Samenvatting Principles of Marketing

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Marketing samenvatting

Chapter 1 Marketing  the process by which companies engage customers, build strong customer
relationships and create customers value to capture value from customers in return. The aim
of marketing is to make selling unnecessary. Five step model of the marketing process for creating and capturing customer value:
1. Understand the marketplace and customer needs and wants
2. Design a customer value driven marketing strategy
3. Construct an integrated marketing program that delivers superior value
4. Engage customers, build profitable relationships, and create customer delight
5. Capture value from customers to create profits and customer equity
Understand the marketplace and customer needs and wants
a) Needs, wants and demands  companies go to great lengths to learn about and
understand customer needs wants and demands. People at all levels of the company
stay close to customers.
Needs: include basic physical needs and social needs
Wants: the form human needs take as they are shaped by culture and individual
personality
Demands: human wants that are backed by buying power
b) market offerings: some combination of products, services, information or experiences
offered to a market to satisfy a need or want.
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.
c) Customer value and satisfaction  are key building blocks for developing and
managing customer relationships.
d) Exchanges and relationships  marketing consist of actions taken to create, maintain
and grow desirable exchange relationships with target audience.
Exchange: the act of obtaining a desired object from someone by offering something
in return.
e) Markets  the concepts of exchange and relationships lead to the concept of a
market: the set of all actual and potential buyers of a product or service.
Designing a customer value driven marketing strategy and plan
Once it fully understands consumers and the marketplace, Marketing management can
design a customer value driven marketing strategy.
Marketing management: the art and science of choosing target markets and building
profitable relationships with them. To design a winning marketing strategy, the marketing manager must answer to important
questions:
1. What customers will we serve, what is our target market?
Company wants to select only customers that it can serve well and profitably
2. How can we serve the customers best, what is our value proposition?
The sets of benefits or values the company promise to deliver to consumers to satisfy
their needs.
There are five alternative concepts which organizations design and carry out their marketing
strategies: 1. The production concept  the idea that consumers will favor products that are
available and highly affordable. Management should focus on improving production
and distribution efficiency.
2. The product concept  the idea that consumers will favor product that offer the
most quality, performance and features. Management should focus on making
continuous product improvements.
3. The selling concept  the idea that consumers wil not buy enough of the firms’
products unless the firm undertakes a large scale selling and promotion effort. The
aim is to sell what the company makes rather than making what the customer wants.
4. The marketing concept  a philosophy in which achieving organizational goals
depends on knowing the needs and wants of target markets and delivering the
desired satisfaction better than the competitors do. The job is not to find the right
customers for your product but find the right products for your customers.
5. The societal marketing concept  the idea that a company’s marketing decisions
should consider consumers wants, the company’s requirements, consumer long run
interest and society long interests.

After this, the marketer develops an integrated marketing program by transforming the
marketing strategy into action. It consists of marketing tools. The major marketing mix tools
are classified into four broad groups, the four Ps:
1. Product
2. Price
3. Place
4. promotion

managing customer relationships and capturing customer value
customer relationship management: the overall process of building and maintaining profitable
customer relationship by delivering superior customer value and satisfaction. Satisfied
customers are more likely to be loyal customers and give the company a large share of their
business.

Customer-perceived value: the customer evaluation of the difference between all the benefits
and all the costs of a marketing offer relative to those of competing offers.
Customer satisfaction: the extent to which a product perceived performance matches a
buyer’s expectation. Companies can build customer relationship at many levels, depending on the nature of the
target market (product experiences, brand building advertising, websites). Marketers can
use specific marketing tools do develop stronger bonds with customers (room updates,
discount etc.). Customer-engagement marketing: making the brand a meaningful part of consumer lives by
fostering direct customer involvement in shaping brand conversations, brand experiences
and brand community. Internet and social media have given a huge boost to customer
engagement marketing. Customer brand advocacy: actions by which satisfied customers initiate favorable
interactions with others about a brand. Consumer-generated marketing: brand exchanges created by consumers themselves,
invited or uninvited, by which consumers are playing an increasing role in shaping their own
brand experience and those of other consumers.
Partner relationship management: working closely with partners in other company
departments and outside the company to bring greater value to customer. Capture value from customers
Good customer relationship creates customer satisfaction  customers remain loyal and
talk favorably to others about the company. Loyal customers stay around longer and spend
more. Customer lifetime value: the value of the entire stream of purchases a customer makes over
a lifetime. Good customer relationship can help marketers increase their share of customer: the share
of the customer purchasing that a company gets in its product categories Customer equity: the total combined customer lifetime values of all of the company’s
customers. Customer relationship groups:

yt
ili
high
abti
butterflies
True friends
pro
strangers
barnacles
ali
low Short term long term
projected loyalty
otent
P

strangers: little fit between the company’s offering and their needs
butterflies: goof fit between the company’s offering and their need. Can only enjoy them for
a short time and then their gone.
True friends: strong fit between their needs and the company’s offering. Want to make good
relationship with these people so that the tell others about the good experience.
Barnacles: limited fit between their needs and the company’s offering. The most problematic
customer. The changing marketing landscape
a) digital age  the growth in digital technology has changed the way we lived,
communicate, share information, shop etc.
internet of things: global environment where everything and everyone is digitally
connected to everything and everyone else.
Digital and social media marketing: using digital marketing tools to engage
consumers anywhere, at any time, via their digital devices.
b) Growth of not-for-profit marketing  colleges, hospitals, museums etc. face with
competition for support and membership. Marketing can help them attract
membership, funds and support.
c) Rapid globalization  companies are not just selling more of their locally produced
goods in international markets, they are sourcing more supplies and components
abroad and developing new products for specific markets all around the world.
d) Sustainable marketing  customers expect companies to deliver value in a socially
and environmentally responsible way.