Summary Principles of Marketing 17th Global Edition van Kotler. Be careful as it does not contain all the chapters of the book. I got very good grades with this summary so it is a good one!
Chapter 1 – Creating customer value and engagement
Marketing is the process by which companies engage customers, build strong customer
relationships, and create customer value in order to capture value from customers in
return.
Needs; the states of felt deprivation. - This includes physical needs as food, clothing etc.
Social needs for afection and belonging and individual needs for knowledge and self-
expression.
Wants; the form human wants take as they are shaped by culture and individual
personality. -- You need food but you want a Big Mac for example.
Demands; human wants that are backed by buying power.
Market oferrngs; some combination of products, services, information or experiences
ofered to a market to satisfy a need or want. - This also includes people, places and
ideas.
Marketrng myopra; the mistake of paying more attention to the specifc products a
company ofers than to the benefts and experiences produced by these products. -
Marketers can focus too had on existing wants and lose sight of underlying needs.
Exchange; the act of obtaining a desired object from someone by ofering something in
return.
Market; the set of all actual and potential buyers of a product or service. - These buyers
share a want or need that can be satisfed through exchange relationships.
Marketrng management; the art and science of choosing target markets and building
proftable relationships with them. - Marketers aim is to engage, keep and grow target
customers by creating, delivering and communicating superior customer value.
There are 5 concepts under which organizations design their marketing strategies;
1. The productron concept; this holds that consumers will favour products that are
available and highly afordable; therefore, the organization should focus on
improving production and distribution efciency.
This can be useful but can also lead to marketing myopia. Companies using this
orientation run a risk of focusing too narrowly on their own operations.
2. The product concept; this holds that consumers will favour products that ofer
the most in quality, performance, and features; therefore, the organization should
devote its energy to making continuous product improvements.
Product quality is important but only focussing on the products can also lead to
myopia. For example, people are not looking for a better version of something but
a whole other solution. The original product will not sell unless everything will be
made more attractively, and buyers get convinced that it is a better product.
3. The sellrng concept; this holds consumers will not buy enough of the frmms
products unless it undertakes a large-scale selling and promotion efort. This is
mostly about products that customers would not think of buying. Aggressive
selling is needed but a risk. It focusses on sales and not a long-term relationship.
, 4. The marketrng concept; holds that achieving organizational goals depends on
knowing the needs and wants of target markets and delivering the desired
satisfactions better than competitors do.
The diference between a selling concept and a marketing concept is that it selling
is focussed on short term customer relationships while marketing is focussed on
long term. Costumer-driven companies often do a lot of research to learn about
their desires, gather new ideas and test product improvements. This works when
costumers know what they want, if they donmt (what often the case is) then
costumer driving marketing is needed; knowing better what costumers need than
they do themselves.
5. Socretal marketrng concept; the idea that a companyms marketing decisions
should consider consumersm wants, the companyms requirements, consumersm long-
run interests, and societyms long-run interests.
This calls for sustainable marketing. It questions whether the marketing concept
overlooks the possible conficts between consumer short-term wants and long-run
welfare. A company should deliver in a way that maintains or improves both the
consumerms and societyms well-being.
Customer relatronshrp management; the overall process of building and maintaining
proftable customer relationships by delivering superior customer value and satisfaction.
Customer-percerved value; the customerms evaluation of the diference between all the
benefts and all the costs of a marketing ofer relative to those of competing ofers. - The
company where this is the highest, the customer buys from.
Customer satrsfactron; the extent to which a productms perceived performance
matches a buyerms expectations. - High satisfaction leads to loyalty. You achieve high
satisfaction by delivering more than what you promise.
Customer-engagement marketrng; making the brand a meaningful part of
consumersm conversations and lives by fostering direct and continuous customer
involvement in shaping brand conversations, experiences and community. - Customers
now connect with companies and with each other to help forge and share their own brand
experiences. The key to engagement marketing is to fnd ways to enter targeted
consumersm conversations with engagement and relevant brand messages.
Customer-generated marketrng; 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 customers. However, consumer
generated content can take a lot of time and it can also backfre because nowadays
consumers have so much control over social media. (Mcdonalds story).
Partner relatronshrp management; working closely with partners in other company
departments and outside the company to jointly bring greater value to customers. Rather
than each department going its own way, frms now must link all departments in the
cause of creating customer value. No matter what your job, you must understand
marketing. Marketing channels consist of distributors, retailers and others who connect
the company to its buyers. The supply chain is the chain from raw materials to fnal
products. Through supply chain management companies are strengthening their
connections with partners all along the chain. Success at customer value rests on the
success of the entire chain.
Customer lrfetrme value; the value of the entire stream of purchases a customer
makes over a lifetime of patronage.
Customer equrty; the total combined customer lifetime value of all of the companyms
customers. The more loyal customers a company has, the higher this is.
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