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Lecture notes marketing UVA 2023
All notes of the lectures from the course marketing, 6012B0420Y. Clear and structured summary of the lectures which makes them easy and clear to learn for the exam.
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Marketing lecturesLecture 1
Marketing process in five steps:
Understand the Design a Construct a Build profitable Capture value
marketplace customer-driven programme/mix relationships from customers
and customer marketing that delivers and create to create
needs and strategy (STP) superior value (4 customer delight profits and
wants P’s) customer
equity
Creating value Capturing
value
AMA: American marketing association, makes up definitions and more about
marketing.
Marketing definition: marketing is the activity, set of institutions and processes
for creating, communicating, delivering, and exchanging offerings that have value
for customers, clients, partners, and society at large.
Understanding the marketplace and the customer
Marketing management philosophies and orientations:
Production concept à production and distribution efficiency
Product concept à continuous product improvement
Selling concept à transactions, not relations
Marketing concept à customer focus, understanding needs and wants.
Holistic marketing concept à everything matters in marketing.
,Holistic or societal marketing concept:
Everything matters in marketing à requires a broad, integrated perspective.
- Internal marketing: marketing department, senior management, other
departments
- Intergraded marketing: communications, products and services, channels
- Performance marketing: sales revenue, brand and customer equity, ethics
(people, planet, profits), environment, legal, community
- Relationship marketing: customers, channel, partners
Misconception 1: value is always created and captured by business.
Initiated by business (traditional marketing):
B2B: business to business
B2C: business to consumers
Initiated by consumer:
C2C: consumer to consumer (for example: etsy, Airbnb, Uber)
C2B: consumer to business (for example: selling solar energy)
Misconception 2: marketing always ends with the sale of products and services.
Linear economy: take à make à dispose.
Flows like a river (one way direction)
Ownership and liability for risks and waste pass to buyer at point of sale.
Efficient in overcoming scarcity: wasting resources in saturated markets.
Circular economy: make à use à recycle à again.
Flows like a like
New jobs through reprocessing of materials and goods, energy savings
Performance economy:
Selling goods as services (renting, leasing, sharing), product as a service
Ownerships remains with manufacturer.
,Marketing strategies and plans
- Corporal-level strategy: in what businesses do we want to be active, how
can we add value to our lines of business, how will entering new lines of
business help us to compete in our current ones.
- Business-level strategy: how can we achieve our objectives within this
particular line of business, both today and in the future?
Marketing plan:
- For individual products, lines, brands, channels and segments
- Core questions: what have we learned about the marketplace? How will we
reach our marketing objectives?
- Contents:
Mission statement: who are we now and what do we do?
- Anchored in the present.
- Often has an aspirational component to it.
- Reflects what the brand can and should achieve for consumers.
Vision: who do we want to be and what would we like to do?
- More explicitly lays out the desired future state of the brand and what it
could do and be.
- Inspirational and aspirational.
Purpose: what do we do to benefit the greater good? How do we want to make the
world a better place?
- Defined in terms of the broader reason for being and the greater value that
the brand can create, directly or indirectly for customers, employees and
society.
, - Provides personal sense of meaning that motivates and engages all within
the firm.
- Should be grounded in the strategy for the brand and aligned with the
mission and vision of the firm.
- Should have stronger strategic intent as to how it will better the world in a
way unique to the brand and how it functions in the marketplace.
Mission, vision, and purpose provide an invaluable guide – both internally and
externally – as to what a firm seeks to accomplish with a brand today and
tomorrow.
To define its mission, a company should address Peter Drucker’s classic questions
– good mission statements part 1:
- What is our business?
- Who is the customer?
- What is the value to the customers?
- What will our business be?
- What should our business be?
Good mission statement’s part 2:
- Limited number of goals.
- Stress major policies & values.
- Define competitive spheres.
- Take a long-term view.
- Short, memorable, meaningful.
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