Modules 1–12 Marketing (B) — Open-Book Exam Handbook
Marketing (B)
Open-Book Exam Handbook
Modules 1–12 | Mock Exam | Topic Index
Prof. Dr. Tine De Bock
KU Leuven — Academic Year 2025–2026
Faculty of Economics and Business
Rania El Ghalbzouri Page 1
MBA Programme
,Modules 1–12 Marketing (B) — Open-Book Exam Handbook
Table of Contents
Module Title Page
Module 1 Introduction to Marketing & Customer Value p. 3
Module 2 Marketing Analysis, Strategy & Mix p. 17
Module 3 MINE — Marketing in a Network Economy p. 34
Module 4 Service Marketing p. 47
Module 5 Sensory & Experiential Marketing p. 61
Module 6 Customer Experience & Journey p. 76
Module 7 Digital Marketing & CDR p. 85
Module 8 Consumer Behaviour & Decision-Making p. 98
Module 9 Strategic Brand Management p. 108
Module 10 Leadership (Skills) & Marketing p. 117
Module 11 Socially Responsible Marketing p. 127
Module 12 Retailing & E-Commerce p. 136
Exam Prep Exercise Session Tips & Pitfalls p. 146
Mock Exam Full Mock Exam with Answers p. 147
Rania El Ghalbzouri Page 2
MBA Programme
,Modules 1–12 Marketing (B) — Open-Book Exam Handbook
MODULE 1: INTRODUCTION
Marketing (B) — Open-Book Exam Handbook | Prof. Dr. Tine De Bock | KU Leuven 2025–
2026
Module 1: Introduction to Marketing & Customer Value
1. Core Strategic Logic
Module 1 establishes the foundational premise of the entire course: marketing is not a
department that advertises and sells — it is a strategic organizational mindset centred on
creating value for customers and, through that process, generating value in return for the
organization. Every subsequent module builds on this logic.
The core argument proceeds as follows: Marketing = value creation → customer
relationships → value in return. This is Kotler’s definition operationalized. The organization
must first understand customer needs (analysis), then strategically position itself (strategy),
translate that into a value-delivering mix (implementation), and measure outcomes (evaluation).
The marketing process is the engine; customer value is the fuel.
Critically, the professor stresses that technology changes how we do marketing, but not why
marketing exists. The raison d’être of marketing — creating value for customers — is invariant.
Big data enables hyper-segmentation, AI enables personalization, but the underlying strategic
question remains: for whom is this offering relevant, and does it create value?
2. Key Concepts & Frameworks
2A. What Is Marketing? — Functional vs. Strategic View
Dimension Functional View Strategic View (course perspective)
Role Department executing ads, pricing, Organization-wide mindset; every
promotions employee is jointly responsible for
marketing
Focus Communication & promotion Understanding & fulfilling customer
needs better than competitors
Customer Overlooked — operational/technical Central — IT, operations, customer
experience problems are “not marketing’s issue” service all contribute to marketing
outcomes
Relationship Strategy ≠ Execution (separated) Strategy & Execution are mutually
dependent — both required
Key nuance: Strategic marketing cannot exist without strong functional execution, and functional
execution without strategic direction produces fragmented actions with no coherent impact. The
professor emphasizes these are complements, not opposites.
Kotler’s Definition: 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.
Rania El Ghalbzouri Page 3
MBA Programme
, Modules 1–12 Marketing (B) — Open-Book Exam Handbook
AMA Definition: 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.
Strategic implication: Both definitions centre on value. The AMA definition extends beyond the
customer–firm dyad to include partners and society — foreshadowing the societal marketing
orientation.
2B. Customer Value
Customer Value (Zeithaml, 1988): A trade-off between benefits (positive consequences)
and costs (negative consequences) as perceived by the customer. Value is subjective — the
customer determines it, not the supplier.
Why customer value is fundamental: (1) It drives customer decision-making across pre-
purchase, purchase, and post-purchase phases. (2) It determines evaluative judgments —
satisfaction, loyalty, word-of-mouth, repurchase — which directly drive organizational success
(value in return).
Seven Foundational Characteristics of Customer Value (Leroi-Werelds, 2019)
# Characteristic Strategic Meaning Spotify Premium Example
1 Subject–Object Value arises from the interaction Value arises from how the user
Interaction between a customer and an interacts with the platform —
object (product, service, searching, creating playlists,
technology, activity) using recommendations
2 Benefits–Costs Customers weigh what they Benefits: ad-free listening, offline
Trade-off receive against what they give up access, recommendations. Costs:
(monetary and non-monetary) subscription fee, privacy, time
investment
3 Experiential Value is not inherent in the object Value arises during listening while
(Value-in-Use) but emerges from customer studying, commuting, exercising
experiences with it — across all — not from the subscription itself
journey stages (search,
purchase, use, disposal)
4 Personal / Each customer perceives value A music enthusiast perceives
Subjective differently based on needs, different value than a casual
knowledge, skills, experiences, listener
financial resources, and personal
values
5 Situation- Value depends on context — Offline listening is highly valuable
Specific circumstances, time, location on a long train ride but less
relevant at home with WiFi
6 Multidimensional Value consists of multiple types Functional (music access),
simultaneously emotional (enjoyment), social
(sharing), epistemic (discovering
new artists)
7 Co-created via The customer actively co-creates Users create playlists, follow
Resource value by integrating their own artists, engage with
Integration resources (knowledge, skills, recommendations — actively
time) with the offering shaping their own value
Rania El Ghalbzouri Page 4
MBA Programme
Marketing (B)
Open-Book Exam Handbook
Modules 1–12 | Mock Exam | Topic Index
Prof. Dr. Tine De Bock
KU Leuven — Academic Year 2025–2026
Faculty of Economics and Business
Rania El Ghalbzouri Page 1
MBA Programme
,Modules 1–12 Marketing (B) — Open-Book Exam Handbook
Table of Contents
Module Title Page
Module 1 Introduction to Marketing & Customer Value p. 3
Module 2 Marketing Analysis, Strategy & Mix p. 17
Module 3 MINE — Marketing in a Network Economy p. 34
Module 4 Service Marketing p. 47
Module 5 Sensory & Experiential Marketing p. 61
Module 6 Customer Experience & Journey p. 76
Module 7 Digital Marketing & CDR p. 85
Module 8 Consumer Behaviour & Decision-Making p. 98
Module 9 Strategic Brand Management p. 108
Module 10 Leadership (Skills) & Marketing p. 117
Module 11 Socially Responsible Marketing p. 127
Module 12 Retailing & E-Commerce p. 136
Exam Prep Exercise Session Tips & Pitfalls p. 146
Mock Exam Full Mock Exam with Answers p. 147
Rania El Ghalbzouri Page 2
MBA Programme
,Modules 1–12 Marketing (B) — Open-Book Exam Handbook
MODULE 1: INTRODUCTION
Marketing (B) — Open-Book Exam Handbook | Prof. Dr. Tine De Bock | KU Leuven 2025–
2026
Module 1: Introduction to Marketing & Customer Value
1. Core Strategic Logic
Module 1 establishes the foundational premise of the entire course: marketing is not a
department that advertises and sells — it is a strategic organizational mindset centred on
creating value for customers and, through that process, generating value in return for the
organization. Every subsequent module builds on this logic.
The core argument proceeds as follows: Marketing = value creation → customer
relationships → value in return. This is Kotler’s definition operationalized. The organization
must first understand customer needs (analysis), then strategically position itself (strategy),
translate that into a value-delivering mix (implementation), and measure outcomes (evaluation).
The marketing process is the engine; customer value is the fuel.
Critically, the professor stresses that technology changes how we do marketing, but not why
marketing exists. The raison d’être of marketing — creating value for customers — is invariant.
Big data enables hyper-segmentation, AI enables personalization, but the underlying strategic
question remains: for whom is this offering relevant, and does it create value?
2. Key Concepts & Frameworks
2A. What Is Marketing? — Functional vs. Strategic View
Dimension Functional View Strategic View (course perspective)
Role Department executing ads, pricing, Organization-wide mindset; every
promotions employee is jointly responsible for
marketing
Focus Communication & promotion Understanding & fulfilling customer
needs better than competitors
Customer Overlooked — operational/technical Central — IT, operations, customer
experience problems are “not marketing’s issue” service all contribute to marketing
outcomes
Relationship Strategy ≠ Execution (separated) Strategy & Execution are mutually
dependent — both required
Key nuance: Strategic marketing cannot exist without strong functional execution, and functional
execution without strategic direction produces fragmented actions with no coherent impact. The
professor emphasizes these are complements, not opposites.
Kotler’s Definition: 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.
Rania El Ghalbzouri Page 3
MBA Programme
, Modules 1–12 Marketing (B) — Open-Book Exam Handbook
AMA Definition: 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.
Strategic implication: Both definitions centre on value. The AMA definition extends beyond the
customer–firm dyad to include partners and society — foreshadowing the societal marketing
orientation.
2B. Customer Value
Customer Value (Zeithaml, 1988): A trade-off between benefits (positive consequences)
and costs (negative consequences) as perceived by the customer. Value is subjective — the
customer determines it, not the supplier.
Why customer value is fundamental: (1) It drives customer decision-making across pre-
purchase, purchase, and post-purchase phases. (2) It determines evaluative judgments —
satisfaction, loyalty, word-of-mouth, repurchase — which directly drive organizational success
(value in return).
Seven Foundational Characteristics of Customer Value (Leroi-Werelds, 2019)
# Characteristic Strategic Meaning Spotify Premium Example
1 Subject–Object Value arises from the interaction Value arises from how the user
Interaction between a customer and an interacts with the platform —
object (product, service, searching, creating playlists,
technology, activity) using recommendations
2 Benefits–Costs Customers weigh what they Benefits: ad-free listening, offline
Trade-off receive against what they give up access, recommendations. Costs:
(monetary and non-monetary) subscription fee, privacy, time
investment
3 Experiential Value is not inherent in the object Value arises during listening while
(Value-in-Use) but emerges from customer studying, commuting, exercising
experiences with it — across all — not from the subscription itself
journey stages (search,
purchase, use, disposal)
4 Personal / Each customer perceives value A music enthusiast perceives
Subjective differently based on needs, different value than a casual
knowledge, skills, experiences, listener
financial resources, and personal
values
5 Situation- Value depends on context — Offline listening is highly valuable
Specific circumstances, time, location on a long train ride but less
relevant at home with WiFi
6 Multidimensional Value consists of multiple types Functional (music access),
simultaneously emotional (enjoyment), social
(sharing), epistemic (discovering
new artists)
7 Co-created via The customer actively co-creates Users create playlists, follow
Resource value by integrating their own artists, engage with
Integration resources (knowledge, skills, recommendations — actively
time) with the offering shaping their own value
Rania El Ghalbzouri Page 4
MBA Programme
