Exam summary – Marketing & Sales (M&S)
Contents
Chapter 1 – Marketing: Creating Customer Value and Engagement..................................................2
Chapter 2 – Products, Services, and Brands: Building Customer Value..............................................5
Chapter 3 – Pricing Strategies: Additional Considerations..................................................................8
Chapter 4 – Retailing and Wholesaling.............................................................................................11
Chapter 5 – Engaging Consumers and Communicating Customer Value: Integrated Marketing
Communication Strategy..................................................................................................................14
, Chapter 1 – Marketing: Creating Customer Value and Engagement
Marketing Process by which companies create value for customers and build strong customer
relationships in order to capture value from customers in return.
Marketing process has 5 steps:
Outstanding companies learn and understand customer’s needs, wants and demands. Understanding
this helps them design want-satisfying market offerings and build value-laden customer relationships,
by which they capture customer lifetime value and greater share of customer. This results in
increased long-term customer equity for the firm.
Needs States of deprivation.
Wants Form that needs take, shaped by culture and individual personality.
Demands Wants backed by buying power.
Market offerings Combination of products, services, information or experiences offered to a
market to satisfy a need or want.
Marketing myopia Mistake of paying more attention to specific products a company offers, than
to benefits and experiences produced by these products.
Exchange Act of obtaining desired object from someone by offering something in return.
Market Set of all actual and potential buyers of a product or service.
- Companies address needs, wants, demands by putting a Value proposition Set of benefits they
promise to consumers to satisfy their needs.
- Value proposition fulfilled through market offering delivers customer value and satisfaction
results in long-term exchange relationships with customers.
Marketing management Art and science of choosing target markets and building profitable
relationships with them.
Market segmentation Dividing the markets into segments of customers.
Target marketing Which segments to go after.
- To design winning marketing strategy:
Decide whom it will serve (market segmentation and target marketing).
How will it serve customers (how will it differentiate and position itself in the marketplace).
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Contents
Chapter 1 – Marketing: Creating Customer Value and Engagement..................................................2
Chapter 2 – Products, Services, and Brands: Building Customer Value..............................................5
Chapter 3 – Pricing Strategies: Additional Considerations..................................................................8
Chapter 4 – Retailing and Wholesaling.............................................................................................11
Chapter 5 – Engaging Consumers and Communicating Customer Value: Integrated Marketing
Communication Strategy..................................................................................................................14
, Chapter 1 – Marketing: Creating Customer Value and Engagement
Marketing Process by which companies create value for customers and build strong customer
relationships in order to capture value from customers in return.
Marketing process has 5 steps:
Outstanding companies learn and understand customer’s needs, wants and demands. Understanding
this helps them design want-satisfying market offerings and build value-laden customer relationships,
by which they capture customer lifetime value and greater share of customer. This results in
increased long-term customer equity for the firm.
Needs States of deprivation.
Wants Form that needs take, shaped by culture and individual personality.
Demands Wants backed by buying power.
Market offerings Combination of products, services, information or experiences offered to a
market to satisfy a need or want.
Marketing myopia Mistake of paying more attention to specific products a company offers, than
to benefits and experiences produced by these products.
Exchange Act of obtaining desired object from someone by offering something in return.
Market Set of all actual and potential buyers of a product or service.
- Companies address needs, wants, demands by putting a Value proposition Set of benefits they
promise to consumers to satisfy their needs.
- Value proposition fulfilled through market offering delivers customer value and satisfaction
results in long-term exchange relationships with customers.
Marketing management Art and science of choosing target markets and building profitable
relationships with them.
Market segmentation Dividing the markets into segments of customers.
Target marketing Which segments to go after.
- To design winning marketing strategy:
Decide whom it will serve (market segmentation and target marketing).
How will it serve customers (how will it differentiate and position itself in the marketplace).
2
