Marketing summary
Inhoud
Knowledge clips 1, 2, 3................................................................................2
Chapter 1 – What is marketing?...................................................................3
Chapter 3 - The marketing environment....................................................14
Chapter 6 – Market segmentation and positioning.....................................48
,Knowledge clips 1, 2, 3
A market is a “place” where transactions happen, it doesn’t have to be a
physical place.
Marketing = the process of developing, pricing, promoting and distributing
products, services or ideas that are tailored to the market. It includes all other
activities that create value and that systematically lead to increased sales or
other desired outcomes.
Four import types of differences between products and services:
1. Product: tangible -> you can touch it
2. Product: imperishable
3. Product: separable
4. Product: homogonies -> always the same
1. Service: intangible -> you can’t touch is (you can only sell services when
customers are available, concert tickets)
2. Service: perishable -> it will not last for lang (it is consumed at the
moment it is being provided, it is time depended)
3. Service: inseparable -> you can’t split them (you need a consumer and
service provider)
4. Service: heterogamies -> it is always different provided (people are not
consistent)
The service marketing mix (7P’s):
Product: how does our product fulfil the needs and wants of the
consumer? (characteristics, packaging, branding, service added)
Promotion: used to build and maintain relationship with certain customers
(advertising, sponsor deals, public relations)
Price: how much do we expect the costumer to spend to acquire the
product? (competitive pricing or discounting)
Place: how do you get your product to the consumer effectively? (channel
selection)
First four are the classic marketing mix.
People: human actors involved in the service -> there are always people
involved whether to provide or consume the service. (training)
Process: how is the service delivered? (check/out, check in)
Physical evidence: everything tangible around a service which is being
provided know (furniture design, equipment, ticket after making a
reservation)
With the last three it is the service marketing mix
,Chapter 1 – What is marketing?
1.1 the meaning of marketing
al the activities that bring buyers and sellers together.
1.1.1Differences between selling and marketing
Market share = the share of a company in total sales or turnover on a market in
each period.
Companies do two things: they produce something (make products or provide
services) and they are involved in marketing (they put them on the market).
Marketing = society in which consumers can choose between different
products and services -> Making sure that what you have on the
shelves is what the customer wants.
Purpose of marketing is to get to know and understand the customer
so well that the product is precisely what the customer wants. Then
the product will sell itself -> to anticipate and satisfy the needs ad
wants of the customer.
Selling = society in which people have very little/hardly any choice ->
trying to get rid of what you have on the shelves.
1.1.2A definition of marketing
Marketing = the process of developing, pricing, promoting and distributing
(if one of these is lacking, a product will not achieve the sales and profit
objectives of the annual plan) products, services or ideas that are tailored to the
market; it includes all other activities that create value and systematically lead to
increased sales or another desired response, establishing a good reputation and
ongoing relationships with customers, so that all stakeholders achieve their
objectives.
Marketers are involved in advertising, selling, basis marketing research, decide
which products are developed, whom the products are intended and how they are
introduced.
1.1.3 The Marketing Mix
An effective marketing strategy consists of a clever combination of four
marketing instruments -> the marketing mix or the 4P’s.
If we change one of the P’s, this may have consequences for the other 3 -> it can
create entirely new mix.
Product = Goods, services or ideas that meet the needs and wants of the
customer.
, Not only the physical good, but also other factors that includes why a
customer buys a product/brand, such as warranty, packaging, brand
image, product range and customer service.
Product strategy is concerned with development of new product and
services, the refining of existing products, and the decision to take
product off the market when they no longer satisfy a need.
Price = The amount of money exchanged for a product or service.
Price strategy not only manufacturing costs are considered, but also the
prices being charged by competitors, and how an increase or reduction in
the selling price is likely to affect demand.
Place (distribution) = How the company gets its products into the buyer’s hands.
Distribution strategy concerned with decisions about which distribution
channels and intermediaries (= the wholesale and retail trade) should be
used, the number of sales outlets, the necessary stock levels and best
forms of transportation (= physical distribution).
Efficient distribution system ensures that the rights products are on sale in
the right place at the right time.
Promotion = The suppliers’ activities to communicate with the market and to
promote sales.
Potential buyers first have to be made aware of the products benefits.
Effective communication is needed to inform, persuade or remind them of
a product.
Promotion of marketing communication includes the use of offline and
online advertising, sponsorship, sales promotion, direct marketing,
personal selling and public relations activities and the use of social media.
4C-model = says that marketing is not a technique to sell a product (P), but a
philosophy to win the customer (C) and their loyalty.
1.1.4Target market selection and the process of exchange
Because it is impossible to devise and implement a marketing strategy satisfying
the needs of all customers, companies must concentrate on the desires of a
specific group of buyers -> Target market = the part of the market that an
organization concentrates on and wants to turn into customers (loyal consumer
who will repeat making purchases).
After dividing the market into market segments based on certain criteria, it will
then select one or more target markets. With these groups the organization tries
to bring about an exchange -> Exchange process = both parties involved in this
process gain something of value in exchange of something they are prepared to
part with and as a result of the transaction they are better off.
- Example: in exchange for students their tuition fees and perseverance,
students get a meaningful education.
Inhoud
Knowledge clips 1, 2, 3................................................................................2
Chapter 1 – What is marketing?...................................................................3
Chapter 3 - The marketing environment....................................................14
Chapter 6 – Market segmentation and positioning.....................................48
,Knowledge clips 1, 2, 3
A market is a “place” where transactions happen, it doesn’t have to be a
physical place.
Marketing = the process of developing, pricing, promoting and distributing
products, services or ideas that are tailored to the market. It includes all other
activities that create value and that systematically lead to increased sales or
other desired outcomes.
Four import types of differences between products and services:
1. Product: tangible -> you can touch it
2. Product: imperishable
3. Product: separable
4. Product: homogonies -> always the same
1. Service: intangible -> you can’t touch is (you can only sell services when
customers are available, concert tickets)
2. Service: perishable -> it will not last for lang (it is consumed at the
moment it is being provided, it is time depended)
3. Service: inseparable -> you can’t split them (you need a consumer and
service provider)
4. Service: heterogamies -> it is always different provided (people are not
consistent)
The service marketing mix (7P’s):
Product: how does our product fulfil the needs and wants of the
consumer? (characteristics, packaging, branding, service added)
Promotion: used to build and maintain relationship with certain customers
(advertising, sponsor deals, public relations)
Price: how much do we expect the costumer to spend to acquire the
product? (competitive pricing or discounting)
Place: how do you get your product to the consumer effectively? (channel
selection)
First four are the classic marketing mix.
People: human actors involved in the service -> there are always people
involved whether to provide or consume the service. (training)
Process: how is the service delivered? (check/out, check in)
Physical evidence: everything tangible around a service which is being
provided know (furniture design, equipment, ticket after making a
reservation)
With the last three it is the service marketing mix
,Chapter 1 – What is marketing?
1.1 the meaning of marketing
al the activities that bring buyers and sellers together.
1.1.1Differences between selling and marketing
Market share = the share of a company in total sales or turnover on a market in
each period.
Companies do two things: they produce something (make products or provide
services) and they are involved in marketing (they put them on the market).
Marketing = society in which consumers can choose between different
products and services -> Making sure that what you have on the
shelves is what the customer wants.
Purpose of marketing is to get to know and understand the customer
so well that the product is precisely what the customer wants. Then
the product will sell itself -> to anticipate and satisfy the needs ad
wants of the customer.
Selling = society in which people have very little/hardly any choice ->
trying to get rid of what you have on the shelves.
1.1.2A definition of marketing
Marketing = the process of developing, pricing, promoting and distributing
(if one of these is lacking, a product will not achieve the sales and profit
objectives of the annual plan) products, services or ideas that are tailored to the
market; it includes all other activities that create value and systematically lead to
increased sales or another desired response, establishing a good reputation and
ongoing relationships with customers, so that all stakeholders achieve their
objectives.
Marketers are involved in advertising, selling, basis marketing research, decide
which products are developed, whom the products are intended and how they are
introduced.
1.1.3 The Marketing Mix
An effective marketing strategy consists of a clever combination of four
marketing instruments -> the marketing mix or the 4P’s.
If we change one of the P’s, this may have consequences for the other 3 -> it can
create entirely new mix.
Product = Goods, services or ideas that meet the needs and wants of the
customer.
, Not only the physical good, but also other factors that includes why a
customer buys a product/brand, such as warranty, packaging, brand
image, product range and customer service.
Product strategy is concerned with development of new product and
services, the refining of existing products, and the decision to take
product off the market when they no longer satisfy a need.
Price = The amount of money exchanged for a product or service.
Price strategy not only manufacturing costs are considered, but also the
prices being charged by competitors, and how an increase or reduction in
the selling price is likely to affect demand.
Place (distribution) = How the company gets its products into the buyer’s hands.
Distribution strategy concerned with decisions about which distribution
channels and intermediaries (= the wholesale and retail trade) should be
used, the number of sales outlets, the necessary stock levels and best
forms of transportation (= physical distribution).
Efficient distribution system ensures that the rights products are on sale in
the right place at the right time.
Promotion = The suppliers’ activities to communicate with the market and to
promote sales.
Potential buyers first have to be made aware of the products benefits.
Effective communication is needed to inform, persuade or remind them of
a product.
Promotion of marketing communication includes the use of offline and
online advertising, sponsorship, sales promotion, direct marketing,
personal selling and public relations activities and the use of social media.
4C-model = says that marketing is not a technique to sell a product (P), but a
philosophy to win the customer (C) and their loyalty.
1.1.4Target market selection and the process of exchange
Because it is impossible to devise and implement a marketing strategy satisfying
the needs of all customers, companies must concentrate on the desires of a
specific group of buyers -> Target market = the part of the market that an
organization concentrates on and wants to turn into customers (loyal consumer
who will repeat making purchases).
After dividing the market into market segments based on certain criteria, it will
then select one or more target markets. With these groups the organization tries
to bring about an exchange -> Exchange process = both parties involved in this
process gain something of value in exchange of something they are prepared to
part with and as a result of the transaction they are better off.
- Example: in exchange for students their tuition fees and perseverance,
students get a meaningful education.
