A compact, easy to understand summary of the course Foundations of Marketing from the first year of European Studies, semester 2! This summary includes information from all lectures as well as information from the book. The summary includes all necessary terms explained along with diagrams and grap...
Marketing
The
process
by
which
companies
engage
customers,
build
strong
customer
relationship
and
create
customer
value
in
order
to
capture
value
from
customers
in
return.
Today’s
marketers
don’t
only
want
to
reach
you
with
their
brand
they
want
to
become
a
part
of
your
life
and
enrich
your
experiences
with
their
brands.
Understanding
the
Marketplace
and
Customer
Needs
Five
core
customer
and
marketplace
concepts:
1. Needs,
wants
and
demands
Needs:
States
of
felt
deprivation
Wants:
The
form
human
needs
take
as
they
are
shaped
by
culture
and
individual
personality
Demands:
Human
wants
that
are
backed
by
buying
power
2. Market
offerings
Market
Offerings:
Some
combination
of
products,
services,
information
or
experiences
offered
to
a
market
to
satisfy
a
need
or
want.
Market
offerings
can
be
products,
services,
people,
places,
organisations,
information
and
even
ideas.
Marketing
Myopia:
The
mistake
of
paying
more
attention
to
the
specific
products
a
company
offers
than
to
the
benefits
and
experiences
produced
by
these
products.
, 3. Customer
value
and
satisfaction
Customers
attach
value
to
a
product
and
marketers
have
to
set
the
right
expectations
for
the
customers
to
not
disappoint
them
so
that
they
are
satisfied.
4. Exchanges
and
relationships
Exchange:
The
act
of
obtaining
a
desired
object
from
someone
by
offering
something
in
return.
5. Markets
Market:
The
set
of
all
actual
and
potential
buyers
of
a
product
or
service.
Marketing
Strategy
Marketing
Management
The
art
and
science
of
choosing
target
markets
and
building
profitable
relationships
with
them.
After
selecting
the
customers
to
serve
and
choosing
its
value
proposition
to
differentiate
and
position
itself
in
the
market
a
marketing
strategy
must
focus
itself
on
a
concept.
Marketing
management
orientations:
• Production
concept
The
idea
that
consumers
will
favour
products
that
are
available
and
highly
affordable;
therefore,
the
organisation
should
focus
on
improving
production
and
distribution
efficiency.
• Product
concept
The
idea
that
consumers
will
favour
products
that
offer
the
most
quality,
performance
and
features;
therefore
the
organisation
should
devote
its
energy
to
making
continuous
product
improvements.
• Selling
concept
The
idea
that
consumers
will
not
buy
enough
of
a
firm’s
products
unless
the
firm
undertakes
a
large-‐scale
selling
and
promotion
effort.
• Marketing
concept
A
philosophy
in
which
achieving
organisational
goals
depends
on
knowing
the
needs
and
wants
of
target
markets
and
delivering
the
desired
satisfactions
better
than
competitors
do.
• Societal
marketing
concept
The
idea
that
a
company’s
marketing
decisions
should
consider
consumers
wants,
the
company’s
requirements,
consumers
long-‐run
interests
and
society’s
long-‐run
interests
(society,
consumers,
company).
Marketing
tools
should
be
blended
into
a
comprehensive
integrated
marketing
program.
,Engaging
Customers
and
Managing
Customer
Relations
• Keeping
customers
loyal
makes
good
economic
sense
• Customer
defections
can
be
costly
o Can
lose
that
customer’s
lifetime
value
o May
cause
other
customers
to
defect
Customer
relationship
management
The
overall
process
of
building
and
maintaining
profitable
customer
relationships
by
delivering
superior
customer
value
and
satisfaction.
The
main
goal
is
to
maximise
customer
equity.
Customer
perceived
value
The
customers
evaluation
of
the
difference
between
all
the
benefits
and
all
the
costs
of
a
market
offering
relative
to
those
of
competing
offers.
Customer
satisfaction
The
extent
to
which
a
product’s
perceived
performance
matches
a
buyer’s
expectations.
Customer-‐engagement
marketing
Making
the
brand
a
meaningful
part
of
consumers’
conversations
and
lives
by
fostering
direct
and
continuous
customer
involvement
in
shaping
brand
conversations,
experiences
and
community.
Consumer-‐generated
marketing
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
consumers.
Partner
relationship
management
Working
closely
with
partners
in
other
company
departments
and
outside
the
company
to
jointly
bring
greater
value
to
customers.
, Capturing
Value
from
Customers
Customer
lifetime
value:
The
value
of
the
entire
stream
of
purchases
a
customer
makes
over
a
lifetime
of
patronage.
Share
of
customer
The
portion
of
the
customer’s
purchasing
that
a
company
gets
in
its
product
categories.
• Share
of
customer
is
increased
by
o Good
customer
relationship
management
o Offering
greater
variety
to
current
customers
o Creating
programs
to
cross-‐
sell
and
up-‐sell
to
existing
customers
Customer
equity
The
total
combined
customer
lifetime
values
of
all
of
the
company’s
current
and
potential
customers.
The
Changing
Marketing
Landscape
Digital
and
social
media
marketing
Using
digital
marketing
tools
such
as
websites,
social
media,
mobile
apps
and
ads,
online
video,
email
and
blogs
to
engage
consumers
anywhere,
at
any
time,
via
their
digital
devices.
The
changing
economic
environment
More
and
more
people
are
becoming
more
frugal
and
consuming
more
mindfully.
Because
of
this
marketers
must
more
than
ever
convince
consumers
that
their
brand
is
worth
it.
The
growth
of
non-‐profit
marketing
More
charities
and
government
agencies
such
as
the
military
have
turned
to
marketing
to
help
them
attract
membership,
funds
and
support.
Rapid
Globalisation
Almost
all
companies
have
some
form
of
global
involvement.
Thus
managers
around
the
world
are
increasingly
taking
a
global
and
not
just
local
view
of
the
company.
Sustainable
marketing
Corporate
ethics
and
social
responsibility
are
very
important
for
every
business
nowadays.
Future
companies
will
need
to
build
social
and
environmental
responsibility
into
their
company
value
and
mission
statements.
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