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  • 7 oktober 2024
  • 64
  • 2024/2025
  • Samenvatting
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Chapter 1: Marketing Principles and Practice


1. Define the marketing concept

Marketing is a social and managerial process by which individuals/groups obtain what they need and
want through creating and exchanging products and value with others.

In business context: To build and maintain profitable customer relationships with stakeholders

__________________________________________________________________________________

Difference between Customers and Consumers:
customer purchases/obtains an offering (uber/airbnb)
>< a consumer(user) uses it (or eats it, in the case of food)


Initiator: Initiates idea
Influencer: Influences
Decider: Ultimate buying decision
Buyer: Actual purchase
Payer: Pays
User: Consumes
Gatekeeper: Controls access
important to know these roles bc : for example women buy deo for men so they don’t like ads that
say itll attract women etc

__________________________________________________________________________________

Market orientation
= The organization-wide generation of market intelligence
pertaining to current and future customer needs,
dissemination of the intelligence across the departments,
and organization-wide responsiveness to it’
try to predict current+future underlying needs of consumers
= Organisation-wide belief in delivering customer value
Understanding consumer needs even better than consumers themselves do
Creating products that meet existing and latent needs, now or in future


__________________________________________________________________________________

,3 components of market orientation




Developing a market orientation means developing:

 custumor orientation :
concerned with creating superior value by continuously developing and redeveloping offerings
to meet customer needs, meaning that we should measure customer satisfaction on a
continuous basis and train front-line service staff;
 competitor orientation
requiring an organization to develop an understanding of its competitors’ short-term strengths
and weaknesses, and its own long-term capabilities and strategies
 interfunctional coordination
requiring all an organization’s functions to work together for long-term profit growth



→ market sensing : understanding strategic implications of the market and acting on info collected
through environmental scanning



__________________________________________________________________________________

,Marketing’s intellectual roots

Marketing as a discipline has developed as a result of the influence of its practitioners, but also
developments in several related disciplines :

Industrial economics influences:

 matching supply and demand (price, quantity)

 Theories of income distribution, scale of operation, monopoly, competition, …

Psychological influences

 Consumer behaviour, motivation research, information processing

 Persuasion, consumer personality, customer satisfaction, …

Sociological influences

 How groups of people behave: Demographics, class, motivation, customs, culture

 How communication passes through opinion leaders, …

Anthropological influences

 Qualitative approaches in researching consumer behaviour

Computer science influences

 Digitization, recommendation systems, apps, …

__________________________________________________________________________________

Differences between Sales and Marketing




long term satisfaction of customer needs >< short term ‘’
high focus on stimulation of demand >< focus on meeting existing demand only
greater input into customer design of offering (co creation) >< lesser input ‘’

, What do Marketers do?

Core competencies
= to generate customer insights
champion the customer and hence customer focus
and develop marketing strategy


Technical competencies:

 risk + reputation management
 product management
 brand
 integrated marketing communications
 digital integration
 monitoring and measuring effectiveness
 customer experience
 partnership marketing, including managing channel partners




Customer centricity is also…

 NOT trying to please ALL customers
 Fulfilling needs in a PROFITABLE way

a lot may have said no but they still make a lot of profit out of that 23 percent

__________________________________________________________________________________

2. Understand the concepts of exchange in marketing and the marketing mix

Exchange = the act of obtaining a desired object from someone by offering something in return
• At least two parties
• Each must hold something of value to offer
• Parties must want to deal with each other

→ Exchange creates value, gives people more consumption choices or possibilities
 Customer value: the consumer’s assessment of the product’s overall capacity to satisfy their
needs

 perceived value: price

>< economists: maximise utility, focus on functional value

e.g. Tesla (expensive) / cola for thirst wont work
benefits : saves on gas
cost : low range
calculate how many km u would have to drive to
recover the extra cost
→ but also other fun gadgets and popularity

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