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Marketing Summary Chapters 1-14 (Year 1 & 2)
- Instelling
- Hogeschool Zuyd (HZ)
An extensive summary of chapters 1-14. This summary can be used for the exams in both year 1 and 2.
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CORNELL NOTES Name: Janique GommansSHEET Class: E1FSA Topic: Marketing Chapter 1 and 2
Date: 17/04/2017
Period: Block 3
KEYWORDS NOTES
The meaning of marketing:
Selling and marketing -Selling: trying to get rid of what you have on the shelves.
-Marketing: making sure you have the right products on the shelves.
Marketing definition -Definition of marketing: Marketing is the process of developing,
pricing, promoting and distributing products, services or ideas that are
tailored to the market. It includes all other activities that create value
and systematically lead to increased sales or another desired
response, establish a good reputation and ongoing relationships with
customers, so that all stakeholders achieve their objectives.
History -History of marketing: it began with product oriented, in the early 90s.
Around 1950, it became selling oriented, after that marketing oriented,
and since 2000, it has been relationship marketing.
The 4P’s, The Marketing Mix:
Product, price, place -Product: Goods, services or ideas that meet the wants and needs of
and promotion the customer. Other factors that determine which brand a person
buys: warranty, packaging, brand image, product range and customer
service.
-Price: The amount of money exchanged for a product or service.
Price strategy includes: manufacturing costs, prices charged by
competitors and increase or reduction will affect the demand.
-Place: Or in other words, distribution: how the company gets its
product into the buyer’s hands. Distribution strategy: which distribution
channels and intermediaries (the wholesale and retail trade), number
of sales outlets, necessary stock levels and best forms of
transportation (physical distribution).
-Promotion: The supplier’s activities to communicate with the market
and to promote sales. Promotion or marketing communication
includes: ads, sponsorship, sales promotion, direct marketing and free
publicity. Developing a promotional strategy requires various
decisions: communication objectives, advertising budget and selecting
, the best combination of promotional instruments and media.
The 3 R’s:
Relationship, reputation -Relationship: Ongoing interaction with the customer eventually
and response creates a certain loyalty. To create a bond with their customers, firms
try to expand and deepen their communication with their customer.
For instance, if you are able to discuss many different topics with your
hair dresser, it is far more difficult to break off your relationship with
him.
-Reputation: An organization develops a certain reputation, the image
that buyers have of the organization and its products or brands.
Appreciation is the basis for a good reputation and creates the climate
for a good relationship between the two parties.
-Response: Ultimately the company tries to get consumers to respond
to a marketing offer. The response usually comes after the company
has established a good reputation and relationship.
Macromarketing:
Macro -When it comes to macromarketing, we are primarily interested in the
system that a society has developed to arrange the exchange of
goods and services.
Mesomarketing:
Meso -Mesomarketing occurs at a level that is between macro and
micromarketing. Supply chain: the series of persons and
organisations, from the original manufacturer to the consumer,
involved in the production, distribution and consumption of products
and services. If these individuals and organisations in the supply chain
organize marketing activities, they do so at the level of
mesomarketing. Definition of mesomarketing: mesomarketing is
generally confined to a certain sector of society. Mesomarketing are
all activities developed by several collaborating organisations within a
supply chain or sector to meet their shared marketing objectives.
Micromarketing:
Micro -The focus of micromarketing is the individual firm. Marketing
management is the analysis, planning, implementation and constant
evaluation of all activities designed to ensure that the products and
services produced and provided by an organization are tailored to
meet the needs and wants of potential customers.
-A long term strategy is designed for 2-5 years. A short term strategy
, is designed for 1 year.
Mission:
Mission statements -The mission statement spells out the company’s strategic vision,
including its corporate philosophy, the overall goals, top management
values and priorities, and the strategies it pursues. A mission
statement is the formal description of an organization’s mission. It
should describe the company’s strengths, core competencies and the
technologies it should master in order to successfully compete in
meeting customer needs. Core competencies are capabilities that
customers value and competitors find hard to duplicate.
-Functions: A mission statement has an external function and an
internal function. The external function is to emphasize the distinctive
features of the company. It describes the company’s nature, what it
does and what it stands for. Internally the mission statement’s function
is to motivate the employees and to get them to reflect on the strategy.
The mission statement should not be described too broadly or too
narrowly.
SWOT Analysis:
SWOT analysis -A feasible plan must be based on an analysis of the company’s
Strengths and strengths, weaknesses, opportunities and threats in the environment.
weaknesses The internal and external analysis together are known as the situation
analysis.
Internal and external -Internal Analysis: it addresses the factors that the company can
analysis influence itself in the long term. These controllable factors include
resources needed to achieve the company’s objectives, such as the
capital required for investments, the production technology etc. The
internal analysis should provide insight on the company’s strengths
and weaknesses.
External Analysis: the marketing environment consists of external
variables that the company is unable to influence, the so-called non-
controllable factors. External analysis will help to determine the extent
to which certain trends represent opportunities or threats, and to
identify those which are irrelevant for the company. This analysis
could influence the decision to enter or avoid certain markets. An
opportunity is a trend or incident that may lead to an increase of sales
or profit. A threat is a trend or incident that may result in a sales or
, profit reduction.
-Situation Analysis: We can now link the internal and external analysis
by combining them in a situation analysis or SWOT analysis, which is
a widely used tool for conducting or presenting a situation analysis.
SMART Objectives:
SMART objectives -What does SMART stand for: Specific, Measureable, Acceptable,
Realistic, Time Based. Example: Within two years we will have
increased the turnover of our brand Bertolli with 10%.
Strategy Development:
Strategy -In developing an effective competitive strategy a firm has to decide
how it intends to differ from other companies. To compete
successfully, it must be able to sustain this difference in the long run.
Differentiation: Offering a unique product, typically for a higher price.
Low- cost strategy: enabling the option of selling a similar product at a
lower price.
Boston Matrix -Tools:
Stars, cash cows, dogs Boston Matrix: Stars,
and question marks Cash cows, question
marks, dogs,
Four strategies Possible strategies:
-Build strategy: aggressive growth strategy, invest to increase market
share-> turn question mark into star.
-Hold strategy: try to maintain the position of a brand-> cash cows
-Harvest strategy: investments are kept to a minimum, maximize cash
flow->cash cow, question mark, dog.
-Divest strategy: stop by selling or liquidating SBU’s(strategic business
units) like dogs and question marks.
Ansoff matrix:
Ansoff matrix There are four possible routes for expansion:
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