I wrote a summary of the book Principles of Marketing for a Digital Age. I included every chapter and also added the tables, pictures and figures that were included in the book. It is a summary with the most important but still very detailed information that was given in this book. If you are hesi...
Marketing Tools summary
International Business - Term B
, TABLE OF CONTENTS
PART I – MARKETING ENVIRONMENT ______________________________________________________________3
CHAPTER 1 _______________________________________________________________________________________3
CHAPTER 2 _______________________________________________________________________________________7
PART II – MARKETING TOOLBOX _________________________________________________________________ 12
CHAPTER 3 _____________________________________________________________________________________ 12
CHAPTER 4 _____________________________________________________________________________________ 16
CHAPTER 5 _____________________________________________________________________________________ 19
PART III – MARKETING MIX ______________________________________________________________________ 22
CHAPTER 6 _____________________________________________________________________________________ 22
CHAPTER 7 _____________________________________________________________________________________ 27
CHAPTER 8 _____________________________________________________________________________________ 30
CHAPTER 9 _____________________________________________________________________________________ 32
PART IV – MARKETING THE LONG GAME _________________________________________________________ 37
CHAPTER 10____________________________________________________________________________________ 37
CHAPTER 11____________________________________________________________________________________ 40
CHAPTER 12____________________________________________________________________________________ 44
, PART I – MARKETING ENVIRONMENT
CHAPTER 1
Exchange = a transfer of value between buyer and seller. A key principle is that unmet needs
motivate behaviour to resolve the gap between actual and desired state. A need is something that is
wanted or required to bridge a gap between an actual state and a desired state.
Utility = the state of being beneficial. Benefits are advantages or desirable outcomes. Marketers
consider utility in terms of providing the right product (form utility), at the right time (time utility), in
the right place (place utility), at the right price (possession utility), and communicating this offer to
the market (information utility).
The marketing mix includes 7 P’s. Price, product, place, promotion were the original ones. The
additional three were developed to better plan offers for services: people, process, and presence
(/physical environment). We use presence in lieu of physical environment to better express
environmental cues across virtual and physical settings.
4 stages of industrial revolution:
1. Industry 1.0 = introduced mechanization and factories powered by steam capable of
efficiencies in production. (trade era)
2. Industry 2.0 = increased supply by introducing moving assembly lines and resulted in more
competition. (production era & sales era)
3. Industry 3.0 = the development of computers and robotics and marked age of information.
(marketing concept era & societal marketing era)
4. Industry 4.0 = physical and digital technologies, including the Internet of Things (IoT),
advanced analytics, robotics, high-performance computing, artificial intelligence and
cognitive technologies, virtual and augmented reality, and multisource data to
manufacturing. (holistic marketing era & era of marketing convergence)
Marketing concept era 1960 = the marketing concept is philosophical orientation focused on
achieving organizational goals by identifying and meeting the needs of target markets and doing so
better than competitors.
Societal marketing concept = to determine needs, wants, and interests of target markets and to
deliver the desired satisfaction more effectively and efficiently than competitors in a way that
preserves or enhances the customer’s and society’s well-being.
, Holistic marketing concept
Development, design and implementation of marketing that recognizes interdependent priorities.
1. Relationship marketing = organization utilizes data capture, data mining, and data modeling
to analyse, plan, and implement marketing activities focused on building long-term
relationships with stakeholders, customer retention, customer lifetime value (CLV), and
loyalty.
2. Integrated marketing = organization designs and implements marketing activities that are
coordinated, aligned, and create synergy.
3. Internal marketing = organization recognizes employees as stakeholders and creates
marketing programs designed to meet employee needs.
4. Performance marketing = organization recognizes the importance of measuring return
(financial and non-financial) on marketing activities, emphasis on marketing metrics.
Internet of Things (IoT) = refers to physical objects capable of connecting to internet and capturing,
communicating and analysing data and communication.
Marketing convergence = marketing is revolutionized by technological innovations but continues to
embrace social responsibility. Convergence is when two or more things come together to form a
new whole (example of convergence are smartphones, they have many functions like maps and
internet research).
Offer targeted to offer sold by Consumers Businesses
Consumers C2C C2B
Consumer-to-Consumer Consumer-to-Business
Businesses B2C B2B
Business-to-Consumer Business-to-Business
Platforms = make resources and participants more accessible to each other on an as-needed basis.
Platforms are two-sided or multi-sided markets.
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