Marketing
-marketing: understand and meet customer needs (noden) to create value
+ Marketing is a social managerial process by which individuals and groups
obtain (verkrijgen) what they need and want through (via) creating and
exchanging products and value with others. (build + maintain profitable
relationships with stakeholders)
→ physical products: ex. Cola
services: ex. Netflix
retail: ex. Zara
experiences: ex. Disneyland
events: ex. Tomorrowland
Film, music, theater: ex. K3
places: ex. Antwerpen
ideas: ex. Don’t drink and drive
charity + non-profit: ex. WWF
people: ex. Trump
-costumer: buys
-consumer: uses → -initiator: idea (how a product addresses their needs)
-influencer: influences decision (collaborate with influencers)
-decider: ultimate buying decision
-buyer: actual purchase (ensure smooth payment methods)
-payer: pays (offer various payment methods)
-user: consumes (provide support + gather feedback)
-gatekeeper: controls access of product information (communicate with them)
-market orientation: The organization-wide generation of market intelligence pertaining to (met
betrekking op) current and future customer needs, dissemination
(verspreiding)of the intelligence across the departments, and
organization-wide responsiveness (antwoorden) to it
goals:
-delivering customer value
-understanding consumer needs even better than consumers themselves
do
-creating products that meet existing and latent (niet zichtbaar, maar wel
aanwezig) needs, now or in the future
-components of market orientation:
,-customer centricity: do not please all customers, fulfilling (voldoen) needs in a profitable way
Marketing’s intellectual roots:
Industrial economics influences: supply and demand (price, quantity)
theories of income distribution, scale of operation, monopoly,
competition…
Psychological influences: consumer behaviour, motivation research, information processing,
persuasion (overtuigingskracht), consumer personality, customer
satisfaction (tevredenheid)
Sociological influences: how groups of people behave: demographics, class, motivation,
customs, culture
Anthropological influences: qualitative approaches (benadering) in researching consumer
behaviour
Computer science influences: digitization (digitalisering), recommendation systems, apps
-sales: product push, short-term focus on satisfaction of customer needs
-marketing: product pull, long-term focus on satisfaction of customer needs, high focus on
stimulation of demand
-marketing is about acquisition (verwerven)
-placing customers at the center of a company’s operations (uitvoeringen) and decision-making
Processes → generate customers insights (inzichten), develop marketing strategy
-enhance (verbeteren) a company’s relationships with its customer
-marketing: creating, delivering, satisfying customers
-marketing do not control all the marketing mix elements (place, price, product)
-exchange: the act of obtaining (verkrijgen) a desired (gewenst) object from someone by offering
something in return → 2 parties, value to offer, want to deal with each other → creates value,
more consumption choices or possibilities
-customer value = the consumer’s assessment (beoordeling) of the product’s overall capacity to
satisfy his or her needs = ratio (verhouding) between perceived (waargenomen) benefits and
costs ⇒ not only money
Ex. benefits, costs perceived value
,→ outcomes: repeat purchases, positive word-of-mouth, loyalty, growing market share, growing
share (aandeel) of customer, building customer equity (vermogen)
-marketing mix:
-physical evidence: tangible (tasbare) components of services
-people: interaction with customer
-process: service delivery (dienstverlening) (manage customer expectations with standardized
processes)
-personalisation: ex. Starbucks (name), netflix (‘’voor jou’’)
-context marketing: delivering marketing messages to customers at the right moment based on
their situation and behaviour
-relationship marketing: relations with stakeholders, important mature industries
-loyal customers: increase purchases, cheaper to promote, happy with relationship with
company + refer to others, prepared to pay a premium price
-Customer Relationship Management: the process of acquiring (verwerven) detailed information
of individual customers (surveys, website visits) and carefully building and managing customer
relationships by delivering superior value
-marketing automation: a category of technology that allows companies to streamline, automate,
and measure marketing tasks and workflows, so they can increase operational (alles wat
geschikt is om te gebruiken) efficiency and grow revenue (omzet) faster → use software +
technology (repetitive marketing)
-Selecting relationship management: -Customer lifetime value: prediction of all the value a
business will earn from their entire relationship with a
customer
-Maximizing profit over customer’s lifetime
-Losing customer = losing lifetime’s worth of purchases
and referrals (word-of-mouth)
-service dominant logic: sees service as the fundamental basis of exchange
-Co-creation: -offerings are service-based → customers become co- creators of the service
experience
-organizations can use co-creation to differentiate (onderscheiden) their offerings
-creation of value → customers take part in active dialogues and co-construct
personalized experiences
→ Value is not in products but realized through consumer use
, -macromarketing: the study of the effect that marketing processes, activities, and institutions
(instellingen) have on the economy and society of a nation
→ marketing plays an important role in developing and transforming society, marketing of
nonprofits, innovations (vernieuwingen)
→ marketing is frequently criticized for being unethical in nature, manipulative, and creating
wants or needs where none previously existed
-marketing: understand and meet customer needs (noden) to create value
+ Marketing is a social managerial process by which individuals and groups
obtain (verkrijgen) what they need and want through (via) creating and
exchanging products and value with others. (build + maintain profitable
relationships with stakeholders)
→ physical products: ex. Cola
services: ex. Netflix
retail: ex. Zara
experiences: ex. Disneyland
events: ex. Tomorrowland
Film, music, theater: ex. K3
places: ex. Antwerpen
ideas: ex. Don’t drink and drive
charity + non-profit: ex. WWF
people: ex. Trump
-costumer: buys
-consumer: uses → -initiator: idea (how a product addresses their needs)
-influencer: influences decision (collaborate with influencers)
-decider: ultimate buying decision
-buyer: actual purchase (ensure smooth payment methods)
-payer: pays (offer various payment methods)
-user: consumes (provide support + gather feedback)
-gatekeeper: controls access of product information (communicate with them)
-market orientation: The organization-wide generation of market intelligence pertaining to (met
betrekking op) current and future customer needs, dissemination
(verspreiding)of the intelligence across the departments, and
organization-wide responsiveness (antwoorden) to it
goals:
-delivering customer value
-understanding consumer needs even better than consumers themselves
do
-creating products that meet existing and latent (niet zichtbaar, maar wel
aanwezig) needs, now or in the future
-components of market orientation:
,-customer centricity: do not please all customers, fulfilling (voldoen) needs in a profitable way
Marketing’s intellectual roots:
Industrial economics influences: supply and demand (price, quantity)
theories of income distribution, scale of operation, monopoly,
competition…
Psychological influences: consumer behaviour, motivation research, information processing,
persuasion (overtuigingskracht), consumer personality, customer
satisfaction (tevredenheid)
Sociological influences: how groups of people behave: demographics, class, motivation,
customs, culture
Anthropological influences: qualitative approaches (benadering) in researching consumer
behaviour
Computer science influences: digitization (digitalisering), recommendation systems, apps
-sales: product push, short-term focus on satisfaction of customer needs
-marketing: product pull, long-term focus on satisfaction of customer needs, high focus on
stimulation of demand
-marketing is about acquisition (verwerven)
-placing customers at the center of a company’s operations (uitvoeringen) and decision-making
Processes → generate customers insights (inzichten), develop marketing strategy
-enhance (verbeteren) a company’s relationships with its customer
-marketing: creating, delivering, satisfying customers
-marketing do not control all the marketing mix elements (place, price, product)
-exchange: the act of obtaining (verkrijgen) a desired (gewenst) object from someone by offering
something in return → 2 parties, value to offer, want to deal with each other → creates value,
more consumption choices or possibilities
-customer value = the consumer’s assessment (beoordeling) of the product’s overall capacity to
satisfy his or her needs = ratio (verhouding) between perceived (waargenomen) benefits and
costs ⇒ not only money
Ex. benefits, costs perceived value
,→ outcomes: repeat purchases, positive word-of-mouth, loyalty, growing market share, growing
share (aandeel) of customer, building customer equity (vermogen)
-marketing mix:
-physical evidence: tangible (tasbare) components of services
-people: interaction with customer
-process: service delivery (dienstverlening) (manage customer expectations with standardized
processes)
-personalisation: ex. Starbucks (name), netflix (‘’voor jou’’)
-context marketing: delivering marketing messages to customers at the right moment based on
their situation and behaviour
-relationship marketing: relations with stakeholders, important mature industries
-loyal customers: increase purchases, cheaper to promote, happy with relationship with
company + refer to others, prepared to pay a premium price
-Customer Relationship Management: the process of acquiring (verwerven) detailed information
of individual customers (surveys, website visits) and carefully building and managing customer
relationships by delivering superior value
-marketing automation: a category of technology that allows companies to streamline, automate,
and measure marketing tasks and workflows, so they can increase operational (alles wat
geschikt is om te gebruiken) efficiency and grow revenue (omzet) faster → use software +
technology (repetitive marketing)
-Selecting relationship management: -Customer lifetime value: prediction of all the value a
business will earn from their entire relationship with a
customer
-Maximizing profit over customer’s lifetime
-Losing customer = losing lifetime’s worth of purchases
and referrals (word-of-mouth)
-service dominant logic: sees service as the fundamental basis of exchange
-Co-creation: -offerings are service-based → customers become co- creators of the service
experience
-organizations can use co-creation to differentiate (onderscheiden) their offerings
-creation of value → customers take part in active dialogues and co-construct
personalized experiences
→ Value is not in products but realized through consumer use
, -macromarketing: the study of the effect that marketing processes, activities, and institutions
(instellingen) have on the economy and society of a nation
→ marketing plays an important role in developing and transforming society, marketing of
nonprofits, innovations (vernieuwingen)
→ marketing is frequently criticized for being unethical in nature, manipulative, and creating
wants or needs where none previously existed
