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Marketing Summary: CIB2 Online Branding
- Instelling
- Hanzehogeschool Groningen (Hanze)
A comprehensive summary of class notes mixed with content from 'Principles of Marketing' textbook. Got an 7 using this!!
[Meer zien]Voorbeeld 4 van de 39 pagina's
Voorbeeld 4 van de 39 pagina's
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Lecture 1 – MOCMarketing & the Marketing Environment
Ch. 1, 2 (p. 62,63,64)
What is marketing?
− Marketing is the process by which companies create value for customers and build strong
customer relationships to capture value from customers in return
− The two-fold goal of marketing:
o to attract new customers by promising superior value
o keep and grow current customers by delivering value and satisfaction
− Is about feelings – what it means to target audience
− Satisfying customer needs
− Broadly defined, marketing is a social and managerial process by which individuals and
organizations obtain what they need and want through creating and exchanging value with
other
− In a narrower business context, marketing involves building profitable, value laden exchange
relationships with customers
The value
− Magnum does not sell commodity (sth available to everyone)
− Amazon gives ‘world class shopping experience’
− Facebook – friends and social connection, show of your status
− Added value
Marketing mix
− Creating value consists of four elements (4Ps):
o Product
▪ If you don’t have a good product no marketing can help you, have
consistency with what you say, starting point of creating value, whatever the
company is selling (could be a service or a tangible products)
o Price:
▪ Should be balanced, determines the quality of the product, is in line of the
value of the product
o Place:
▪ Where and how the product meets the target audience (can be physical like
a store or how the product is distributed), delivery of the product to the
sales point affects the value of it (direct delivery can increase the value and
the satisfaction of the customer)
o Promotion:
o To create value the key is promotion – advertising, PR, marketing activities: you must
have all three combined
− Nespresso: first they targeted offices; then they changed the coffee market – we should not
sell it In supermarket because we want to seem exclusive, prices are higher, exclusivity is
achieved by having George Clooney on the ad’s, special tasting testing (PR)
,Marketing process
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
,The Marketing process
1. Understanding the marketplace and customer needs and wants
a. You create the value which meets the needs of the customers
b. What is the need, want and demand?
c. Need and want are intertwined – shaped by culture (Rolex)
d. A way to define target audience
e. Market offering
i. Consumers’ needs and wants are fulfilled through market offerings,
the entire package (not only the product)
ii. Some combination of products, services, information, or experiences
offered to a market to satisfy a need or want
iii. i.e. banking, airline, hotel, retailing, and home repair services
iv. Include other entities, such as persons, places, organizations,
information, and ideas
f. Market myopia
i. The mistake of paying more attention to the specific products a
company offers than to the benefits and experiences produced by
these products
ii. Product is only a tool to solve a consumer problem
iii. Create brand experiences
iv. Drilling company sells not only the product but sth that can help
them have memories – put pictures that show sentiment
v. Try to know what deeper meaning can the product have
g. Customer value and satisfaction
i. Customers form expectations about the value and satisfaction that
various market offerings will deliver and buy accordingly
ii. Set the right expectation!
h. Exchange and relationships
i. Marketing is actually based on an exchange process
ii. Exchange: the act of obtaining a desired object from someone by
offering something in return
1. a church wants membership and participation, an orchestra
wants an audience
i. Market
i. The set of all actual and potential buyers of a product or service
ii. Consumers market when they search for products, interact with
companies to obtain information, and make their purchases
iii. consumer research, product development, communication,
distribution, pricing, and service are core marketing activities
, 2. Design customer-driven marketing strategy
a. After we know who we are addressing we think what to do to reach them
b. What customers will we serve (what’s our target market)? / How can we
serve these customers best (what’s our value proposition)?
c. Market segmentation – divide the target group (Magnum are not addressing
young people, McD is not addressing middle age people, Cola is not
addressing middle age people; in Christmas they are targeting families
d. Value proposition
i. set of benefits or values it promises to deliver to consumers to
satisfy their needs
ii. the statement that identities what kind of value are you creating for
the customers
iii. answer the customer’s question: “Why should I buy your brand
rather than a competitor’s?”
iv. how it will differentiate and position itself in the marketplace
v. Marketing management orientation
1. Societal marketing concept
a. 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
b. sustainable marketing, socially and environmentally
responsible marketing that meets the present needs
of consumers and businesses while also preserving
or enhancing the ability of future generations to
meet their needs
c. The concept of shared value focuses on creating
economic value in a way that also creates value for
society
2. Marketing concept
a. A philosophy in which achieving organizational goals
depends on knowing the needs and wants of target
markets and delivering the desired satisfactions
better than competitors do
b. The job is not to find the right customers for your
product but to find the right products for your
customers
c. The marketing concept starts with a well-defined
market, focuses on customer needs, and integrates
all the marketing activities that affect customers
3. Selling concept
a. The idea that consumers will not buy enough of the
firm’s products unless the firm undertakes a large-
scale selling and promotion effort
b. life insurance or blood donations
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