Summary Theories of Marketing LECTURES

TM Lecture summaries

Lecture 1
 Conceptual and empirical paper
- Some papers are conceptual in nature
 New lines of thinking -> propositions
- Others (most) are empirical
 Qualitative or quantitative: Testing (new) theories in (new) contexts or
combinations -> hypotheses
- Quantitative papers contain complex statistics: What to do?
 Try to follow the method approach taken in the paper. Check if lecturer pays
attention to it.
 How to read an article
Identify for each article:
- Contribution - academic & managerial relevance?
- Positioning – how is Q related to existing knowledge?
- Method approach – how do they try to answer question?
- Conclusion – what do they actually add to our knowledge?
- (Future research – what new ideas do you get from this paper?)
- (Limitations – can you think of any improvements to this paper?)
Compare different articles regarding similar topic/week
- What is different regarding context, content or method? Why?
 What is marketing
- Marketing is a business philosophy  A way to approach the market
- Functions & Processes/activities to deliver ‘customer value’
 History of marketing thought

, Marketing definitions
- 1985: Marketing is the process of planning and executing conception, pricing,
promotion and distribution of goods, ideas and services to create exchanges that
satisfy individual and organizational goals.
- 1985: Marketing is the process of planning and executing conception, pricing,
promotion and distribution of goods, ideas and services to create exchanges that
satisfy individual and organizational goals.
- 2012: 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.
From transaction & Product driven  To relation & Value driven
 Two main decisions
- Segmentation
- Value differentiation
 The marketing system




 Developments in marketing thinking
 Article 1: Market orientation
Market orientation crucial for sustainable superior value
Market orientation = the organisation culture that most effectively and efficiently creates
the necessary behaviors for the creation of superior value for buyers and, thus, longterm
superior performance of the business (Narver & Slater 1990)

,It consists of the following elements:
- Customer Orientation
- Competitor Orientation
- Interfunctional Coordination
- (longterm, profit focus)
Market orientation as a culture
Set of beliefs that put the customers’ interest first, while not excluding that of all other
stakeholders, such as owners, managers and employees, in order to develop a long-
term profitable enterprise.
Market orientation as behaviour
The ability to generate, disseminate and use superior information about customers and
competitors
Market orientation is the implementation of the marketing concept
‘’We are driven by what the customer wants. We try to gather data, do research, put
together new products based on this research, and then promote them.’’
Article 1: Narver & Slater 1990
Important and classic article that generated a broad stream of research on Market
Orientation
1) Measurement of market orientation
- New measure development
- Reliability
- Construct validity
2) Effect on profitability
- Differences between (non)commodity markets
- Inclusion of control variables
Effect of MO on profitability commodity vs. noncommodity markets




A lot of new research has been done since that challenges, refines, overthrows and enriches
findings.

, - E.g. Effect of MO over time on sales and profit:




-
- Did market orientation become obsolete?
So, if value is everything…
- Is market orientation enough?
 Customer orientation
 Competitor orientation
 Interfunctional coordination


 Article 2: Different views on market orientation
- ‘If I had asked people what they wanted, they would have said faster horses’
- ‘A lot of times, people don’t know what they want until you show it to them’