Marketing Management Fundamentals Summary

Table of Content

CHAPTER 1 CREATING CUSTOMER VALUE AND ENGAGEMENT...................................................... 2

CHAPTER 3..................................................................................................................................................... 3

CHAPTER 5..................................................................................................................................................... 4

CHAPTER 6: CUSTOMER VALUE-DRIVEN MARKETING STRATEGY................................................. 6

CHAPTER 8 NEW PRODUCT DEVELOPMENTS...................................................................................... 9

CHAPTER 9................................................................................................................................................... 10

CHAPTER 10................................................................................................................................................ 13

CHAPTER 11................................................................................................................................................ 17

CHAPTER 12................................................................................................................................................ 23




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,Chapter 1 CREATING CUSTOMER VALUE AND ENGAGEMENT
What is marketing:
-Promise superior value to attract new ones
- keep + grow current customer
(sum: satisfying customer needs better than the competition)

marketing process (5 steps):
- 1) Understand the marketplace, customer needs and wants
- 2) Design customer driven marketing strategy
- 3) Prepare an integrated marketing plan and program
- 4) Build customer relationships (database)
- 5) Capture value from customers to create profit and customer equity (customer
loyalty)

1) 6 concepts:
- needs - physical/individual/social
- wants – needs supported by culture
- demands – needs supported by buying power
- market offering – person, place, experience,
- customer value + satisfactions
- relationships

2) design 2 questions
- what do we serve (selection)
- how can we serve these customers the best (value proposition: targeting, and
choosing the best target group for your product)


Product mix decisions
- Width
- Length
- Depth
- Consistency




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, Chapter 3
Macro environment
 Technological environment: most dramatic force shaping our destiny
(exam?)
2 statements:
 “New technologies create new opportunities”
 “New technology only replaces old technology”

 Marketers have to keep up with the latest trends

 Beware of unsafe products and loss of privacy

 Political and social environments  consists of law, government agencies,
pressure groups

Marketers are dealing with legislation and regulations of business
+ Legislation and regulation is
 The protection against competition
 Protection for consumers
o Fair trade
o Privacy
o Rules on label and packaging
 Protects the society as a whole:
o Profitable activities
o Unstrained business behaviour
Cultural environment
 People grow up in a society that will shape your values and beliefs
 Persistence of cultural values
o Core belief: strong persistent idea of your attitude towards your
environment, derived from family, taken over by generations; hard to
change
o Secondary belief: ideas obtained later on in life; changeable
o Shift in secondary cultural values
 6 ways to express your cultural values:
1. The way people watch themselves: goal
2. The way people watch others: attitude towards others (e.g. family first,
friends first etc.)
3. The way people watch organisations: decrease/increase of trust in
organisations
4. The way people watch society: patriotism/ patriotic ideas, national pride
5. The way people watch nature: are we overwhelmed by nature, or can we
control nature?
6. The way people see the universe: spiritual or not?




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