Summary Marketing Mangament

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This is the summary of the book "Marketing Mangament". The author(s) of the book is/are Kotler & Keller. This summary is written by students who study efficient with the Study Tool of Study Smart With Chris.

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Summary - Marketing Mangament

  • 1 Defining Marketing for the New Realities

  • Marketing is meeting people's wants and needs
  • Marketing management is art and science of choosing target markets and getting keeping and growing customers through creating delivering and communicating customer value
  • Name 10 types of marketers market entities
    1. Goods
    2. Services
    3. Events
    4. Experiences
    5. Persons
    6. Places
    7. properties (house or stock parts)
    8. Organization
    9. Information (e.g. schools, books, universities)
    10. Idea's (e.g. don't drink and drive)
  • Markets are various groupings of customers
    Key customer markets: consumer, business, global and non-profit
  • Marketplace is physical: store
    Marketspace is digital: internet
    Metamarket is a cluster of different industries which are closely related in the mind of consumers
  • Needs are basic human requirements, they become wants when they are directed to specific objects, mostly shaped by the environment where the consumer live
  • Demands are wants for a specific product backed by ability to pay. Marketers and social factors influence peoples wants.
  • Name 5 types of needs
    1. Stated needs 
    2. Real needs
    3. Unstated needs
    4. Delight needs
    5. Secret needs
  • Name 8 types of demand states
    1. Negative demand
    2. Nonexistent demand
    3. Latent demand
    4. Declining demand
    5. Irregular demand
    6. Full demand
    7. Overfull demand
    8. Unwholesome demand
  • Market is a collection of buyers and sellers who transact over a particular product or product class.
  • Not everyone likes the same --> market segments based on demographic, psychographic and behavioral differences
  • Market segments: target markets chosen by marketers, here are the best opportunities, each target market gets a market offering which positions in the mind of consumer as delivering some benefits.
  • Value proposition: a set of benefits that will satisfy the needs of the customer, set forth by an offering which is a combi of the product, services, info and experiences.
  • Value: combination of quality, service and price (qsp) customer value triad
  • Marketing channels: used to reach target markets:
    1. Communication channels: deliver and receive messages with target buyers
    2. Distribution channels: display, sell or deliver product
    3. Service channels: carry out transactions with buyers
  • Environments
    Task: actors engaged in producing, distributing and promoting
    Broad: 6 components: demographic, economic, social-cultural, natural, technological, political-legal. Marketers have to adjust to changes in these environments.
  • Marketing is difficult and fluid due to rapid changes in markets
  • Name the earlier market concepts
    1. Production concept
    2. Product concept
    3. Selling concept
    4. Marketing concept
    5. Holistic concept    
  • Paid media are media all of which allow marketers to show their ad or brand for a fee. Owned media are communication channels marketers actually own.
  • New consumer capabilties
    Can use the internet as a powerful information and purchasing aid
    Can search, communicate and purchase on the move
    Can tap into social media to share opinions and express loyalty
    Can actively interact with companies
    Can reject marketing they find inappropriate
  • New company capabilities
    Can use the internet as a powerful information and sales channel, including for individually differentiated goods
    Can collect further and richer information about markets, customers, prospects and competitors
    Can reach customers quickly and efficiently via social media and mobile marketing, sending targeted ads, coupons and information
    Can improve purchasing, recruiting, training and internal and external communications
    Can improve cost efficiency
  • Changing channels
    Retail transformations (catalog houses)
    Disintermediations  (early dot-coms)
  • Holistic marketing consists of broad four broad components
    1. Internal marketing
    2. Integrated marketing
    3. Performance marketing
    4. Relationship marketing
  • Marketing mix: 4 p's --> Price, product, place, promotion
  • Holistic marketing mix addition
    1. People
    2. Processes
    3. Programms
    4. Performance
  • Specific set of tasks that make up a succesful marketing management
    • Developing marketing strategies and plans, develop concrete marketing plans that specify marketing strategy
    • Capturing market insights: monitor your market well
    • Connect with customers
    • Building strong brands: also pay attention to competitors
    • Shaping market offerings: the heart is the products
    • Delivering value
    • Communicating value: communicate with the target market about the value
    • Creating succesfull long-term growth
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MPR plays an important role in following
  • launching new products
  • repositioning mature product
  • building interest in product category
  • influencing specific target groups
  • defending products that encountered public problems
  • building corporate image in a way that reflects favorably on its products
Sponsorship decisions (4)
  1. Choosing events
  2. Designing sponsorship programs
  3. Measuring sponsorship activities.
    Supply side methods
    Demand side methods
  4. Creating experiences
Event objectives (8)
  • identify with a particular target market or lifestyle
  • increase salience of company or product name
  • create or reinforce perceptions of key brand image associations
  • enhance corporate image
  • create experience and evoke feelings
  • express commitment to the community or on social issues
  • entertain key clients or reward key employees
  • permit merchandising or promotional opportunities
5 major decisions
  • mission
  • money
  • message
  • media
  • measurement
Characteristics of the marketing communication mix (7)
  1. Advertising
  2. Sales promotion
  3. Public relations and publicity
  4. Events and experiences
  5. Direct and interactive marketing
  6. Word of mouth
  7. Personal selling
Developing effective communications
  1. Identify target audience
  2. Determine objectives
  3. Design communications
  4. Select channels
  5. Establish budget
  6. Decide on media mix
  7. Measure results
  8. Manage integrated marketing communications
Marketing communication mix consists of 8 major modes (Tabel 19.1)
  1. advertising: non personal through all sorts of media
  2. sales promotion: short-term incentives to encourage trial or product like samples
  3. events and experiences: company sponsors activities to design an interaction with consumer, like sports
  4. public relations and publicity: variety of programs internally or externally to different entities (consumer, employee, government) to protect company's image
  5. direct marketing: use of mail, telephone, internet or fax to communicate directly
  6. interactive marketing: online activities to engage customers
  7. word-of-mouth marketing: people-to-people communication
  8. personal selling: face-to-face interaction, presentations, answering questions, procuring orders
Other PLC curves (3)
  • Growth-slump-maturity pattern
  • Cycle-recycle pattern
  • Scalloped pattern
4 stages of the PLC
  1. introduction
  2. growth
  3. maturity
  4. decline
Product life-cycle asserts 4 things
  1. Products have a limited life
  2. Product sales pass different stages,with each different variables
  3. Profits rise and fall at different stages
  4. Product require different marketing, financial, manufacturing and purchasing and human resource strategies at each stage