Introduction to Marketing Management

Question 1

Marketing

Answer 1

Identifying and serving customer needs in a profitable way.

By focusing on customers, a company can distinguish itself from the competitors.

When performed right, marketing is a win-win and not a zero-sum game.

Question 2

Four Different Business Orientations

Answer 2

1. Production orientation: focuses on cutting costs in the production to make a profit
2. Product orientation: focuses on designing a superior product in comparison to the competition
3. Selling orientation: focuses on selling as much as possible
4. Marketing orientation: focuses on fitting the needs of the customers better than the competition

Question 3

Understanding Customer Needs

Answer 3

It is difficult because there is a difference between stated needs and latent needs.

Stated needs: products/features that customers say they want

Latent needs: products/features that they actually have in mind

Another factors that influences the customers are functional needs and emotional needs.

Functional: features that make the product serve its function, quality, durability etc

Emotional: emotional connections that are being made to the product by providing symbolic feature to the product, being cool, special etc

Question 4

Customer Value

Answer 4

Perceived benefits - perceived sacrifice.

Benefits: tangible and intangible features of the product

Sacrifice: the cost of acquiring and use of the product

Question 5

Marketing Myopia

Answer 5

Common mistake of prioritising short-term goals over long-term growth and prioritising business needs over customer needs.

e.g. Coca-Cola performed the wrong type of market research and changed the flavour of the coke which turned out that customers were not happy.

Question 6

Marketing Management Framework

Answer 6

This general framework organises common marketing decisions in a linear framework, clarifies priorities and simplifies decision-making.

Market Analysis (3Cs)
- Customer Analysis
- Competition Analysis
- Company Analysis

Marketing Strategy (STP)
- Segmentation
- Targeting
- Positioning

Marketing Tactics (4Ps)
- Product
- Place/Distribution
- Promotion
- Price

Question 7

Marketing Analysis (3Cs)

Answer 7

The goal, the need, the market and the abilities needed are identified.

Customer Analysis: identification of what customers want

Competition and Company Analysis: internal analyses, where the company identify how they can internally improve their marketing, as well as be inspired by the competition

Question 8

Marketing Strategy (STP)

Answer 8

Consists of segmentation, targeting and positioning.

Focus on strategy and approach the initially set goal.

Following questions are answered:
- who exactly is the company talking to?
- what do those people currently believe?
- what does the company want them to believe?
- what does the company need to say to shift people’s beliefs?

Question 9

Marketing Tactics/Mix (4Ps)

Answer 9

Gives insight into how exactly a company implements its strategy and articulates its positioning.

Product: how companies choose value

Place/distribution: how companies deliver value

Promotion: how companies communicate the value of something

Price: how companies capture value