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Summary Marketing - concepts and strategies (7th edition) for Radboud University

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Marketing

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Radboud Universiteit Nijmegen (RU)

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Marketing

Summary (english) of the book Marketing - concepts and strategies (7th edition) including the chapters covered in the lectures Marketing (april - june 2019) at Radboud University Nijmegen, including chapters: 1, 2, 3, 7, 8, 9, 11, 5, 6, 10, 12, 20, 16, 17, 19, 14, 15, 18, and 24.

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Heel boek samengevat? Nee
Wat is er van het boek samengevat? Chapters 1, 2, 3, 7, 8, 9, 11, 5, 6, 10, 12, 20, 16, 17, 19, 14, 15, 18, 24 (as discussed in the lec
Geupload op 28 mei 2019
Aantal pagina's 102
Geschreven in 2018/2019
Type Samenvatting

marketing
concepts and strategies
dibb
simkin
pride
ferrell
marketing course
blok 4
semester 4
april june 2019
2019
summary
samenvatting
ru
radboud universiteit nijmegen
radboud university nijmegen

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Marketing concepts and
strategies
Dibb, Simkin, Pride and Ferrell
7th edition

Content
Chapter 1 The Marketing Concept..........................................................................................................2
Chapter 2 Marketing Strategy and Understanding Competitors..........................................................10
Chapter 3 The Marketing Environment................................................................................................16
Chapter 5 Consumer Buying Behavior..................................................................................................23
Chapter 6 Business Markets and Business Buying Behavior.................................................................28
Chapter 7 Segmenting Markets............................................................................................................33
Chapter 8 Targeting and Positioning....................................................................................................37
Chapter 9 Marketing Research.............................................................................................................41
Chapter 10 Product Decisions...............................................................................................................46
Chapter 11 Branding and Packaging.....................................................................................................50
Chapter 12 Developing Products and Managing Product Portfolio......................................................57
Chapter 14 Marketing Channels...........................................................................................................64
Chapter 15 Channel Players and Physical Distribution.........................................................................69
Chapter 16 An Overview of Marketing Communications.....................................................................76
Chapter 17 Advertising, Public Relations and Sponsorship...................................................................79
Chapter 18 Sales Management, Sales Promotion, Direct Mail, Internet Digital and Direct Marketing.85
Chapter 19 Digital Marketing................................................................................................................90
Chapter 20 Pricing................................................................................................................................93
Chapter 24 Responsible Marketing....................................................................................................100

Page 1 of 102

,Chapter 1 The Marketing Concept
Primary aim of marketing: the identification of target markets and the satisfaction of these
customers, now and in the future.
Effective marketing involves an analytical process combining marketing analysis, strategizing and the
creation of marketing programs designed to implement a designated marketing strategy.
Marketing opportunity analysis: a pivotal analysis involving the determination of emerging and
existing market opportunities and the choice of which to address.

Marketeers must ensure their products are noticed but not at any cost.

Nowadays, marketing is responsible for:
- Understanding markets, developing market insights and being ‘eyes and ears’ for an
organization, in terms of identifying threats and opportunities, tracking competition, and
staying on top of changing customer expectations.
- Shaping an organization’s strategy in terms of the selection of which opportunities to pursue,
product portfolios to sustain, target market decisions and competitive positioning.
- Managing brands and creating compelling product value propositions intended to excite
customers, attract new ones, retain those already buying from the organization and make life
awkward for competitors.
- Managing customers’ experience in order to maximize revenue, retain lucrative customers
and combat competitors’ actions.

Marketing orientation: A marketing-oriented organization devotes resources to understanding the
needs and buying behavior of customers, competitors’ activities and strategies, and of market trends
and external forces – now and as they may shape up in the future; inter-functional coordination
ensures that the organization’s activities and capabilities are aligned to this marketing intelligence.

A marketing-orientation is of significant benefit to an organization as it facilitates a better
understanding of customers and helps a business to prepare for external market developments,
threats and opportunities.

Marketing has many definitions.
Marketing:
Individual and organizational activities that facilitate and expedite satisfying exchange relationships
in a dynamic environment, through the creation, distribution, promotion and pricing of goods,
services and ideas. (Dibb, Simkin, Pride and Ferrell in Marketing: concepts and strategies)

Marketing is a function and a set of processes for creating, communicating, and delivering value to
customers and for managing customer relationships in ways that benefit the organization and its
stakeholders.

The basic rationale of marketing is that successful organization requires satisfied and happy
customers who return to the organization to provide addition custom. It is an exchange process.

The satisfaction of a customer need takes place when a product has an acceptable level of quality,
reliability, customer service and support, is available at places convenient for the customer at the
‘right’ price and it promoted effectively by means of a clear message that is readily comprehended by
the customers in question.

Page 2 of 102

,Nowadays, there is no effective solution to satisfy customer needs that is fixed/will last due to the
dynamic world we live in. marketers must constantly assess their customers’ requirements and
competitors’ propositions, being able to modify their marketing activity accordingly.
Marketing is the management process responsible for identifying, anticipating and satisfying
customer requirements profitably.

Besides understanding the customers and anticipating their requirements, understanding the general
market trends and developments that may affect customers’ views need to be understood.
Marketing environment: external changing forces within the trading environment; laws, regulations,
political activities, societal pressures, economic conditions, and technological advances. E.g.
environmentally packaging now compared to 5 years ago.

An organization does not have a marketplace to itself. There is a competitive context. There are
competitors, new entrant rivals, and substitute products offering alternative solution to customers’
need.

Marketers must be aware of their organization’s capabilities. The internal resource base, which
drives the strengths and weaknesses, will determine which market opportunities are viable for the
organization to pursue.

Also, they must be aware of how the organization is succeeding and failing financially, their
performance, and thus which products and markets are worthwhile.

 Summary: Marketing depends on the successful analysis of customers, the marketing
environment, competition, internal capabilities and performance.

After these aspects of the market place are understood, the marketing strategy can be developed.
Each market segment (group of customers) may be offered a specifically tailored product/service
proposition and a ‘marketing mix’ program. It is important for the organization to identify which
particular groups of customers it has the ability to serve and which will provide satisfactory returns,
because organizations have limited resources restricting the number of market segments they can
serve.

Brand positioning: the process of deciding which market segment(s) to target and, thus, creating an
image it intends to offer to each group of customers.

Core elements of marketing strategy:
- Grouping customers into homogeneous market segments
- Determine which segments to target
- Select a suitable positioning
- Seek superiority over rivals
- And many more

The marketing concepts holds that the key to achieving organizational goals lies ibn determining the
needs and wants of target markets and delivering the desires satisfaction more efficiently and
effectively than the competition.

After the marketing strategy has been devised, attention must be paid to the marketing mix
programs.
Marketing mix programs: tactical actions of marketing departments, which are designed to
implement the desired marketing strategy by attracting, engaging and continuing to serve targeted
customers. The tactical elements of the marketing mix (i.e. product, place, price, promotion,

Page 3 of 102

, (people)) must be well managed, monitored and controlled to ensure their successful execution and
performance.

 Summary: the market consists of 1. Customer, 2. Competitors, and 3. Market trends.

 Summary: the marketing process = ASP
1. Analyze first
2. Strategy decisions
3. Marketing Programs formulation
 The goal is to provide customer satisfaction in a manner that leads to the organization’s
successful performance.

Basic priorities of marketing:
1. Satisfying customers
2. Identifying/maximizing marketing opportunities
3. Targeting the ‘right’ customer
4. Facilitating exchange relationships
5. Attracting and retaining rewarding customers
6. Staying ahead in dynamic environments
7. Endeavoring to beat and pre-empt competitors
8. Utilizing resources/assets effectively
9. Increasing market share
10. Enhancing profitability or income
11. Satisfying the organization’s stakeholders

Marketing is an organizational function and a set of processes for creating, communicating and
delivering value to customers and for managing customer relationships in ways that benefit the
organization and its stakeholders.

 Summary: marketing is a process of analysis to gain market insights, strategy decisions to
make choices, and the management of marketing programs in order to implement the
desired marketing strategy. If marketing is not seen this way, the benefits of a strong market-
led culture will not materialize.

Marketing activities can be performed by: producers, intermediaries (i.e. resellers), and sometimes
by the purchasers.

Marketing only includes those organizational and human activities aimed at facilitating and
expediting exchanges.

All types of organizations perform marketing activities: profit, not-for-profit, non-profit, and public
sector organizations.

Marketing Mix: 4 P’s
1. Product
2. Place (distribution)
3. Promotion (marketing communication)
4. Price
5. (People)

Exchange: the provision or transfer of goods, services and ideas in return for something of value.
For an exchange to take place, 4 conditions must exist:

Page 4 of 102

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