A short summary of a few chapters of marketing fundamentals. Is useful for the 1st year test of the NHTV in online marketing and communication.
summary concludes the following:
- Chapter 1 (page 7 – 37)
- Chapter 2 (2.1, 2.7, 2.8)
- Chapter 6 ( 6.1, 6.2, 6.3)
- Chapter 7 (7.1)
- Chapter 12 ( 12....
Marketing fundamentals summary
CH.1
Difference between marketing and selling is that people can choose products nowadays, marketing
builds the bridge between consumption and production.
Marketing mix: all the factors concerning the marketing of a product: existing out of four P’s
Product
Price
Place
Promotion
The extended 7 Ps:
People – All companies are reliant on the people who run them from front line Sales staff to
the Managing Director. Having the right people is essential because they are as much a part
of your business offering as the products/services you are offering.
Processes –The delivery of your service is usually done with the customer present so how the
service is delivered is once again part of what the consumer is paying for.
Physical Evidence – Almost all services include some physical elements even if the bulk of
what the consumer is paying for is intangible. For example a hair salon would provide their
client with a completed hairdo and an insurance company would give their customers some
form of printed material. Even if the material is not physically printed (in the case of PDFs)
they are still receiving a “physical product” by this definition.
New marketing mix is siva solution information value access
Consumer cost convenience communication
Batering: old fashioned ‘ruilhandel’ Macromarketing: system of how the society looks at
goods
Mesomarketing: between micromarketing and macromarketing analyzed in a supply chain.
Micromarketing: focuses on the individual firm
Production concept: high production so the product is cheap and bound to sell
After that came the product concept of improving quality.
Buyers’ market: when supply exceeds demand
More than ever companies are focused on market orientation, they not only consider customers but
also intermediaries and competitors. Identify the customer’s needs> arrange finance>produce the
product> market the product>relationship marketing and feedback.
Then you also have a selling orientation that focuses more on inward, selling, broad public.
Relationship marketing is a fairly new concept of firms focusing good customer and supplier
relationships. Opposite is transactional marketing which focuses on new customers.
,The marketing concept:
- Customer satisfaction
- Integrated approach
- Broad business definition
- Competitive analysis
- Marketing research
- Emphasis on profit contribution
The intergraded approach exists out of better cooperation between different departments so the
focus can be on the customer rather than separate processes.
Profit contribution is focussed on profit rather than amount of sales
Demarketing: discourage a certain point in your company to encourage another one. E.g. phone
companies focussing on subscriptions rather than prepaid
The focus of the marketing should be on the three R’s
Response
Reputation
Relationship
Business-to-business b2b marketing: not only being customer orientated but also competitor
orientated.
Manufactures aim at retailers so they have a trade-marketing while retailers aim at customers having
a retail-marketing
Other applications of marketing are:
Services marketing
International marketing
Direct marketing
Database marketing
Demarketing
Internal marketing
Non-profit marketing (marketing with no end goal of having profit)
CH.2
2.1
Strategy development occurs in three levels within the company, in the top management they
develop a corporate plan, what is our mission what’s the best way to organise etc. After that comes
the middle management who sets up a business plan per unit. With questions such as, who do we
compete? What growth strategy are we pursuing? After that you have the functional level that makes
operational plans for implementing tactics. They ask questions such as what do our customers value?
How do we support the business level strategy.
SBU: strategic business units
Four cornerstones of marketing management are:
Brand image
Quality
, Innovation
Ongoing customer relation ship
The market planning and management process is build up out of 4 segments
Analysis
Planning
Implementation
Control
2.7 Theory on writing a market plan
Marketing plan: a detailed and complex context and scope of how an organisation organises it’s
marketing efforts. It is essential for the following:
- Assess the feasibility of set marketing objectives
- Enumerate different tasks
- To see what resources are needed
- To serve as a standard
The layout of a marketing plan always must be easy to read and clear. These are the following
elements that could be a core part of a marketing plan, but of course the plan still depends on the
company itself.
- Appendices
- Implementation, budgets and control
- Marketing programmes
- Marketing strategy
- Marketing objectives
- Strategic options
- Business strategy and objectives
- Situation and SWOT analysis
- Introduction
- Table of contents
- Executive summary basic layout
- Title page
Not predetermine structure, so study the basic idea but not literal.
SWOT analysis: information gathered in four components: strengths, weakness, opportunities and
treats.
Objectives must be SMART (specific, measurable, achievable, relevant and time bound)
Contingency plan: an alternative to the primary marketing plan, deals with unforeseen events.
When does a marketing plan suck? If they use the same one as the year before or is the customers’
needs are an afterthought.
Four “ingredients” of a marketing plan:
- Activities
- Outcome
- Vision
- Analysis
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