Summary Principles of Marketing

ISBN-10 0273786997 ISBN-13 9780273786993
892 Flashcards & Notes
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This is the summary of the book "Principles of Marketing". The author(s) of the book is/are Philip Kotler, Gary Armstrong. The ISBN of the book is 9780273786993 or 0273786997. This summary is written by students who study efficient with the Study Tool of Study Smart With Chris.

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Summary - Principles of Marketing

  • 1 Defining Marketing and the Marketing Process

  • waardoor krijgen bedrijven succes

    ze focussen zich heel erg op de klant en zetten zich zwaar in in de marketing

  • definitie voor marketing

    marketing is managing profitable customer relationships

  • what is the twofold goal of marketing?

    to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction

  • today's marketers wants to become a part of your life and enrich your experiences with their brands - to help you live their brands

  • 1.1 Marketing: Creating and Capturing Costumer Value

  • Marketing defined:
    -Companies create value for customers
    -Building strong customer relationships
    -Capturing value from customers in return
  • Creating and Capturing Customer Value
    -Understanding the Marketplace and Customer Needs

    -Designing a Customer-Driven Marketing Strategy

    -Preparing an Integrated Marketing Plan and Program

    -Building Customer Relationships

    -Capturing Value from Customers
  • 1.2 Understanding the Marketplace and Customer Needs

  • Objective 2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
    Outstanding marketing companies go to great lengths to learn about and understand their customers' needs, wants, and demands. This understanding helps them to design want-satisfying market offerings and build value-laden customer relationships by which they can capture customer lifetime value and greater share of customer. The result is increased long-term customer equity for the firm.
    The core marketplace concepts are needs, wants and demands; market offerings (products, services, and experiences); value and satisfaction; exchange and relationships; and markets. Wants are the form taken by human needs when shaped by culture and individual personality. When backed by buying power wants become demands. Companies address needs by putting forth a value proposition, a set of benefits that they promise to consumers to satisfy their needs. The value proposition is fulfilled through a market offering, which delivers customer value and satisfaction, resulting in long-term exchange relationships with customers.
  • Needs
    States of felt deprivation.
  • To fully understand customer needs and the marketplace in which marketers operate, 7 core concepts are essential, which? 
    1. Human needs
    2. Wants
    3. Demands
    4. Market offerings
    5. Consumer value and satisfaction 
    6. Exchanges and relationships
    7. Markets
  • Wants
    The form human needs take as they are shaped by culture and individual personality.
  • Explain human needs? 
    States of felt deprivation which are a basic part of human makeup, include physical needs (food, clothing, warmth and safety), social needs (belonging and affection), and individual needs (knowledge and self-expression). 
  • Demands
    Human wants that are backed by buying power.
  • Explain wants? 
    Are the form human needs take as they are shaped by culture and individual personality. Wants are represented in the form of an object, in order to satisfy needs. 
  • Market offerings
    Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
  • Explain demands? 
    Demands are wants which are backed by the buyer's power. When consumers combine their wants and resources, they ask for products with benefits that add up to the most value and satisfaction. 
  • Marketing Myopia
    The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.
  • Explain market offerings? 
    Combination of products, services and information to satisfy a need or a want. These offerings are very broad: from the physical product to services or intangible activities such as benefits, persons, places, organizations, information and ideas. 
  • Exchange
    The act of obtaining a desired object from someone by offering something in return.
  • What is marketing myopia? 
    The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. 
  • Explain consumer value and satisfaction? 
    The customer's expectations of a product before buying it. Setting the right level of expectation is the key to success in developing and sustaining customer relationships. 
  • Explain exchanges and relationships? 
    They take place when consumers decide to fulfull their needs and wants through exchange relationships. An exchange is the act of obtaining a desired object from someone by offering something in return.
  • How are exchange relationships built and maintained? 
    With a target audience through the transfer of objects, ideas, services and products. 
  • Explain markets? 
    Consists of a set of actual and potential buyers of a products or service. A customer's need or want is satisfied through exchange relationships. 
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Example questions in this summary

Services have four characteristics: service variability, intangibility, inseparability, perishability explain these 
Customer relationship management
Customer lifetime value
Share of customer
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