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marketing summary

Marketing management
Marketing goal = Finding customer needs and satisfy them better than the competition
 done by creating products, services, communicating about the value.
Marketing management is an art and science, with a creative process.
Step 1) Choose your target market, focus on specific types of customers.
Step 2) Find, keep and grow your customer base.
Step 3) Create, deliver, and communicate with your customers.
Why should the customer care? MAIN QUESTION
Customer-oriented organization:
 everyone is in contact with the customers.
Traditional organization:
 frontline employees are the only people in contact with customers.
What can be marketed? Everything, goods, services, events, people, places, ideas,
information, organization, properties
The face of marketing is changing.
 due technology (new methods to market products, social media, track, and trace)
 due globalization (gives more opportunities to create new products for cultures)
 due to physical environment (more sustainability)
 due to social responsibility (making sure that you consider the differences)
- new consumer capabilities
- new company capabilities
- new competitive environment
-> Holistic marketing approach
 relationship marketing: Build relationships with partners, customers, and channels
 performance marketing: Monetary (are u making profit?) Non-financial (improve
and decrease impact on the planet and society)
 integrated marketing: Communication channels, products, and services. The
communication is the same on ALL channels.
 internal marketing: YOU as an organization should focus on improving customer
relationships, senior managements, and other departments.
Role of the marketing department -> EXAM QUESTION
- Production concept: favor more cheap and available products
- Product concept: favor products with best quality, performance, and innovative features
- Selling concept: products won't be bought unless it takes selling and promotion efforts
- Marketing concept: understand consumer needs and deliver better value than competitors
- Market-value concept: every function of a company should be focused on creating value
Different ways to organize the marketing department -> EXAM QUESTION
- Functional organization: Functions of a marketing team
- Geographic organization: Regional Manager
- Market organization: Manager b2c, b2b, b2g
- Matrix organization: Region + product manager
- Product/Brand organization: Manager b2c, b2b, b2g
It all starts with a mission.
Consumer characteristics (know and link to examples)
- Cultural factors
- Social factors
- Personal factors
Consumer psychology starts with understanding customers’ needs.
motivation = a need becomes a motivation when the customer is driven to fulfil it
Pyramid of Maslow
1. Self-actualization
2. Esteem
3. Love/belonging
4. Safety
5. Physiological
The buying decision process:
Problem recognition
Information searching and processing
Identification and evaluation of alternatives
Purchase decision
Post-purchase behavior
more buyers
smaller quantity
shorter cycle, less decision makers
less buyers
larger quantity
rational trust looking
longer, buying center
The marketing research process
1) define the problem and research objectives, what do u want to find out
2) develop the research plan, how will u get the info and what is the cost
3) collect the information, execute the research
4) analyze the information, finding patterns, data...
5) present the findings, to decision makers
6) make the decision
What is segmentation and why do we segment a market?
- cutting your market into pieces
(Demographic: age, gender,income, Geographic: country, city, Behavioral: user status ,
Psychographic: lifestyle values) segmentation
Mass customization = one to one marketing
target compatibility (skill, techno. expertise, business) <-> target attractiveness (MONETARY
single-segment <-> multi-segment targeting
What is a customer value proposition?
benefits should be higher than the costs.
Functional, Psychological and Monetary value/cost
How can we develop?##