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Summary Theories of Marketing summaries and notes

Name: Theories of Marketing summaries and notes
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Theories of Marketing

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Universiteit Van Amsterdam (UvA)

Theories of Marketing (block 1, for people pursuing the Consumer Marketing and Digital marketing tracks of MSc Business Administration at UvA). They include summaries of the academic articles, as well as some lecture and knowledge clip notes. Help a girl out by covering my caffeine addition costs. ...

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Theories of Marketing

Lecture time: Monday 11:00-13:00 (regular lecture) and Thursday 9:00 to 11:00 (industry case study)
Lecturer: Dr. Roger Pruppers and Dr. Karin Venetis
Assessment: Perusall assignments (10%), online quizzes (mandatory), team midterm assignment (30%),
individual exam (60%)
Overview of Topics:
Week 1: Developments in marketing thinking and strategy
Week 2: Consumer insights and motivations
Week 3: Value equity and innovation
Week 4: Consumer behaviour
Week 5: Brand and relationship equity
Deadlines for preparations are Wednesday before the Thursday meeting,
and Friday before the Monday meeting (13:00)

For Perusall:
5 qualitative annotations
pose one question
answer one question
up-vote one comment/ second a question

Core knowledge for the course: Robert J. Dolan (2014), Marketing Reading, Framework for
Marketing Strategy Formation, Harvard Business Review (p. 1-13)
The purpose of a business is customer creation and maintenance. There are six key elements if a
customer-centred marketing approach:
1. Marketing strategy formation (goal-setting, basic approach) —> segmentation, targeting and
positioning and then product, price, place, promotion (5M model - market, mission, message, media,
money and measurement) (STP, PPPP); analysis of the 5Cs (customer, company, collaborators,
competition and context)
2. Marketing planning (varying time horizons)
3. Programming, allocating and budgeting (near-term objectives and detailed plans including
resources)
4. Implementation (plan execution)
5. Monitoring and auditing (evaluating results vs. Goals)
6. Analysis and research ( should be ongoing and should happen before the first 4 steps too)

, or
table
← of contents

Topic Course
L -
introduction and developments in
marketing thinking
Academic literature t 5
p
- -
.
. . - - -

-

Lecture notes 6 F
p
-
.
.
. - - - -

knowledge clips 9
-

8
p
-
- - - - .
- - - -

Topic 2 -
Consumer
insights and motivations

Academic literature 10 M -

p
-
.
. . - - -

-

Lecture notes 15 -
16
p
.
.
. - - - -

knowledge clips It -19
-

- - - - - - -
-

p .

Topic 3 -
Value
equity and innovation
Academic literature 20 27
p
-
-
.
. . - - -

knowledge clips p 28
-

- - - - - - -
- .
-
29

Topic u -
Consumer behaviour

Academic literature 30-34
p
-
.
. . - - -

knowledge clips 35 36
-

p
-

- - - - .
- - - -

Topic 5- Brand and
relationship equity
Academic literature 37 43
p
-
-
. . - - -

knowledge clips p 4h 49
-
-
- - - - .
- - - -

Handwritten notes
from the feedback session 50
p
.

,TOPIC 1- Introduction course and developments in Marketing thinking

Perusall test-assignment - Slater & Narver (1990), The Effect Of A Market Orientation on Business
Profitability, Journal of Marketing, October 1990
Slater&Narver (1990) define and try to measure the concept of market orientation in their article.
• What is the core of this definition and how is it related to marketing and the marketing concept?
• Why is it important to measure this concept?
• Can you explain why some companies benefit more from (investments in) Market Orientation than
others?
SCA = sustainable competitive advantage

Market orientation is the organisation culture that most efficiently creates the necessary
behaviours for value creation, ultimately maintaining superior performance for the business.
It consists of three behavioural components: customer orientation, competitor orientation and inter
functional coordination, and two decision criteria: long-term focus and profitability.
Customer and competitor orientation —> all of the activities included in acquiring information
about the buyers and the competitors in the target market

Value creation can occur by increasing benefits to the buyer in relation to the buyer’s costs and by
decreasing the buyer’s costs in relation to the buyer’s benefits. The work towards value creation
should create a synergistic effect among the business functions - they all need to work together
towards value creation, it is not just the marketing department’s responsibility. Hence, businesses
should also rewards all functions for their contribution in order to create a sense of self-interest that
will further increase participation. Moreover, thee is a need for long-term commitment and
investments.

In both commodity and non-commodity businesses, having a market orientation has been a
determinant of profitability. Relative costs and market growth are both important determinants, but
market growth impacts profitability differently, in that for commodity businesses, a short term
market growth strategy appears to decrease profitability. Hence, for commodity businesses, making
investments in market orientation would be more beneficial than in non-commodity businesses.

Perusall Assignment 1 - Slater & Narver (1998), Customer-led and market-oriented, let’s not confuse
the two, Strategic Management Journal, 19, p. 1001-1006
Customer-led —> short-term philosophy
- developing products and services tat satisfy customer needs
- developing close relationships with important customers to gain deeper insight into their desires
- problem: it is reactive and short term in focus, leads to adaptive rather than generative learning
- lack of valid measurement for customer satisfaction
- short term view likely to discourage risk-taking in product and process development, leading only
to incremental improvements
-traditional market research techniques
Market-oriented —> longer term commitment to understanding the customers and the market
conditions
- committed to understanding the expressed and latent needs of customers, as well as the
capabilities of their competitors
L

, Focus innovation
satisfaction &
:

Focus :
& unserved markets
^relationships a
-

It llteurbueneunitjonments
-
stable environments
-

- need to act in a coordinated and focused

.us/: : :es:. n/i:a.: :
( Mol
Customer led Market proactive
-

manner trefoil
- broader market-scanning, longer-term focus,
more likely to be generative learners (and thus,
Strategic orientation Expressed wants Latent needs
Proactive
innovation) Adjustment style Responsive
- traditional market research techniques,
accompanies by observing in the context in order
to find out latent needs teas:c:*
- lead users are customers with more advanced
Learning
type adaptive generative
needs compared to other market members survey key account customer observation

Learning
,

relationships focus
lead relationships user
- initial product is the prototype for more
-

processes continuous
,
experimentation
hv groups testinge, artnering
,

advanced generations, requiring financial and
managerial commitment
- search for unserved, potential markets
- more strongly related to new product performance at the early stage of the life cycle
- allows businesses to discover and explore discontinuities in served and unserved markets

In a stable environment, responding quickly to evolving customer wants and needs may be the
foundation for competitive advantage. —> customer-led approach may be successful
In a turbulent environment, the advantage is being able to anticipate evolving customer needs and to
generate new value creating capabilities.

Perusall assignment 2 - Achrol and Kotler (2011), Frontiers of the marketing paradigm in the third
millenium, Journal of the Academy of Marketing Science, vol. 40: 35-52

Kuhnian paradigm shift -> major change in the fundamentals of a specific scientific discipline
There has been a Kuhnian shift in the marketing discipline in order to accommodate for the
emergence of the internet and social media.
Explanation of the emerging field of marketing in three tiers
1. Sub phenomena: consumer experiences and sensory systems
- consumption experience as the fundamental domain of relevant theory, having at its nucleus
a need and its satisfaction
- human sensory experinces as fundamental bases of explanation, aiding with need
satisfaction
- neurophysiology and marketing -> cellular mapping networks located in speicifc areas of the
brain which are thought to analyze and control human sensory and motor systems, as well as monitor
the activity and functioning of the networks
- marketing and nanotechnology -> in nanotechnology normal physics doesn’t apply, directly
targets and individual’s senses
- the aim of sub phenomena marketing is to enhance the consumption experience

3

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