Summary Principles of Marketing

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ISBN-10 1292269561 ISBN-13 9781292269566
390 Flashcards & Notes
5 Students
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Summary 1:

  • Principles of Marketing
  • Phil T Kotler Gary Armstrong Lloyd C Harris Hongwei He
  • 9781292269566 or 1292269561
  • 2019

Summary - Principles of Marketing

  • 1 creating customer value and engagement

  • What is the marketing mix?
    Aset of marketing tools that work together to engage customers, satisfy customer needs and build customer relationship
  • What do we mean with markets? And what made marketing a truly two-way affair?
    A market is the set of actual and potential buyers of a product or service. Today's digital technologies from online sites & smartphone apps to the explosion of social media, have empowered customers and made marketing a two-way affair
  • How do you select customer to serve?
    The company must first decide whom it will serve. It does this by dividing the market into segments of customers and selecting which segments it will go after
  • How do you choose a value proposition
    The company must also decide how it will serve targeted customers. A brands value proposition is the set of benefits or values it promises to deliver to consumer to satisfy their needs
  • What holds the selling concept?
    That consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.
  • How do you create customer loyalty and retention
    - good customer relationship management creates customer satisfaction
    -keeping customers loyal makes economic sense. Loyal customers spend more and stay around longer
    - customer lifetime value is the value of the entire stream of purchases a customer makes over a lifetime of patronage
  • 2.1 Company-wide strategic planning

  • What is strategic planning?  
    The process of developing a strategic fit between the organisations goals and capabilities and its changing marketing opportunities.
  • The Steps in strategic planning 
    1. Define the mission.
    2. Setting company objectives and goals.
    3. Designing the business portfolio.

  • The business portfolio: 
    is the collection of businesses and products (services and/or goods) that make up the company.
  • Defining a market-oriented mission:





    • The mission statement is the organisation’s purpose, what it wants to accomplish in the larger environment.
    • Market-oriented mission statement defines the business in terms of satisfying basic customer needs.




    • The mission statement is a sentence , paragraph reflects core, purpose, identity values etc. 
  • 2.2 Analysing the current business portfolio

  • Portfolio analysis is a major activity in strategic planning whereby management evaluates the business portfolio (businesses and products)that make up the company.
  • Analysing the current business portfolio

    Strategic business units can be :
    • Company division
    • Product line within a division
    • Single product or brand
    • Profit center
    .......................seen as businesses within a business (ie mkt plan, budget etc)
  • Key steps: 
    1. Identify key businesses (strategic business units, or SBUs) that make up the company
    2. Assess the attractiveness of its various SBUs
    3. Decide how much support each SBU deserves
  • The best known portfolio-planning method was developed by the Boston Consulting Group: The BCG growth share matrix.
    It does:
    to help a business consider growth opportunities by reviewing its portfolio of products to decide where to invest, to discontinue or develop products.

    Relative Market Share = SBU Sales this year leading competitors sales this year.

    Market Growth Rate = Industry sales this year - Industry Sales last year.

    Advantages:
    • It provides a high-level way to see the opportunities for each product in your portfolio.
    • It enables you to think about how to allocate your limited resources to the portfolio so that profit is maximized over the long-term.
    • It shows if your portfolio is balanced.

    Disadvantages:
    1. BCG matrix classifies businesses as low and high, but generally businesses can be medium also. Thus, the true nature of business may not be reflected.
    2. Market is not clearly defined in this model.
    3. At times, dogs may help other businesses in gaining competitive advantage. They can earn even more than cash cows sometimes.
  • 2.3 Developing strategies for growth and downsizing

  • Define Product/market expansion grid:
    Is a tool for identifying company growth opportunities through market penetration, market development, product development or diversification.
  • The product/market expansion grid:
    A strategic tool is to develop business growth strategies by examining the relationship between new and existing products, new and existing markets, and the risk associated with each possible relationship

    Use: It is designed to effectively provide four strategic options and highlight the levels of risk associated to those for the business.



    Market penetration: 
    • Selling more of your existing business to existing customers
    only to get clients in/ focus on price/ the hardest to maintain
    Product development: 
    • Developing your existing product and/or service

    Market development:
    • Entering new markets

    Diversification: 
    •  Entering new markets with new products and/or services


    Advantages:
    • An easy way to guide discussion of options
    • Helpful to classify your strategic choices and evaluate risk
    • It can be used as a company tool or individual departments, such as Marketing
    • It’s quick and simple to understand
    • It has a growth mindset and is designed to help businesses focus and develop
    • Highlights risk and ensures it’s discussed

    Disadvantages: 
                    
    • It’s very simple to the extent that a lot of extra thought is required
    • It doesn’t capture some of the detail of your market or position, eg competitors
    • While risk is measured, reward is not factored into the tool
    • Can’t be used on it’s own to decide your strategic direction.
  • Define downsizing:




    is the reduction of the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company’s overall strategy. 
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Summary 2:

  • Principles of marketing
  • Philip Kotler, Gary Armstrong
  • 9780133795028 or 9780133795
  • 16th

Summary - Principles of marketing

  • 1 Marketing: Creating Customer Value and Engagement

  • What is Marketing?
    Marketing is engaging customers and managing profitable customer relationships.
  • What is the aim of Marketing?
    The aim of marketing is to create value for customers in order to capture value from customers in return.
  • Outline the marketing process
    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. build profitable relationships and create customer delight
    5. capture value form customers to create profits and customer equity
  • Designing a Customer Value-Driven Marketing Strategy
    1. Selecting Customers to Serve
    2. Choosing a value proposition
    3. Marketing management orientations
    1. Production Concept
    2. Product Concept
    3. Selling Concept
    4. Marketing Concept
    5. Societal Marketing Concept   
  • Marketing Mix
    Marketing mix tools are classified into four broad groups, called the four 4p's:
    Product
    Price
    Place
    Promotion
  • Building Customer Relationship
    Customer relationship management is the oerall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
  • What is customer equity?
    Customer is the total combined customer lifetime values of all of the company’s current and potential customers. It’s a measure of the future value of the company’s customer base. 
  • 2 Company and Marketing Strategy: Partnering to Build Customer Engagement, Value, and Relationships

  • What is a mission statement?
    A mission statement is a statement of the organization’s purpose – what it wants to accomplish in the larger environment. A clear mission statement acts as an “invisible hand” that guides people in the organization.
  • What is Growth-share matrix?
    A portfolio-planning method that evaluates a company’s SBUs in terms 
  • Contents of a Marketing Plan
    1. Executive summary
    2. Current marketing situation
    3. Threats and opportunities analysis
    4. Marketing strategy
    5. Action programs
    6. Budgets
    7. Controls   
  • 12 Marketing Channels: Delivering Customer Value

  • Wat is een supply chain?
    Een product keten bestaande uit upstream en downstream partners
  • Wat zijn upstream partners?
    Leveranciers grondstoffen, onderdelen, informatie, financiële middelen en expertise die nodig zijn voor het produceren van een product of dienst.
  • Wat zijn downstream partners?
    Marketing channels of distribution channels gefocust op de klant/consument.
  • 20 Social Responsibility and Ethics

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Summary 3:

  • Principles of Marketing
  • Philip Kotler, Gary Armstrong
  • 9780273786993 or 0273786997
  • 15th ed., global ed.

Summary - Principles of Marketing

  • 1 Defining Marketing and the Marketing Process

  • waardoor krijgen bedrijven succes

    ze focussen zich heel erg op de klant en zetten zich zwaar in in de marketing

  • definitie voor marketing

    marketing is managing profitable customer relationships

  • what is the twofold goal of marketing?

    to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction

  • today's marketers wants to become a part of your life and enrich your experiences with their brands - to help you live their brands

  • 1.1 Marketing: Creating and Capturing Costumer Value

  • Marketing defined:
    -Companies create value for customers
    -Building strong customer relationships
    -Capturing value from customers in return
  • Creating and Capturing Customer Value
    -Understanding the Marketplace and Customer Needs

    -Designing a Customer-Driven Marketing Strategy

    -Preparing an Integrated Marketing Plan and Program

    -Building Customer Relationships

    -Capturing Value from Customers
  • 1.2 Understanding the Marketplace and Customer Needs

  • Objective 2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
    Outstanding marketing companies go to great lengths to learn about and understand their customers' needs, wants, and demands. This understanding helps them to design want-satisfying market offerings and build value-laden customer relationships by which they can capture customer lifetime value and greater share of customer. The result is increased long-term customer equity for the firm.
    The core marketplace concepts are needs, wants and demands; market offerings (products, services, and experiences); value and satisfaction; exchange and relationships; and markets. Wants are the form taken by human needs when shaped by culture and individual personality. When backed by buying power wants become demands. Companies address needs by putting forth a value proposition, a set of benefits that they promise to consumers to satisfy their needs. The value proposition is fulfilled through a market offering, which delivers customer value and satisfaction, resulting in long-term exchange relationships with customers.
  • Needs
    States of felt deprivation.
  • To fully understand customer needs and the marketplace in which marketers operate, 7 core concepts are essential, which? 
    1. Human needs
    2. Wants
    3. Demands
    4. Market offerings
    5. Consumer value and satisfaction 
    6. Exchanges and relationships
    7. Markets
  • Wants
    The form human needs take as they are shaped by culture and individual personality.
  • Explain human needs? 
    States of felt deprivation which are a basic part of human makeup, include physical needs (food, clothing, warmth and safety), social needs (belonging and affection), and individual needs (knowledge and self-expression). 
  • Demands
    Human wants that are backed by buying power.
  • Explain wants? 
    Are the form human needs take as they are shaped by culture and individual personality. Wants are represented in the form of an object, in order to satisfy needs. 
  • Market offerings
    Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
  • Explain demands? 
    Demands are wants which are backed by the buyer's power. When consumers combine their wants and resources, they ask for products with benefits that add up to the most value and satisfaction. 
  • 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.
  • Explain market offerings? 
    Combination of products, services and information to satisfy a need or a want. These offerings are very broad: from the physical product to services or intangible activities such as benefits, persons, places, organizations, information and ideas. 
  • Exchange
    The act of obtaining a desired object from someone by offering something in return.
  • What is 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. 
  • Explain consumer value and satisfaction? 
    The customer's expectations of a product before buying it. Setting the right level of expectation is the key to success in developing and sustaining customer relationships. 
  • Explain exchanges and relationships? 
    They take place when consumers decide to fulfull their needs and wants through exchange relationships. An exchange is the act of obtaining a desired object from someone by offering something in return.
  • How are exchange relationships built and maintained? 
    With a target audience through the transfer of objects, ideas, services and products. 
  • Explain markets? 
    Consists of a set of actual and potential buyers of a products or service. A customer's need or want is satisfied through exchange relationships. 
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Summary 4:

  • Principles of marketing
  • Philip Kotler, Gary Armstrong
  • 9780132167123 or 0132167123
  • 14th ed.

Summary - Principles of marketing

  • 1.1 Marketing gedefinieerd

    • Marketing is het managen van winstgevende relaties met de consumenten. 

    • Het doel van marketing is het aantrekken van nieuwe klanten, door een superieure waarde te beloven, daarnaast is het doel om deze klanten te behouden en dit aantal te laten groeien, dit kan door de consumenten tevreden te houden. 

     

    • Het huidige marketing is niet meer het 'telling and selling', het draait tegenwoordig veel meer om wat de consument wilt.

    • Marketing wordt gedefinieerd als het proces waarbij bedrijven een waarde creeeren voor de consument en een goede relatie opbouwen met de consument om daarvoor in de plaats die waarde van de consument terug te krijgen.
    • Het marketing proces bestaan uit de volgende 5 stappen:

      Begrijp de marktomgeving en de behoeften van de klant

      Ontwerp een consument gedreven marketingstrategie, kies de juiste deelmarkt en bouw relaties op met deze markt.

      Vervolgens moet de marketing worden verwerkt in het product. De basis om het marketing-plan aan je product te koppen is door de marketingmix te gebruiken. Deze bestaat uit de 4 P's, prijs, plaats, product, promotie.

      Daarna begint het opbouwen van de klantenrelaties, daarvoor zijn 2 zaken heel belangrijk, namelijk de waarde die het product in de ogen van de consument heeft en dat wanneer een klant tevreden is hij loyaal blijft. 

      En tot slot levert de producent niet langer iets aan de consument, maar krijgt hij daar iets voor terug, zoals loyaliteit en een groeiend marktaandeel. 

    •  

     

  • Wat is marketing?
    Het proces waarbij bedrijven waarde creëren voor consumenten en sterke klantrelaties opbouwen, zodat ze daar waarde voor terug krijgen
  • What is the books definition of marketing?

    Marketing is het proces waarbij bedrijven waarde creëren voor zijn klanten en sterke relaties opbouwt met hen, zodat ze waarde van de klant terug kunnen krijgen

  • Wat is marketing?

    het proces waarbij bedrijven waarde creëren voor klanten en waarbij bedrijven sterke klantrelaties opbouwen om daarvoor waarde van de klant in ruil terug te krijgen.

  • What five steps are involved in the marketing process?

    1. Het begrijpen van de marktplaats en de needs en wants van de klant

    2. Een klantgerichte marketing strategie ontwerpen

    3. Een geïntegreerd marketing programma opstellen dat superieure waarde levert

    4. Winstgevende relaties opbouwen en klanttevredenheid creëren

    5. Waarde van klanten ontvangen om winst en klantvermogen te creëren

  • Wat zijn de 5 stappen van het marketingproces?

    1. begrijpen van de marktplaats en de behoeftes & verlangens van de klanten
    2. het ontwerpen van een klantgerichte marketing strategie 
    3. bereid een geïntegreerd marketing plan en programma voor. 
    4. bouwen en managen van blijvende klantrelaties
    5. waarde onttrekken aan je klanten
  • wat zijn de 5 kernbegrippen op het gebied van klant en marktplaats?

    1. behoeften, verlangen en vraag
    2. marktaanbod
    3. klantwaarde en -tevredenheid
    4. uitwisselingen en relaties
    5. markten 
  • welke 2 stappen moet een marketingmanager volgen om tot een succesvolle marketingstrategie te komen?

    1. selecteer klanten om te bedienen
    2. kies een waardepropositie 
  • welke 5 concepten zijn er om een marketingstrategie te ontwerpen en uitvoeren?

    1. productie concept
    2. product concept 
    3. selling concept
    4. marketing concept
    5. societal marketing concept
  • Waar bestaat de marketingmix uit?

    de 4 p's;

    1. product
    2. prijs
    3. plaats
    4. promotie 
  • Wat is klantrelatiemanagement? (Customer relation management)

    het gehele proces van het bouwen en onderhouden van winstgevende klantrelaties door het leveren van superieure klantwaarde en klanttevredenheid

  • Wat is customer-perceiced value/klantwaarde?

    de evaluatie van de klant van de verschillen tussen alle voor- en nadelen van het marktaanbod vergeleken met die van andere aanbieders

  • noem de instrumenten om sterke banden met klanten op te bouwen

    1. frequency marketing programs

    2. club marketing programs

  • wat zijn customer managed relationships?

    marketing relaties waarbij klanten, macht verkregen hebben door de digitale technologieën van tegenwoordig, communiceren met bedrijven en elkaar om relaties te bouwen met de merken

  • Wat is customer-generated-marketing?

    merkuitwisselingen die gecreëerd zijn door de klanten zelf - gevraagd en ongevraagd - waarbij klanten een groter wordende rol spelen in het vormen van eigen merkervaringen en van merkervaringen van anderen

  • Wat is partner relationship management?

    de samenwerking tussen verschillende afdelingen en partners buiten het bedrijf, om zo waarde voor de klant en klantrelaties te creëren. 

  • Wat is de 'share of customer'?

    de hoeveelheid die een klant koopt in de categorie van de producten die het bedrijf verkoopt

  • customer lifetime value 

    de hele stroom van aankopen die een klant gedurende zijn leven doet

  • customer equity 

    het totaal gecombineerde 'customer lifetime values' van alle klanten van het bedrijf 

  • noem de indelingen van de verschillende typen klanten 

    1. vreemdelingen 
    2. vlinders
    3. echte vrienden
    4. zeepok
  • welke 5 grote ontwikkelingen zijn er te zien die het marketinglandschap doen veranderen en de marketingstrategieën uitdagen?

    1. onzekere economische omgeving
    2. digitale tijdperk
    3. snelle globalisatie
    4. sociale verantwoordelijkheid
    5. groei van non-profit marketing 
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Latest added flashcards

Environmental sustainability:
Management approach that involves developing strategies that both sustain the environment and produce profits for the company.
Sustainable marketing
Graph
Define sustainable marketing?
Socially and environmentally responsible marketing that meets the present needs of consumers and business while also preserving or enhancing the ability of future generations to meet their needs.
What are the three marketing evolutions?
Entrepreneurial marketing
Formulated marketing
Intrepreneurial marketing
What are the steps in analysing competitors?
- Identifying the competitors
- Assessing the competitors objectives, strategies, strengths and weaknesses, and reaction patterns.  
- Selecting which competitors to attack or to avoid.
Define PLC:
The product life cycle - the course of a product sales and profit over its lifetime.
Define new product development: 
The development of original products, products improvements, products modifications and new brands through the firms own product development efforts.
Define brand equity:
The differential effect that knowing the brand name has on customer response to the product or its marketing.

E.g plain shirt is 10EUR and with name NIKE on it, it is 30EUR.
Define brand:
is the name, term, sign, symbol or design—or a combination of these—that identifies the maker or seller of a product or service and differentiates them from those of competitors.  It is the Identity.
Define unsought products:
Unsought products are consumer products that the consumer does not know about or knows about but does not normally think of buying.
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