Marketing management
Class 1:
Introduction
- Groupwork: marketing mix: use at least 1 sientific article (60%)
- Self-study: chapter 13 and chapter 15! Part of the exam!!
- Final exam (30%)
- 8 chapter quizzes (10%)!!
Chapter 1: marketing and the Organisation
Defining Marketing
Marketing is the process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return.
(Kotler & Armstrong, 2010)
→ not a one time thing, about creating value for costumers (more than just profit).
When you do that, you can create relationships with the costumers.
Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large. (American Marketing Association, 2017)
→ what value do you bring for society, for your stakeholders, …
VALUE IS A KEY CONCEPT!
- ▪ Value
o For customers: needs and wants
o For organizations: profit (financial, societal, environmental, …)
- Customer
o Customer satisfaction is central for success
- Relationship
o Long-term goals vs. short-term goals
o Acquisition (increasing market share/costumers) vs. retention (keep
costumers/repeat purchases)
- Process
o Stream of exchanges
→ Marketing is central for business success
Costumer satisfaction is key for succes. You try to build long-term relationships
1
,Marketing concept
→ important to know what your competition is doing!
→ Costumer is central and all activities should be centerd around costumer
satisfaction, everyone in your company should help create that
What Marketing is not…
- Some businesses do not practice marketing (i.e., the customer satisfaction
ideal) at all.
- They (intentionally) engage in cheating, swindling, deceiving, or cynically
manipulating customers in some way.
- Naturally, this produces dissatisfaction.
- This orientation can be considered (bad examples of) commerce, exchange,
selling, or “business”—as well as cheating, swindling, and so on—but it is not
marketing.
- Real marketing has nothing to do with “bad business practices”
2
,Market orientation (= perspective how we look at marketing)
→ proces of analysing costumers need is a continuous proces. When you realise what
the needs of the costumers are, you see the potential market opportunities (e.g. make
adaptions). Because of this you can create services and products to the market to reach
costumer satisfaction. (= outward looking strategy)
Product orientation
They really want you to buy there products. Often very convincing/aggressive addds.
This only works when there are more people who want your product than you can
provide. There won’t be too many competitors. (= inward looking strategy)
3
, Understanding Market-driven Bussiness
→ these organisations like change and marketing is not a luxury, it’s part of their
bussinnes. Don’t always look at what is more effective but also most efficient.
Efficiency vs effectiveness
- Efficient: input must be higher than output
- Effective: doing the right things
4
Class 1:
Introduction
- Groupwork: marketing mix: use at least 1 sientific article (60%)
- Self-study: chapter 13 and chapter 15! Part of the exam!!
- Final exam (30%)
- 8 chapter quizzes (10%)!!
Chapter 1: marketing and the Organisation
Defining Marketing
Marketing is the process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return.
(Kotler & Armstrong, 2010)
→ not a one time thing, about creating value for costumers (more than just profit).
When you do that, you can create relationships with the costumers.
Marketing is the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large. (American Marketing Association, 2017)
→ what value do you bring for society, for your stakeholders, …
VALUE IS A KEY CONCEPT!
- ▪ Value
o For customers: needs and wants
o For organizations: profit (financial, societal, environmental, …)
- Customer
o Customer satisfaction is central for success
- Relationship
o Long-term goals vs. short-term goals
o Acquisition (increasing market share/costumers) vs. retention (keep
costumers/repeat purchases)
- Process
o Stream of exchanges
→ Marketing is central for business success
Costumer satisfaction is key for succes. You try to build long-term relationships
1
,Marketing concept
→ important to know what your competition is doing!
→ Costumer is central and all activities should be centerd around costumer
satisfaction, everyone in your company should help create that
What Marketing is not…
- Some businesses do not practice marketing (i.e., the customer satisfaction
ideal) at all.
- They (intentionally) engage in cheating, swindling, deceiving, or cynically
manipulating customers in some way.
- Naturally, this produces dissatisfaction.
- This orientation can be considered (bad examples of) commerce, exchange,
selling, or “business”—as well as cheating, swindling, and so on—but it is not
marketing.
- Real marketing has nothing to do with “bad business practices”
2
,Market orientation (= perspective how we look at marketing)
→ proces of analysing costumers need is a continuous proces. When you realise what
the needs of the costumers are, you see the potential market opportunities (e.g. make
adaptions). Because of this you can create services and products to the market to reach
costumer satisfaction. (= outward looking strategy)
Product orientation
They really want you to buy there products. Often very convincing/aggressive addds.
This only works when there are more people who want your product than you can
provide. There won’t be too many competitors. (= inward looking strategy)
3
, Understanding Market-driven Bussiness
→ these organisations like change and marketing is not a luxury, it’s part of their
bussinnes. Don’t always look at what is more effective but also most efficient.
Efficiency vs effectiveness
- Efficient: input must be higher than output
- Effective: doing the right things
4
