Chapter 1 - Marketing

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Chapter 1 - Marketing Marketing is meeting people’s wants and needs Marketing management is art and science of choosing target markets and getting keeping and growing customers through creating delivering and communicating customer value.Selling is only the tip of the marketing ice berg.Marketers market 10 types of entities: Goods, services, events, experiences, persons, places, properties (bv huizen of stock parts), organization (bv Nike Foundation), information (books, schools, universities) and idea’s (products and services are platforms for idea bv dont drink and drive). (Brynjolfsson & McAfee, 2025) Marketer seeks a response from a prospect (customer) 8

demand states which marketers face:

1.negative demand: customers dislike product maybe pay to avoid it

2.nonexistent demand: unaware or uninterested

3.Latent demand: strong need that can’t be satisfied with existing product

4.Declining demand: product is bought less frequently

5.Irregular demand: purchases vary -> seasonal, monthly weekly

6.Full demand: adequatly buying

7.Overfull demand: demand>offer

8.Unwholesome demand: undesirable social consequences

Markets are various groupings of customers

Key customer markets: Consumer, bussiness, global and non-profit

Marketplace is physical: store

Marketspace is digital: internet

Metamarket is a cluster of different industries which are closely related in the minds of consumers (bv autofabriek, garage, verkooppunten, financieringsbedrijf, verzekeraar, onderdelenboer etc.) Needs are basic human requirements, they become wants when they are directed to specific objects, mostly shaped by the environment where the consumer lives Demands are wants for a specific product backed by ability to pay, marketers and social factors influence peoples wants.

5 types needs:

1.stated needs: i want an inexpensive car

2.real needs: i want a car with low operational costs, initial prices doesnt matter

3.unstated needs: I expect good service from dealer

4.delight needs: I’d like an onboard GPS system in the car

5.secret needs: I want friends to see me as savvy customer

Not everyone likes the same > market segments based on demographic, psychographic and behavioral differences (Chaffey & Ellis-Chadwick, 2025) 3 / 4

Market segments> target markets chosen by marketers, here are the best opportunities, each target market gets a market offering which positions in the mind of consumer as delevering some benefits.Value proposition: a set of benefits that will satisfy the needs of the customer, set forth by an offering which is a combi of the product, services, info and experiences.

Value: combi of quality, service and price (qsp) customer value triad

Marketing channels: used to reach target markets:

1.communication channels: deliver and receeive messages with target buyers

(tv krant e.d.)

2.Distribution channels: display, sel or deliver product

3.Service channels: carry out transactions with buyers (warehouses, banks etc.)

Supply chain: from raw materials to product

Environments:

Task: actors engaged in producing, distributing and promoting

Broad: 6 components: demographic, economic, social-cultural, natural, technological, political-legal. Marketers have to adjust to changes in these environments.Marketing is difficult and fluid due to the rapid changes in markets.

Earlier market concepts:

Production concept: oldest, consumers prefer products which are cheap and widely available.

Product concept: consumers favor quality, performance and innovations Selling

concept: if consumers and bussinesses are left alone they wont buy enough products Marketing concept: mid 50’s, customer centered, sense and responses. Find the right product for your costumer and not right customer for your product Holistic concept: present, a broad integrated perspective, based on development, design, implementation, processes, and activities

Holistic marketing consists of 4 broad components:

1.Internal marketing: hiring, training and motivating your employees

2.Integrated marketing: many different marketing activities can create, communicate and deliver value (1) and marketers should define and implements any one marketing activity with all other activities in mind.

3.Performance marketing: understanding financial and unfinancial returns.

Financial accountability, justify their investments Social responsibility marketing: consider the ethical, environmental, legal and social context of marketers roles.

4.Relationship marketing: build long-term relations with 1. Customers, 2.

Employees, 3. Marketing partners and 4. Members of financial community The ultimate outcome of relationship marketing is a marketing network

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