Foundations
of
Marketing
Summary
Term
3
2019/2020
European
Studies
Chapter
1
Marketing
The
process
by
which
companies
engage
customers,
build
strong
customer
relationship
and
create
customer
value
in
order
to
capture
value
from
customers
in
return.
Today’s
marketers
don’t
only
want
to
reach
you
with
their
brand
they
want
to
become
a
part
of
your
life
and
enrich
your
experiences
with
their
brands.
Understanding
the
Marketplace
and
Customer
Needs
Five
core
customer
and
marketplace
concepts:
1. Needs,
wants
and
demands
Needs:
States
of
felt
deprivation
Wants:
The
form
human
needs
take
as
they
are
shaped
by
culture
and
individual
personality
Demands:
Human
wants
that
are
backed
by
buying
power
2. Market
offerings
Market
Offerings:
Some
combination
of
products,
services,
information
or
experiences
offered
to
a
market
to
satisfy
a
need
or
want.
Market
offerings
can
be
products,
services,
people,
places,
organisations,
information
and
even
ideas.
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.
, 3. Customer
value
and
satisfaction
Customers
attach
value
to
a
product
and
marketers
have
to
set
the
right
expectations
for
the
customers
to
not
disappoint
them
so
that
they
are
satisfied.
4. Exchanges
and
relationships
Exchange:
The
act
of
obtaining
a
desired
object
from
someone
by
offering
something
in
return.
5. Markets
Market:
The
set
of
all
actual
and
potential
buyers
of
a
product
or
service.
Marketing
Strategy
Marketing
Management
The
art
and
science
of
choosing
target
markets
and
building
profitable
relationships
with
them.
After
selecting
the
customers
to
serve
and
choosing
its
value
proposition
to
differentiate
and
position
itself
in
the
market
a
marketing
strategy
must
focus
itself
on
a
concept.
Marketing
management
orientations:
• Production
concept
The
idea
that
consumers
will
favour
products
that
are
available
and
highly
affordable;
therefore,
the
organisation
should
focus
on
improving
production
and
distribution
efficiency.
• Product
concept
The
idea
that
consumers
will
favour
products
that
offer
the
most
quality,
performance
and
features;
therefore
the
organisation
should
devote
its
energy
to
making
continuous
product
improvements.
• Selling
concept
The
idea
that
consumers
will
not
buy
enough
of
a
firm’s
products
unless
the
firm
undertakes
a
large-‐scale
selling
and
promotion
effort.
• Marketing
concept
A
philosophy
in
which
achieving
organisational
goals
depends
on
knowing
the
needs
and
wants
of
target
markets
and
delivering
the
desired
satisfactions
better
than
competitors
do.
• Societal
marketing
concept
The
idea
that
a
company’s
marketing
decisions
should
consider
consumers
wants,
the
company’s
requirements,
consumers
long-‐run
interests
and
society’s
long-‐run
interests
(society,
consumers,
company).
Marketing
tools
should
be
blended
into
a
comprehensive
integrated
marketing
program.
of
Marketing
Summary
Term
3
2019/2020
European
Studies
Chapter
1
Marketing
The
process
by
which
companies
engage
customers,
build
strong
customer
relationship
and
create
customer
value
in
order
to
capture
value
from
customers
in
return.
Today’s
marketers
don’t
only
want
to
reach
you
with
their
brand
they
want
to
become
a
part
of
your
life
and
enrich
your
experiences
with
their
brands.
Understanding
the
Marketplace
and
Customer
Needs
Five
core
customer
and
marketplace
concepts:
1. Needs,
wants
and
demands
Needs:
States
of
felt
deprivation
Wants:
The
form
human
needs
take
as
they
are
shaped
by
culture
and
individual
personality
Demands:
Human
wants
that
are
backed
by
buying
power
2. Market
offerings
Market
Offerings:
Some
combination
of
products,
services,
information
or
experiences
offered
to
a
market
to
satisfy
a
need
or
want.
Market
offerings
can
be
products,
services,
people,
places,
organisations,
information
and
even
ideas.
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.
, 3. Customer
value
and
satisfaction
Customers
attach
value
to
a
product
and
marketers
have
to
set
the
right
expectations
for
the
customers
to
not
disappoint
them
so
that
they
are
satisfied.
4. Exchanges
and
relationships
Exchange:
The
act
of
obtaining
a
desired
object
from
someone
by
offering
something
in
return.
5. Markets
Market:
The
set
of
all
actual
and
potential
buyers
of
a
product
or
service.
Marketing
Strategy
Marketing
Management
The
art
and
science
of
choosing
target
markets
and
building
profitable
relationships
with
them.
After
selecting
the
customers
to
serve
and
choosing
its
value
proposition
to
differentiate
and
position
itself
in
the
market
a
marketing
strategy
must
focus
itself
on
a
concept.
Marketing
management
orientations:
• Production
concept
The
idea
that
consumers
will
favour
products
that
are
available
and
highly
affordable;
therefore,
the
organisation
should
focus
on
improving
production
and
distribution
efficiency.
• Product
concept
The
idea
that
consumers
will
favour
products
that
offer
the
most
quality,
performance
and
features;
therefore
the
organisation
should
devote
its
energy
to
making
continuous
product
improvements.
• Selling
concept
The
idea
that
consumers
will
not
buy
enough
of
a
firm’s
products
unless
the
firm
undertakes
a
large-‐scale
selling
and
promotion
effort.
• Marketing
concept
A
philosophy
in
which
achieving
organisational
goals
depends
on
knowing
the
needs
and
wants
of
target
markets
and
delivering
the
desired
satisfactions
better
than
competitors
do.
• Societal
marketing
concept
The
idea
that
a
company’s
marketing
decisions
should
consider
consumers
wants,
the
company’s
requirements,
consumers
long-‐run
interests
and
society’s
long-‐run
interests
(society,
consumers,
company).
Marketing
tools
should
be
blended
into
a
comprehensive
integrated
marketing
program.
