Summary of Marketing TEW/SEW/HI (B) (first year)

Samenvatting Marketing
Chapter 1: Marketing intro



Goals of marketing:
- Increase sales trhough aggressive promotion
- Customer needs (=> create value)
- Advertisements
- Cheaper than competitors

Marketing: social and managerial process => creating and exchanging products and
value
- Not always selling => also brand image
- Retail: customers wholesale: B2B
- Applies anywhere buyers have a choice

Business context: to build and maintain profitable relationships with stakeholders
Applies to physical products, services, retail, experiences, events, film, music,
theater, places, ideas, charity and nonprofit, people (anywhere buyers have a
choice)

Customer: a buyer, purchaser, patron, client or shopper, someone buying from a
shop, website, business
Consumer: the person who uses the products

Consumers’ buying roles:
- Initiator => influencer => decider => buyer => payer => user =>
gatekeeper




Market orientation:
- Market intelligence => current and future customer needs
- Create products to meet existing and latent needs
- Now we are closer to our consumers than ever – Steve Jobs




- Customer orientation: Customer is the center


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,Samenvatting Marketing
 Not please all customers (customer retention)
- Competitor orientation:Anticipate on what they are doing
- Interfunctional orientation: All parties in the company should think about
customer needs

Difference sales/marketing
- Marketing:
o Long term satisfaction, co-creation with customer, focus on stimulation
of demand
o Customer acquisition and retention (acquisition 6x as difficult as
retention)
o Put expectations right (don’t overpromise)
- Sales:
o Short-term satisfaction, less input in customer design/offering, focus on
meeting existing demand
o Both acquisition and retention
CEOs with marketing background perform better than other CEOs => better overall
reputation

Exchange => core of marketing
- Creates value, gives consumption choices/possibilities
- All parties should have something of value to offer




Value => depends on customer value
- Assessment of the product’s overall capacity to satisfy his needs
o Benefits-costs (also non-monetary)
- Subjective value (personal emotions, preferences,…) and perceived value
(based on how well it meets the customers expectation)
- Customer equity: value the company gets from all the customers over a
lifetime
- Positive word-of-mouth, repeat purchases,…

Marketing Mix: the 4 P’s
- Extended marketing mix: add 3P’s
o Only for services
o Physical evidence
o Process
o People
- New P: Personalization
o Context marketing
 Deliver messages at the
right time
 Based on their behavior/situation
 Personalize the way we reach customers

Relationship Marketing:
- Shift from customer acquisition to retaining => long
term
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,Samenvatting Marketing
- Also relationship with stakeholders (employees, suppliers,…)
- Important for mature industries (harder to get market share)
o Mature industry: industry in stable phase in lifecycle

Customer Relationship Management (CRM)
- Acquiring detailed information of individuals -> build relationships
- Mostly on existing customers

Marketing automation:
- Increase operational efficiency and grow revenue faster
- Automate repetitive marketing
- Mostly on potential customers (raw leads) or new customers

Selective relationship management
- Core idea in CRM, not all customers are equally valuable

Service-dominant logic
- Marketing paradigm => services are the fundamental basis of exchange


Co-creation:
- Customers become creators of the service experience
- Differ your offerings
- Personalized experience => joint creation of value
- Customers will be more engaged and interested



Macromarketing
- Study of the effect that marketing has on economy and society of a nation
- Marketing can also be used for good deeds (ex. Non-profit)

Chapter 2: The marketing environment

The marketing environment
- Anything that can influence marketing in any way
- Internal environment:
o Anything/anyone that makes the company
- Performance environment
o Others that are influenced or that can influence our business
- External environment:
o external influences that are outside the organization, they also
influence others

1) External environment:
- Environmental scanning: process of gathering, analyzing and interpreting data
about external factors => can influence organization or decision making
o Demographic
o Economic
 Buying power and spending patterns
 EU => easy for businesses to expand internationally


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, Samenvatting Marketing
o Socio-cultural
 Global consumer culture => huge
brands operate globally
 Cultural homogenization
 Global symbols and status
 Glocalization => came after
globalization, brands adapt to local
cultures
 One-stop shopping
o Technological
 Apply the latest innovation
 Disruptive technologies
o Ecological
 Circular economy => four green marketing strategies
1) Eco-efficiency
 Use less raw materials
2) Beyond compliance leadership
 Be more sustainable than government demands
3) Eco-branding
 Use the eco-part as something unique
4) Environmental cost leadership
 Make the product cheaper AND more sustainable (ex.
Sustainable packaging)
o Political-legal
 Lobbying
 GDPR (General Data Protection Regulation, EU)
 Adapt to regulations
 Corruption/ bureaucracy




Performance environment
- Actors close to the company that affect its ability to serve its customers
o Intermediaries
 Link between different parties (resellers, logistic service providers,
…)
o Stakeholders
 Have effective or potential interest in or impact on the organization
(media, investors,…)
o Analyzing industries
 Industry => collection of all suppliers of a certain product
 Porter’s five forces model
1) Threat of new
competitors entering
market (=> capital
requirements)
2) Threat posed by
substitute products
(switching costs?)
3) Bargaining power of
buyers

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