Marketing, a dynamic field of study, focuses on the creation, communication, and delivery of value to customers. It's essentially the bridge between understanding what consumers want and need, and ensuring a product or service effectively fulfills those desires.
Marketing management equips you with the knowledge and skills to oversee an organization's marketing efforts. It encompasses everything from understanding customer needs and developing marketing strategies to creating and executing marketing campaigns that achieve organizational goals.
Sales, as a field of study, delves into the strategies and techniques used to convince customers to purchase goods or services. It's a blend of art and science, requiring an understanding of human psychology, communication skills, and the ability to build relationships.
English:
Summary Organizational Behavior by Robbins and JudgeBeing a good manager requires strong interpersonal skills, as communication is crucial, as one must manage different types of resources: people, money, and time in order to achieve specific goals.
A Manager’s Four Main Functions
Planning function refers to setting goals, creating strategies, and preparation of plans that make different activities work coherently and effectively.
Organising function concerns tasks identification and division, assignment of tasks to individuals, setting reporting and decision- making systems.
Leading function relates to motivating workers and directing others’ actions, choosing communication canals and solving conflicts.
Controlling function refers to controlling others’ work outcomes and checking whether everything is being done as planned; and when necessary undertaking corrective actions.
Management roles
They can be divided into 3 main categories: interpersonal roles, informational roles and decisional roles. The concept was developed by Henry Mintzberg and is called Mintzberg’s Managerial Roles (below).
ROLE | DESCRIPTION
|
Interpersonal
| Roles which involve ceremonial/symbolic duties |
Figurehead | Symbolic head, needs to perform duties of social/legal nature |
Leader | Motivates and directs employees |
Liaison | Maintains a network of outside contacts |
Informational
| Collection and dissemination of information |
Monitor | Receives information, serves as nerve centre of internal and external information |
Disseminator | Transmits information from outsiders to the organisation’s members |
Spokesperson | Transmits information about the organisation to outside parties |
Decisional
| Refers to making choices |
Entrepreneur | Analyses the organisation and its environment for opportunities and initiates projects to bring about change |
Disturbance handler | Undertakes corrective actions in case of problems |
Resource allocator | Makes or approves important organizational decisions |
Negotiator | Represents the organization |
List of important terms for Global Marketing: a decision-oriented approachCustomer experience. The use of products in combination with services to engage the individual customer in a way that creates a memorable event. This can be characterized into one of the four groups: entertainment, educational, aesthetic or escapist.
Deglobalization. Moving away from the globalization trends and regarding each market as special, with his own economy, culture and religion.
Economies of scale. Accumulated volume in production, resulting lower cost price per unit.
Economies of scope. Reusing a resource from one business or country into another business or country.
Globalization. Reflects the trend of firms buying, developing, producing and selling products and services on a worldwide base.
Global integration. Recognizing the similarities between international markets and integrating them into the overall global strategy.
Global marketing. The commitment of the firm to coordinate its marketing activities across national boundaries in order to find and satisfy global customers.
Glocalization. The development and selling of products or services intended for the global market, but adapted to suit local culture and behaviour.
Internationalization. Doing business in many countries of the world, but often limited to a certain region like Europe.
LSEs Firms with more than 250 employees. Large Scale Enterprises.
Market responsiveness. Responding to each market's needs and wants.
SMEs. Small and medium sized enterprises. Companies with fewer than 50 employees are small enterprises. Companies with less than 250 employees are medium enterprises.
Value chain. A categorization of the firm's activities providing value for the customers and profit for the company.
Value networks. The formation of several firm's value chains into a network, where each company contributes a small part to the total value chain.
Value shops. A model for solving problems in a service environment. Value created by mobilizing resources and deploying them to solve a specific customer problem.
Virtual value chain. An extension of the conventional value chain, where the information processing itself can create value for customers.
Blue oceans. The unserved market, where competitors are not yet structured and the market is unknown. It's about avoiding head to head competition.
Competences. Combination of different resources into capabilities and later competences being something that the firm is really good at.
Competitive benchmarking. A technique for assessing relative marketplace
.....read more Summary Global Marketing (Hollensen)We are entering a new phase of globalisation in which an ultimate model for success does not exist and whereby companies from every part of the world compete. This chapter contains an introduction to globalization. We will discuss the process of developing the global marketing plan, the two main types of enterprises, the development of the concept of global marketing, global integration and market responsiveness, the value chain and global experimental marketing.
Globalisation: the trend of companies buying, developing, producing and selling products and services in most countries and regions of the world. It increases the companies’ competitiveness and facilitates innovation.
Internationalisation: doing business in many countries of the world, but often limited to a certain region, e.g. Europe. It is unlikely to be successful unless the company prepares in advance.
The process of developing the global marketing plan contains the decision whether to internationalize, deciding which markets to enter, deciding on the Market entry strategy, designing the global marketing programme and implementing and coordinating the global marketing plan.
There are two types of enterprises:
LSEs (Large Scale Enterprises): firms with more than 250 employees. Comprise 1% of all firms.
SMEs (Small and Medium-sized Enterprises): small firms have fewer than 50 employees; medium firms have fewer than 250 employees. Comprise 99% of all firms.
There are a few main qualitative differences between marketing and management style in SMEs and LSEs:
Resources:
Financial: SMEs have a lack of financial resources due to limited equity.
Business education/specialist expertise: SMEs have a lack of specialist expertise because managers are untrained in formal business disciplines.
Additionally, SMEs managers do not have knowledge about global marketing expertise. Therefore, the owners of SMEs are often closely involved with the firm’s processes.
Formation of strategy/decision-making processes: both the intended (or deliberate) strategy and the emergent strategy result in the realized strategy of a firm, Figure 1.3. LSEs mainly use the intended strategy and SMEs mainly use the emergent strategy. LSEs also use the approach logical incrementalism, Figure 1.4. They implement small adjustments, and when it is proved that they are successful further development of the strategy takes place. If the environmental change moves apart from the changes
.....read more Summary: A Framework for Marketing Management
The new economy is based on the Digital Revolution and the management of information. It is characterized by the Information Age, with promises of more accurate levels of production, more targeted communications, and more relevant pricing.
The old economy, on the other hand, was based on the Industrial Revolution, manufacturing industries, and standardization of products to achieve economies of scale. It is characterized by the Industrial Age, which focused on mass-production and mass-consumption with promises of efficiency.
The new economy has allowed for more capabilities for consumers and companies;
Consumers can now:
Find lowest prices as a consequence of their increase in buying power.
Access a greater variety of available goods and services. (e.g. through Amazon.com)
Access large amounts of information about anything
Interact, place and receive orders easily, 24/7 and from any location.
Compare notes on products and services.
Companies can now:
Operate powerful new information and sales channels to inform and promote their businesses and products.
e.g. Using Web sites.
Collect fuller and richer information about markets, customers, prospects, and competitors.
Speed up and facilitate internal Communication among employees.
e.g. Intranet
e.g. Extranets with suppliers
Communicate with customers and prospects in a “two-way” manner, and have more efficient transactions.
Send ads, coupons, samples, and information to those customers that requested it.
e.g. Internet, allows for the comparison of prices improving purchasing
Customize offerings and services to individual customers.
Improve purchasing, recruiting, training, and internal and external communications.
Improve logistics and operations, saving costs and improving accuracy and quality.
These capabilities of consumers and customers create new forces, the question and focus is on how these new forces will change marketing.
Marketing deals with identifying and meeting human social needs; “meeting needs profitably”. Companies are motivated to turn a private or social need into a.....read more
The Most Common Mistakes Companies Make with Global Marketing by Nataly Kelly - ArticleInstead of targeting a region as big as, for example, Asia or Europe, company executives would be wise to specify which Asian country is targeted. Generalising a region would be unwise because customers are likely to identify on a national level. For marketing, bespoke marketing management is the keyword here because cultural norms, local laws, specific business practises and currency are different per country. Market research should be localised and focused on understanding local customer behaviour, market size, local competitors and where the company product can fit in this market matrix.
For a company to develop a global market strategy there are three important data points to look at:
What is the estimated opportunity available in that (specific) market?
What is the ease of doing business in that market?
What is the level of success already enjoyed in that market?
More often than not companies rely on external date for making decisions. But for question 2 and 3 internal company data is likely to provide a better answer. How much investment creates how many leads? What are the sales cycles? Answers to these questions are better sought within the company, since third-party data sources are not as familiar with the product, brand and customer of the company.
Every company needs to tailor its channels to the local condition when entering a new market. Whatever might have worked in the home market, might not work abroad. When you are selling through social media, choosing the right platform per country is essential. Twitter might be popular in one country while another country has its own popular social channel. Another example is in countries with high cultural value attached to relationships, it might be wise to sell through local partners such as resellers instead of relying on direct sales methods. Relying in local data an in-country experts is highly recommended.
The Kotler Bundle: summaries and study notes for The Principles of Marketing by Kotler and Armstrong
Summary of Principles of Marketing by Kotler and Armstrong: 18th edition Marketing is the process of engaging customers and building profitable customer relationships by creating value for customers and capturing value in return. The goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering value and satisfaction.
The marketing process can be explained in five steps. The first four steps in the marketing process creates value for customers. In the final step, the company rewards of its strong customer relationships by capturing value from customers.
There are five different core customer and marketplace concepts.
Summary of Principles of Marketing by Armstrong and Kotler: 16th editionSimply put, marketing is managing profitable relationships, by attracting new customers by superior value and keeping current customers by delivering satisfaction. Marketing must be understood in the sense of satisfying customer needs. Marketing can be defined as the process by which companies create value for customers and build strong customer relationships to capture value from customers in return. A five-step model of the marketing process will provide the structure of this chapter.
There are five different core customer and marketplace concepts.
Marketing management is the art and science of choosing target markets and building profitable relationships with them. The aim is to find, attract, keep and grow the targeted customers by creating and delivering superior customer value. The target audience can be selected by dividing the market into customer segments (market segmentation) and selecting which segments to go after (target marketing). A company must also decide how to serve the targeted audience, by offering a value proposition. A value proposition is the set of benefits or values a company promises.....read more
Summary of Principles of marketing by Kotler: 15th editionSimply put, marketing is managing profitable relationships, by attracting new customers by superior value and keeping current customers by delivering satisfaction. Marketing must be understood in the sense of satisfying customer needs. Marketing can be defined as the process by which companies create value for customers and build strong customer relationships to capture value from customers in return. A five-step model of the marketing process will provide the structure of this chapter.
Understanding the marketplace and customer needs
There are five different core customer and marketplace concepts.
1. Customer needs, wants and demands. Human needs are states of felt deprivation and can include physical, social and individual needs. Wants are the form human needs take as they are shaped by culture and individual personality. Demands are human wants that are backed by buying power.
2. Market offerings are a combinations of products, services and experiences offered to a market to satisfy a need or want. These can be physical products, but also services – activities that are essentially intangible. The phenomenon of marketing myopia is paying more attention to company products, than to the underlying needs of consumers.
3. Value and satisfaction are key building blocks for customer relationships.
4. Exchanges are the acts of obtaining a desired object form someone by offering something in return. Marketing consists of actions trying to build an exchange relationship with an audience.
5. A market is the set of all actual and potential buyers of a product or service. Marketing involves serving a market of final consumers in the face of competitors.
Designing a customer-driven marketing strategy
Marketing management is the art and science of choosing target markets and building profitable relationships with them. The aim is to find, attract, keep and grow the targeted customers by creating and delivering superior customer value. The target audience can be selected by dividing the market into customer segments (market segmentation) and selecting which segments to go after (target marketing). A company must also decide how to serve the.....read more
Summary with Marketing Management with MyMarketingLab: Global Edition by Kotler and KellerNowadays economy is based on the Digital Revolution and information management. It promises more accurate levels of production, more targeted communications, and more relevant pricing, and is therefore characterized by the so-called Information Age.
The new economy differs a lot from the old economy, which was based on the Industrial Revolution, manufacturing industries, and standardization of products to achieve economies of scale. The old economy is characterized by the Industrial Age, which focused on mass-production and mass-consumption with a focus on efficiency.
The new economy has provided more capabilities to both consumers and businesses. Consumers can now:
Compare notes on products and services.
Companies can now operate powerful new information and sales channels to inform the consumer and promote their businesses and products.
e.g. Using Web sites:
e.g. Intranet:
e.g. Extranets with suppliers:
e.g. Internet, allows organizations for the comparison of prices, improving purchasing, logistics and operations, saving costs and improving accuracy and.....read more
Summary Principles of Marketing by KotlerSimply put, marketing is managing profitable relationships, by attracting new customers by superior value and keeping current customers by delivering satisfaction. Marketing must be understood in the sense of satisfying customer needs. Marketing can be defined as the process by which companies create value for customers and build strong customer relationships to capture value from customers in return. A five-step model of the marketing process will provide the structure of this chapter.
Understanding the marketplace and customer needs
There are five different core customer and marketplace concepts.
Designing a customer-driven marketing strategy
Marketing management is the art and science of choosing target markets and building profitable relationships with them. The aim is to find, attract, keep and grow the targeted customers by creating and delivering superior customer value. The target audience can be selected by dividing the market into customer segments (market segmentation) and selecting which segments to go after (target marketing). A company must also decide how to serve
.....read more De Kotler bundel: samenvattingen en studiehulp bij 'The Principles of Marketing' door Kotler en Armstrong- BundeNederlands:
Samenvattingen en studiehulp bij Internationale communicatie en interculturele communicatie
Nederlands:
Engels:
Samenvattingen en studiehulp bij Marketing en verkoop
Boeksamenvatting bij Hoofdstukken 3 en 4 van Principles of Marketing Engineering van Rangaswamy
Klanten verschillen in veel opzichten. Door segmentatie hoeft er geen algemeen programma te zijn voor alle klanten, maar er hoeft ook geen uniek programma te zijn voor elke klant.
Markt segment: een groep van huidige of potentiële klanten waarvan verwacht kan worden dat ze op de zelfde manier reageren op een product of service.
Markt segmentatie: het bedrijfsproces van het vinden van groepen van klanten die gelijk zijn op bepaalde, relevante criteria voor het bedrijf en zijn strategische context, zoals behoeftes, hoe ze een aanbieding waarderen, gedrag, leeftijd, sekse en inkomen. En hoe ze verschillen van andere groepen op deze criteria.
Er zijn drie fundamentele factoren die de mogelijkheid geven voor een bedrijf om een markt succesvol te segmenteren.
Segmentatie is de eerste stap in het proces van segmenteren, targeting en positioneren (STP). Segmenteren is groepen klanten maken die dezelfde, behoeftes hebben en hetzelfde reageren. Targeting bepaald welke groep een bedrijf moet proberen te dienen en hoe. Positioneren behandelt hoe goed het aanbod van het bedrijf concurreert met andere aanbiedingen in het beoogde segment.
Voordelen van het STP zijn:
Om management vragen te beantwoorden wordt een Marketing Engineering segmentatie model gebruikt. The markt segmenten van het model voldoen idealiter aan drie condities:
Segmentatie bestaat uit twee fases:
Begrippenlijst bij de 14e druk van Principles of marketing van Kotler - Marketing: Het proces waarbij bedrijven waarde creëren voor consumenten en sterke klantrelaties opbouwen, zodat ze daar waarde terug voor krijgen. Marketing is niet alleen adverteren, maar ook klanten tevreden stellen.
Het simpele model van het marketingproces:
Zie fig.1 in de bijlage voor de illustratie
In de eerste vier stappen wordt er waarde gecreëerd voor de klanten, in de vijfde stap wordt de waarde van de klanten bemachtigd.
Consumenten hebben behoeften (needs), eisen (demands) en hun wil (wants.) Het verschil tussen deze drie is vrij simpel: een persoon heeft behoefte aan eten, maar wil graag een Whopper. Eisen kunnen gesteld worden wanneer de consument de afnemersmacht heeft. Dan verandert de wil in een eis. Bedrijven moeten dit verschil goed begrijpen en hierop inspelen. De behoeften en wensen kunnen beantwoord worden door de aanbiedingen van de markt: producten, diensten, informatie of ervaringen (market offerings.)
- Marketing myopia: De fout om meer aandacht te besteden aan het specifieke product, dan aan de voordelen en ervaringen van dit product. Een onderneming moet een product aanpassen op de behoeften en eisen van klanten.
- Market: Het geheel van de actuele en potentiële kopers van een product of dienst.
Het moderne model van het marketingproces:
Zie fig.2 in de bijlage voor de illustratie
- Marketing management: De kunst en wetenschap van het kiezen van markten en het bouwen van winstgevende relaties.
Een bedrijf moet een doelgroep kiezen, door de markt te verdelen in segmenten (consumentengroepen.) Uit deze segmenten kiest het bedrijf één of meer doelgroepen (target marketing.)
- Waardevoorstel (proposition): De voordelen of waardes die het bedrijf belooft te gaan leveren aan haar klanten.
- Productieconcept: Het idee dat consumenten producten die beschikbaar en goed betaalbaar zijn eerder kiezen. De organisatie moet zich daarom focussen op het verbeteren van de productie en de efficiëntie.
- Productconcept: Het idee dat consumenten producten die de meeste kwaliteit, prestaties en functies bieden eerder kiezen. De organisatie moet zich daarom focussen op het continu verbeteren van het product.
- Selling concept: Het idee dat consumenten een product of dienst niet genoeg kopen, als daar niet genoeg massaproductie en reclame voor is. Dit concept wordt vaak gebruikt voor goederen die consumenten niet zo snel zouden kopen: verzekeringen bijvoorbeeld. Het bedrijf moet de voordelen goed duidelijk maken. Inside-out perspectief.
- Marketing concept: Het behalen van organisatorische.....read more
International Marketing for IB: Summaries, lecture notes and practice exams - UG
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