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Voorbeeld verslag 2014-2015 Preface Dear Students, Are you already familiar with the benefits SlimStuderen.nl can offer you? You can make a pre-order at the beginning of each block and SlimStuderen.nl automatically sends the summaries to you at the date they become available! This means you never have to worry or stress about having to buy the summary lastminute before your exam. Just make a pre-order on the website for next period’s exams! You even can order the summaries in a package and get a discount! Slimstuderen.nl has been offering reliable summaries of the compulsory literature and lectures for over nine years, in order to help students with their exams. These summaries have always been of high quality, and that is the reason why over ten thousands of students have ordered their Slimstuderen.nl summaries over and over again. Moreover, ordering summaries is very easy. The only thing you have to do is go to www.slimstuderen.nl, order you summary before 15.00 o’clock and you’ll have it at home the next day! If you’re at Zernike, it might be more convenient for you to simply go to the EBF Shop to buy your summary there. Are you at the city centre? You can buy your summaries from now on at Copy-Copy in the Oude Kijk in ‘t Jatstraat 52. This overview has been written according to the perception of the author. While preparing these study materials, we try to guarantee the quality of this product as much as we can. However, SlimStuderen.nl cannot accept the responsibility of the use of this product. This overview serves as an addition of the mandatory literature and NOT as a replacement. Of course, reprint is strictly forbidden. We will not be able to continue to offer you summaries if you give this summary to third parties. Refrain from any copying to enjoy our products in future courses! Good luck with your exams! SlimStuderen.nl Good luck with your exams! SlimStuderen.nl Facebook.com/SlimStuderen 1 Voorbeeld verslag 2014-2015 Table of Content PREFACE .................................................................................................. 1 TABLE OF CONTENT ................................................................................. 2 A. INTRODUCTION TO MARKETING........................................................ 2 A. INTRODUCTION TO MARKETING Definition of Marketing Facebook.com/SlimStuderen 2 Voorbeeld verslag 2014-2015 Marketing Marketing deals with customers, and therefore one of the simplest definition is: “Marketing is managing profitable customer relationships” The goal of marketing consists of two parts: Attract new customers by promising superior value. Grow current customer base by delivering satisfaction. Marketing is everywhere, you experience it every day. Classic examples are billboards, television commercials or magazine advertisements. However, due to the introduction of the PC and the internet, a new way of approaching the customers has evolved. Examples are banners on websites, Smartphone apps and online social networks. Old view: Marketing is “ telling and selling” New view: Marketing is “ satisfying customer needs” Marketing: The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Marketing process: This five step model describes how to create value for customers and build customer relationships (4 steps) and how to capture value from customers in return(1 step). Customer Needs and Wants Needs are states of felt deprivation (physical, social or individual). Wants are the form human needs to take as they are shaped by culture and individual personality. Demands are human wants that are backed by buying power. Consumers’ needs and wants are fulfilled through market offerings: Some combination of products, services, information, or experiences are offered to a market to satisfy a need or a want. A common mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products is called a marketing myopia. Consumers buy products that satisfy their needs, and therefore will buy again. However, dissatisfied customer do not buy again. Setting the right level of expectations is therefore very important for marketers. Exchange is the act of obtaining a desired object from someone by offering something in return. These exchanges take place on the market which is the set of all actual and potential buyers of a product or service. A marketing system consists of suppliers, companies, marketing intermediaries and consumers. All parties are affected by major environmental forces (political, economic, natural etc.). Facebook.com/SlimStuderen 3 Voorbeeld verslag 2014-2015 Creating a Customer-Focused Marketing Strategy Marketing management is the art and science of choosing target markets and building profitable relationships with them. When a company develops a marketing strategy, it first must choose whom it will serve. Dividing the market into segments of customers(customer segmentation) can help the selection of which segments to target(target marketing). Second, the company has to decide how to it will serve the targeted customers. In other words, how it will differentiate and position itself in the marketplace. A value proposition is the set of values that promises to deliver to consumers to satisfy their needs. Five thoughts under which organizations design and carry out their marketing strategies: Production Concept: - Consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency. Product Concept: - Consumers will favor the most quality, performance, and features; therefore the organization should devote its energy to making continuous product improvements. Selling Concept: - Consumers will not buy enough of the firm’s products unless the firm undertakes a large scale selling and promotion effort. Marketing Concept: - Achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. Societal Marketing Concept: - A company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s longrun interests. There are three considerations their marketing strategy: company, consumers and society. The Marketing mix is often used to define the set of marketing tools the firm uses to implement its marketing strategy. The Marketing mix consists of: Product: - Need-satisfying market offering. Price: - The cost of the product. Place: - Where the product will be available. Promotion: - Communication with the target customers. Facebook.com/SlimStuderen 4 Voorbeeld verslag 2014-2015 Customer Relationships The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called customer relationship management(CRM). A customer buys from a firm that offers the highest customer-perceived value. This is the customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. The customer satisfaction deals with the extent to which a product’s perceived performance matches a buyer’s expectations. Customer relationships can exist on different levels. Companies can have basic relationships with low-margins customers that hardly have contact. On the other hand, full partnerships are characterized by personal contact and higher margins. Many companies create frequency marketing programs in order to reward returning customers. Other companies create club marketing programs in order to offer special benefits to members. There are changes occurring in the way that companies deal with their customers. Whereas in the past mass marketing was broadly used, nowadays, companies are trying to build deeper, more direct and longer lasting relationships with carefully selected customers. Marketers do not want a relationship with every possible customer because in some cases the costs are higher than the potential revenues. The change in the communication due to new technologies also created the shift that customer relationships are more interactive. For example, Facebook, Pinterest, Twitter and other media are being used by companies to become “ part of the conversation” . Customer-managed relationships: Marketing relationships in which customers, empowered by today’s new digital technologies, interact with companies and with each other to shape their relationships with brands. Consumer-generated marketing: Brand exchanges created by consumers themselves – both invited and uninvited by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers. In addition, there is Partner relationship management which is working closely with partners in other company departments and outside the company to jointly bring greater value to customers. Capturing Customer Value Satisfied customers are very important in doing business. Satisfied customers remain loyal and talk favorably to other customers about the company. Customer lifetime value is the value of the entire stream of purchases a customer makes over a lifetime of patronage. Share of customers deals with the portion of the customer’s purchasing that a company gets in its product categories. Customer equity is the total combined customer lifetime values of all off the company’s customers. The more loyal the firm’s profitable customers, the higher its customer equity. Customer relationship groups are defined on two dimensions; potential profitability(PP) and projected loyalty(PL). Facebook.com/SlimStuderen 5 Voorbeeld verslag 2014-2015 The four different groups: Strangers: low PP and low PL. - Relationship management strategy don’t invest in this group. Butterflies: high PP and low PL. - Relationship management strategy profit from them for the moment. True friends: high PP and high PL. - Relationship management strategy keep investing in this group. Barnacles: low PP and high PL - Relationship management strategy try to improve profitability and otherwise fire as customers. True believers are true friends that come back regularly and tell other people about the good experience. Marketing Environment In the beginning of 2008, the world faced a Great Recession. An economic crisis that caused losses in income, declining home values and rising unemployment. Since then, consumers have become more cautious in their spending patterns. Less luxury items are being bought and cautiousness is key. A goal in these uncertain times is to build market share and improve customer relationships at the expense of competitors. Another phenomenon of the last years is the digital age. Digital technology created new marketing channels through the internet. Online marketing is now the fastest-growing form of marketing. Internet, a vast public web of computer networks that connects users of all types all around the world to each other and to an amazingly large information repository. More and more Non-for-profit organizations use marketing as a part of their strategy. Awareness is very important within colleges, hospitals and churches, and therefore these organizations use marketing more than in the past. Globalization, a phenomenon caused by factors such as cheaper transport and better communication has been growing tremendously the last years. Therefore, companies face competition from all over the world. Consumers are nowadays also expecting that companies behave in a socially responsible way. Sustainability is key and therefore companies seek ways to do business in the best long-run interests for customers and community. Facebook.com/SlimStuderen 6