Summary: Marketing

Read the summary and the most important questions on Marketing

• HC1: Introduction (+guest lecture)

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• What are 3 myths of marketing?

  1. Marketing is selling
  2. Marketing is communication: it is a means not an end 
  3. Marketeers create needs: it is about meeting needs 

• What is the aim of marketing?

  The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself 

• Why is marketing about exchange?

  It is about the set up satisfying exchange relations between customers and organizations (buyer and supplier). The exchange can include monetary and non-monetary 

• Kotler and Keller talk about marketing activities. They name the 4 p's. What are the 4 p's and what is the 5th that is added in the book?

  1. Product (object of exchange)
  2. Price 
  3. Promotion (communication) 
  4. Place (distribution, could be irrelevant nowadays (netflix, spotify) 
  5. People 

• HC2: Market Analysis

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• Why should you do a Market Structure & Competitor Analysis?

  1. It allows you to identify other companies that you compete with that offer the same consumer benefit 
  2. Crucial to understanding / developing a value proposition and marketing mix
     
  3. Allows firms to be proactive and anticipate 
     

• Which 4 questions can help you define the market?

  
  

  • Who is your direct or indirect competitor?
  • Who threatens your market share?
  • Who is trying to offer a similar value offer, or satisfying the same customer needs with similar benefits?
  • Who is competing for the same budget,

• Four-level model of competition implies different marketing tasks for each competitive level. What is the best strategy for each level? 

  1. Product form competition: aim marketing activities at direct competitors (the best quality) 
     
  2. Product class/category competition: convince customers that your product form is best in the category (the best coffee) 
     
  3. Generic competition: convince consumers of the superiority of your product category’s ability to satisfy needs (hunger, thirst, need for vitamins) over other categories
     
  4. 
     Budget competition: same challenge as with generic competition.

• Besides the four level model of competition, what is a demand based way to identify competition?

  Substitution in use (focus groups)

• What is the difference between market analysis and competitor analyses?

  We use the market analyses to identify the competition and competitor analyses to learn more about the competition.

• We can use role to take a closer look at the competitors. What are the 5 roles that can be distinguished?

  1. market leader= largest market share
  2. market challenger= try to attract the leaders
  3. market followers= smaller share
     
  4. fast movers = small who might grow fast and distrust the market
  5. niche= select audience