DANC 010AD Lecture Notes - Lecture 16: Marketing Management
10 Sep 2020
School
Department
Course
Professor
1.An introduction to marketing
The aim is knowing and understanding the customer so well that the product / service fits
the customer and sells on its own!
Marketing Definition 1: societal (gesellschaftliche)point of view
Marketing is a societal process in which individuals/groups satisfy their needs and desires
by creating, offering and sharing goods and services of value.
Marketing definition 2: business perspective
Marketing is the science and art of exploring, creating and delivering value to satisfy the
needs of a target market at a profit. Marketing identifies unfulfilled needs and desires.
Marketing management is….
The art and science of…
• choosing suitable target markets
• winning, retaining and growing a customer base
• creating, meeting and communicating a superior customer value
The Lego Problem
Lego missed out customer needs like video games that’s why they went bankrupt 2013
The turnaround:
One measure in marketing is the expectation of the customers -> Lego pays its employees
not on sales but on how often the customers come back for more in the future.
Customer orientation as a maxim
Means:
-to know the expectations, experiences, perceptions and attitudes of (potential) customers,
-to provide a matching offer,
-that from a customer’s point of view is at least satisfactory and meets the needs better
than the competitors do and
-at the same time enables realization of corporate goals
Needs, wants, demands → Wissen für Klausur
Needs: a sense of lack and the associated desire to compensate for this lack. (Emotional +
rational aspects)
Wants: in the economic sense, it only contains that part of the needs individuals can and
want to satisfy with the means available to them.
Demands: actual desire fort he goods available on the market or the part of a requirement
becoming effective in the market
Benefits: assessment by the customer as to weather the product / service is suitable for
satisfying the needs
Customer and competition orientation
-consideration of use expectations from the customers
-at least one unique product advantage over competitors (unique selling proposition, USP)
-highlighting the USP to customers (e.g. packaging, advertising)
Document Summary
The aim is knowing and understanding the customer so well that the product / service fits the customer and sells on its own! Marketing is a societal process in which individuals/groups satisfy their needs and desires by creating, offering and sharing goods and services of value. Marketing is the science and art of exploring, creating and delivering value to satisfy the needs of a target market at a profit. The art and science of : choosing suitable target markets, winning, retaining and growing a customer base, creating, meeting and communicating a superior customer value. Lego missed out customer needs like video games that"s why they went bankrupt 2013. One measure in marketing is the expectation of the customers -> lego pays its employees not on sales but on how often the customers come back for more in the future. To know the expectations, experiences, perceptions and attitudes of (potential) customers,
