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Chapter 1
- What is marketing?
• Marketing
- is a process by which companies create value for customers and build strong
customer relationships to capture value from customers in return.
- Understanding the marketplace and customer needs
• Market offerings
- are some combination of products, services, information, or experiences offered to a
market to satisfy a need or want.
• Marketing myopia
- is focusing only on existing wants and losing sight of underlying consumer needs.
• Market
- is the set of actual and potential buyers of a product.
• Marketing management
- is the art and science of choosing target markets and building profitable
relationships with them.
• Which customers will we serve?
• How can we best serve these customers?
- Customer needs, wants and demands
• Needs
- States of deprivation
• Physical:^ food, clothing, warmth and safety
• Social:^ belonging and affection
• Individual:^ knowledge and self expression
• Wants
- Form that needs take as they are shaped by culture and individual personality
• Demands
- Wants backed by buying power
- Designing a customer-driven marketing strategy
• Selecting customers to serve
- Market segmentation refers to dividing the markets into segments of customers.
- Target marketing refers to which segments to go after.
- Differentiation & Positioning refers to how we want to be perceived by our target
market
• Choosing a value proposition
- Value proposition is the set of benefits or values a company promises to deliver to
customers to satisfy their needs.
• Marketing management orientations
- Marketing concept
• is the idea that achieving organizational goals depends on knowing the needs
and wants of the target markets and delivering the desired satisfactions better than competitors do.
- Societal marketing concept is the idea that a company’s marketing decisions
should consider consumers’ wants, the company’s requirements, consumers’ and society’s long-term interests.
• Environmental issues:
- Carbon foot imprint
- Minimize damage to the environment
• The marketing mix (MM)
- Set of tools (four Ps) the firm uses to implement its marketing strategy. It includes
product, place, promotion and price
- Integrated marketing program:
• comprehensive plan that communicates and delivers the intended value to
chosen customers.
- Building customer relationships
• Customer relationship management (CRM)
- The overall process of building and maintaining profitable customer relationships by
delivering superior customer value and satisfaction.
• The changing nature of customer relationships
- Relating with more carefully selected customers uses selective relationship
management to target fewer, more profitable customers.
- Relating more deeply and interactively by incorporating more interactive two way
relationships through blogs, websites, online communities and social networks.
• Partner relationship management
- The supply chain is a channel that stretches from raw materials to components to
final products to final buyers, includes the marketing function
• Capturing value from customers
- Creating customer loyalty and retention
• Customer lifetime value is the value of the entire stream of purchases that the
customer would make over a lifetime of patronage.
- Customer equity is the total combined customer lifetime values of all of the
company’s customers.
• The changing marketing landscape
- Uncertain economic environment
• New consumer frugality, share, rent and not buy
• Global companies dominate in man
- Digital age
• People are connected continuously to people and information worldwide.
• Marketers have great new tools to communicate with customers.
• Internet + mobile communication devices.
- Value chain is a series of departments that carry out value-creating activities to
design, produce, market, deliver and support a firm’s products.
- Value delivery network is made up of the company, suppliers, distributors and
ultimately customers who partner with each other to improve performance of the entire system.
- Marketing strategy and the marketing mix
• Customer-driven marketing strategy
- Market segmentation
• is the division of a market into distinct groups of buyers who have different
needs, characteristics or behavior and who might require separate products or marketing mixes.
- Market segment
• is a group of consumers who respond in a similar way to a given set of marketing
efforts.
• Customer-centered marketing strategy
- Market targeting is the process of evaluating market segment’s attractiveness and
selecting one or more segments to enter.
- Market positioning is the arranging for a product to occupy a clear, distinctive and
desirable place relative to competing products in the minds of the target consumer.
• Developing an integrated marketing mix
- Marketing mix is the set of controllable tactical marketing tools— product, place,
promotion and price , - that the firm blends/ modifies to produce the response it wants in the target market.
• Managing marketing: analysis, planning, implementation and control
- Managing the marketing effort
• Marketing implementation
- Implementing is the process that turns marketing plans into marketing actions to
accomplish strategic marketing objectives.•
- Successful implementation depends on how well the company blends its people,
organizational structure, decision and reward system and company culture into a cohesive action plan that supports its strategies.
• Marketing control
- Controlling is the measurement and evaluation of results and the taking of
corrective action as needed to ensure the objectives are achieved.
- Operating control
- Strategic control
- Measuring and managing return on marketing investment
• Return on marketing investment (marketing ROI)
• Return on marketing investment^ (marketing ROI) is the net return from a marketing
investment divided by the costs of the marketing investment. Marketing ROI provides a measurement of the profits generated by investments in marketing activities.
Chapter 3 Analyzing the marketing environment
- The marketing environment
• The marketing environment^ includes the actors and forces outside marketing that
affect marketing management’s ability to build and maintain successful relationships with target customers.
• Microenvironment^ consists of the actors close to the company that affect its ability to
serve its customers, the company, suppliers, marketing intermediaries, customer markets, competitors and publics.
- The company’s microenvironment
- Top management
- Finance
- R&D
- Purchasing
- Operations
- Accounting
• Suppliers
- Provide the resources to produce goods and services
- Treat as partners to provide customer value.
• Marketing intermediaries
- Help the company to promote, sell and distribute its products to final buyers.
• Importers, Wholesalers, Retailers,
• Franchise Partners
• Demographic environment
- Demography: the study of human populations—size, density, location, age,
gender, race, occupation and other statistics.
• Demographic environment :
- involves people, and people make up markets
• Demographic trends:
- shifts in age, family structure, geographic population, educational
characteristics and population diversity.
- Generational marketing is important in segmenting people by lifestyle or life
state instead of age.
• Migration (e.g. from Eastern Europe, from N. Africa, Middle East to other
Western European nations)
• Move from rural to metropolitan areas
• Change in where / when people work
- Telecommuting
- Home office
- Part time / full-time
• Changes in the workforce
- More educated
- More white collar
