Everything you need to know for the marketing exam. You really don't want to read 907 pages, I would know haha... Also, don't worry about that I might have left out something important out because I didn't. Literally, everything you have to know is in there. Only thing I didn't summarize is the ar...
Table of Contents
Week 1 – The Role of Marketing in Society .............................................................. 2
Chapter 1: Marketing and the Organization .......................................................................2
Chapter 3: Sustainable Marketing and Society ..................................................................9
Week 2 – From Customer Segments to Positioning ............................................... 19
Chapter 4: Customer Behavior....................................................................................... 19
Chapter 5: Value Through Relationships ......................................................................... 31
Chapter 7: Marketing Segmentation and Positioning ........................................................ 38
Week 3 – Marketing Strategy ................................................................................. 48
Chapter 2: The Marketing Environment ........................................................................... 48
Chapter 17: Marketing Strategy & Planning ...................................................................... 58
Chapter 18: Analyzing Competitors and Creating a Competitive Advantage........................ 66
Chapter 20: Global Marketing Strategy............................................................................ 77
Week 4 – Products and Services ........................................................................... 85
Chapter 8: Value Through Brands ................................................................................... 85
Chapter 10: Value Trough Innovation .............................................................................. 93
Chapter 11: Value Through Service ................................................................................. 99
Chapter 19: Product Strategy: Lifecycle, Portfolio, and Growth ........................................ 107
Week 5 – Pricing and Place ................................................................................. 116
Chapter 9: Value Through Pricing ................................................................................. 116
Chapter 16: Place: Distribution, Channel Management, and Retailing ............................. 125
Week 6 - Promotion ............................................................................................ 134
Chapter 12: Introduction to Marketing Communications ................................................ 134
Chapter 13: The Marketing Communications Mix: Mass Communications ....................... 142
Chapter 15: Direct Marketing, Social Media, and Direct Messaging .................................. 154
Week 7 – Digital Marketing ................................................................................. 166
Chapter 6: Digital Marketing Analytics and Customer Insights......................................... 166
Chapter 14: Digital Marketing and Media ....................................................................... 173
1
,Week 1 – The Role of Marketing in Society
Chapter 1: Marketing and the Organization
Over time customers’ needs and wants change and, as a result, marketing practices also
change to reflect and accommodate new customers’ demands.
Four P’s in marketing mix:
- Product
- Price
- Promotion
- Place
1.1 What is Marketing?
Sometimes marketing gets bad press, but the essence of marketing is value creation, not
trickery. Marketing is a form of exchange, which is the act or process of receiving
something and giving something in return.
Peter Drucker (1999): “Because the purpose of business is to create and keep customers,
it has only two central functions—marketing and innovation. The basic function of
marketing is to attract and retain customers at a profit.”
What can we learn from this?:
Marketing in a central role for business success
Purpose of marketing is not to chase any customers at any price.
Investment required to attract new customers greater than the amount needed to
retain existing ones.
Most markets are characterized by strong competition. Also understand what
competitors provide.
Consider how the practices of marketing are applied by organizations in dynamic
and changing marketplaces.
1.1.1 The Marketing concept
Traditional view of marketing: based on the premise that companies achieve their profit
and other objectives by satisfying customers.
Modern view: also consider another fundamental aspect: competition. To achieve
success, companies need to satisfy customers but also do better than the competition
in order to grow and thrive.
Marketing concept: The achievement of corporate goals through meeting and exceeding
customer needs better than the competition.
Three conditions should be met:
1. Customer orientation: company activities should be focused on providing
customer satisfaction.
2
, 2. Integrated effort: all staff accept the responsibility for creating customer
satisfaction.
3. Goal Achievement: The belief that corporate goals can be achieved through
customer satisfaction.
1.2 Adopting a Market Orientation in a Changing World
Market orientation: companies with a market orientation focus on customer needs as
the primary drivers of organizational performance.
Companies succeed when adopting this.
Changing needs present potential market opportunities to drive a company
forwards.
Companies seek to adapt their product/service offerings to the demand of current
and latent markets.
Production orientation: inward-looking stance. Focus on the internal aspects of their
business. Management becomes cost focused and want to attain economies of scale by
producing a limited range of products to minimize costs (for its own sake).
Purpose of the organization organized around the manufacture of products and
aggressive selling to customers, rather than focusing on delivering value and
customer satisfaction.
There is a shift towards digital marketing so that changes the focus of application of
marketing, but the core principles are enduring:
Search for latent markets: can be a challenge for well-developed economies, but
it has given rise to new market opportunities.
Customer focused: use customer data for highly targeted messages and their
insights to sell advertising.
Integrated effort: Firms should plan how to extend their integrated efforts across
multiple touchpoints that customers encounter.
Goal achievement: tension between sales and marketing in relation to strategic
decision-making. Analysis systems can identify trends, so marketers are being
challenged to prove the benefits of marketing efforts.
3
, 1.2.1 Marketing and performance
Marketing is not an abstract concept; it has an effect on key corporate indices such as
profitability and market share.
Many research studies confirm a positive relation between market orientation and
business performance on sales growth, market share, and profitability.
Market orientation leads to:
Higher business performance, better customer consequences, better innovative
consequences, and beneficial employee consequences.
1.3 Understanding Market-driven Businesses
Key differences market- and product focus:
Marketing mix: A framework for the tactical management of the customer relationship,
including product, place, price, promotion.
Service mix: extended framework of tactical management processes focuses on service
delivery. Process, people, and physical evidence.
4
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