Exchange: The act of obtaining a desired object from someone by offering something in return.

Marketing consists of actions taken to create, maintain, and grow desirable exchange relationships with
target audiences involving a product, service, idea, or other object.

5. Markets
Market: The set of all actual and potential buyers of a product or service.
➔ Marketing means managing markets to bring about profitable customer relationships.

Designing a Customer Value - Driven Marketing Strategy and Plan
Marketing management: The art and science of choosing target markets and building profitable
relationships with them.

To design a winning marketing strategy, the marketing manager must answer two important questions:
What customers will we serve (what’s our target market)? and How can we serve these customers best
(what’s our value proposition)?

1. Selecting Customers to Serve
a. Dividing the market into market segmentations and selecting which segments it will go after
(target marketing)
b. Customer management and demand management
2. Choosing a Value Proposition
a. Differentiate and position itself in the marketplace
b. Brand’s value proposition: the set of benefits or values it promises to deliver to consumers
to satisfy their needs.
3. Marketing Management Orientations
a. Which concept or philosophy should guide these marketing strategies

Production concept: The idea that consumers will favor products that are available and highly affordable;
therefore, the organization should focus on improving production and distribution efficiency.

Product concept: The idea that consumers will favor products that offer the most quality, performance, and
features; therefore, the organization should devote its energy to making continuous product improvements.

Selling concept: The idea that consumers will not buy
enough of the firm’s products unless the firm
undertakes a large-scale selling and promotion effort.

Marketing concept: A philosophy in which achieving
organizational goals depends on knowing the needs
and wants of target markets and delivering the desired
satisfactions better than competitors do.

,Societal marketing concept: The idea that a company’s marketing decisions should consider consumers’
wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests.

Preparing an Integrated Marketing Plan and Program
Marketing mix: the set of marketing tools the firm uses to implement its marketing strategy, that work
together to engage customers, satisfy customer needs, and build customer relationships.

Four Ps:
1. Product: create a need-satisfying market offering
2. Price: decide how much it will charge for the offering
3. Place: how it will make the offering available to target consumers
4. Promotion: engage target consumers, communicate about the offering, and persuade consumers of
the offer’s merits

Managing Customer Relationship and Capturing Customer Value
Customer relationship management: The overall process of building and maintaining profitable customer
relationships by delivering superior customer value and satisfaction.

Customer-perceived value: The customer’s evaluation of the difference between all the benefits and all
the costs of a marketing offer relative to those of competing offers.

Customer satisfaction: The extent to which a product’s perceived performance matches a buyer’s
expectations.

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.

Partner relationship management: Working closely with partners in other company departments and
outside the company to jointly bring greater value to customers.

Capturing Value from Customers:
Customer-centric metrics: Customer Lifetime Value (CLV), Share of the customer, Customer Equity

1. Customer lifetime value: The value of the entire stream of purchases a customer makes over a
lifetime of patronage.

2. Share of customer: The portion of the customer’s purchasing that a company gets in its product
categories.

3. Customer equity: The total combined customer lifetime values of all of the company’s customers.

, Building a relationship with the right customer:
Strangers: show low potential profitability and little projected loyalty; There is little fit between the
company’s offerings and their needs. The relationship management strategy for these customers is simple:
Don’t invest anything in them; make money on every
transaction.

Butterflies: are potentially profitable but not loyal. There is
a good fit between the company’s offerings and their needs.
Enjoy them for only a short while and then they’re gone.

True friends: both profitable and loyal. There is a strong fit
between their needs and the company’s offerings. The firm
wants to make continuous relationship investments to
delight these customers and engage, nurture, retain, and
grow them.

Barnacles: are highly loyal but not very profitable. There is
a limited fit between their needs and the company’s
offerings.
➔ The most problematic customers

The Changing Marketing Landscape
Digital and social media marketing: Using digital marketing tools such as websites, social media, mobile
apps and ads, online video, email, and blogs to engage consumers anywhere, at any time, via their digital
devices.

Online social media marketing: provide a digital home where people can connect and share important
information and moments in their lives. As a result, they offer an ideal platform for real-time marketing, by
which marketers can engage consumers in the moment by linking brands to important trending topics,
real-world events, causes, personal occasions, or other important happenings in consumers’ lives.

Mobile Marketing: the fastest-growing digital marketing platform. Smartphones are ever present, always
on, finely targeted, and highly personal. This makes them ideal for engaging customers anytime, anywhere
as they move through the buying process.

● The Changing Economic Environment
● The Growth of Not-for-Profit Marketing
● Rapid Globalization
● Sustainable Marketing - The Call for More Environmental and Social Responsibility

How to grow abroad?
● Ethnocentric (home)
● Polycentric (host)
● Regiocentric (regions)
● Geocentric (global)

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