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©2002 South-Western Chapter 1 Version 6e1 chapter An Overview of Marketing 1 1 Prepared by Deborah...
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Chapter 1 Version 6e 1 ©2002 South-Western chapter An Overview of Marketing An Overview of Marketing 1 Prepared by Prepared by Deborah Baker Deborah Baker Texas Christian University Texas Christian University
Transcript of ©2002 South-Western Chapter 1 Version 6e1 chapter An Overview of Marketing 1 1 Prepared by Deborah...
Chapter 1 Version 6e 1©2002 South-Western
chap
ter
An Overview of MarketingAn Overview of Marketing
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Prepared byPrepared byDeborah BakerDeborah Baker
Texas Christian UniversityTexas Christian University
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Learning ObjectivesLearning Objectives
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1.1. Define the term marketingDefine the term marketing
2.2. Describe four marketing management Describe four marketing management philosophiesphilosophies
3.3. Discuss the differences between sales and Discuss the differences between sales and market orientationsmarket orientations
4.4. Describe the marketing processDescribe the marketing process
5.5. Describe several reasons for studying marketingDescribe several reasons for studying marketing
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Learning ObjectiveLearning Objective
Define the term marketing
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What is Marketing?What is Marketing?
All of the above, plus much more!
Personal Selling?
Advertising?
Making products available in stores?
Maintaining inventories?
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What is Marketing?What is Marketing?
A Philosophy
An Attitude
A Perspective
A Management Orientation
A Set of Activities, including:
Products
Pricing
Promotion
Distribution
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What is Marketing?What is Marketing?
American Marketing Association Definition
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and
organizational goals.
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The Concept of ExchangeThe Concept of Exchange
Desire to Deal With Other PartyDesire to Deal
With Other Party
Freedom to Accept or Reject
Freedom to Accept or Reject
Something of Value
Something of Value
Ability to Communicate
Offer
Ability to Communicate
Offer
At Least Two Parties
At Least Two Parties
Necessary Conditions
for Exchange
Necessary Conditions
for Exchange
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The Concept of ExchangeThe Concept of Exchange
The idea that people give
up something to receive
something they would
rather have.
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• There must be at least two parties and each party…
• Must have something the other party values
• Must communicate and deliver goods
• Must be free to accept or reject offer
• Must want to deal with other party
Conditions for ExchangeConditions for Exchange11
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Exchange may not take place even if conditions met
An agreement must be reached
Marketing occurs even if exchange does not take place
NO SALENO SALE
The Concept of ExchangeThe Concept of Exchange11
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Learning ObjectiveLearning Objective
Describe four marketing management philosophies.
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CompetingCompetingPhilosophiesPhilosophiesCompetingCompeting
PhilosophiesPhilosophies
ProductionProduction
SalesSales
MarketMarket
Societal MarketingSocietal Marketing
Marketing Management Marketing Management PhilosophiesPhilosophies
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Marketing Management Marketing Management PhilosophiesPhilosophies
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PhilosophyPhilosophy Key Ideas
ProductionProduction
SalesSales
MarketMarket
SocietalSocietal
Focus on efficiency of internal operations
Focus on satisfying customer needs and wants
Focus on satisfying customer needs and wants while enhancing individual and societal well-being
Focus on aggressive techniques for overcoming customer resistance
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The Marketing ConceptThe Marketing Concept
The idea that the social and
economic justification for an
organization’s existence is the
satisfaction of customer wants
and needs while meeting
organizational objectives.
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The Marketing ConceptThe Marketing Concept
Focuses on customer wants and needs to distinguish products from competition
Integrates all organization’s activities to satisfy customer wants and needs
Achieves organization’s long-term goals by satisfying customer wants and needs
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Market Orientation RequirementsMarket Orientation Requirements
Top management leadership
A customer focus
Competitor intelligence
Interfunctional coordination
Customer relationships
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Societal Marketing OrientationSocietal Marketing Orientation
Marketing that preserves or
enhances an individual’s
and society’s long-term
best interests Less toxic products
More durable products
Products with reusable
or recyclable materials
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Learning ObjectiveLearning Objective
Discuss the differences between sales and
market orientations.
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Sales vs. Market OrientationsSales vs. Market Orientations
Organization’sFocus
Firm’sBusiness
ForWhom?
Primary Profit Goal?
Tools to Achieve
Selling goods and services
Everybody Maximum sales
volume
Primarily promotion
InwardSales Orientation
Market Orientation
Outward Coordinated use of all marketing activities
Customer satisfaction
Specific groups of
people
Satisfying wants and
needs
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The Organization’s FocusThe Organization’s Focus
Create Customer
Value
Create Customer
Value
Build Long-Term Relationships
Build Long-Term Relationships
Maintain Customer
Satisfaction
Maintain Customer
Satisfaction
Key Issues in Developing Competitive Advantage
Key Issues in Developing Competitive Advantage
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Customer ValueCustomer Value
The ratio of benefits to the
sacrifice necessary to
obtain those benefits
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Customer Value RequirementsCustomer Value Requirements
• Offer products that perform
• Give consumers more than they expect
• Avoid unrealistic pricing
• Give the buyer facts
• Offer organization-wide commitment in service and after-sales support
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The feeling that a product
has met or exceeded the
customer’s expectations.
Customer SatisfactionCustomer Satisfaction33
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Maintaining Customer SatisfactionMaintaining Customer Satisfaction
Meet or exceed customer’s expectations Focus on delighting customers Provide solutions to customer’s
problems
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Relationship MarketingRelationship Marketing
The name of a strategy
that entails forging
long-term partnerships
with customers, both
individuals and firms.
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Relationship Marketing’s Relationship Marketing’s ImportanceImportance
Attracting a new customer may be
TEN TIMES the cost of keeping
an old customer
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Building Long-Term RelationshipsBuilding Long-Term Relationships
Customer-oriented personnel
Effective training programs
Empowered employees
Teamwork
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EmpowermentEmpowerment
Delegation of authority
to solve customers’
problems quickly.
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Defining a Firm’s BusinessDefining a Firm’s Business
““BenefitsBenefits” instead of “” instead of “goods/servicesgoods/services””
Ensures a customer focus
Encourages innovation
Stimulates an awareness of customer change
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Learning ObjectiveLearning Objective
Describe the marketing process.
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Marketing Process ActivitiesMarketing Process Activities
Understand the organization’s missionUnderstand the organization’s mission
Set marketing objectivesSet marketing objectives
Gather, analyze, interpret “SWOT” informationGather, analyze, interpret “SWOT” information
Develop a marketing strategyDevelop a marketing strategy
Implement the marketing strategyImplement the marketing strategy
Design performance measuresDesign performance measures
Evaluate marketing efforts--change if neededEvaluate marketing efforts--change if needed
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Learning ObjectiveLearning Objective
Describe several reasonsfor studying marketing.
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Why Study Marketing?Why Study Marketing?
Plays an important role in society
Vital to business survival, profits and growth
Offers career opportunities
Affects your life every day
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Why Study Marketing?Why Study Marketing?
“Marketing is too important to be left to the
marketing department.”
--David Packard Hewlett-Packard
“Marketing is too important to be left to the
marketing department.”
--David Packard Hewlett-Packard
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1/4th to 1/3rd of the entire civilian workforce in the U.S. performs marketing activities
Fastest route up the corporate ladder
• Professional Selling
• Marketing Research
• Advertising
• Retail Buying
• Distribution Management
• Product Management
• Product Development
• Wholesaling
• Professional Selling
• Marketing Research
• Advertising
• Retail Buying
• Distribution Management
• Product Management
• Product Development
• Wholesaling
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Half of every dollar spent by consumers pays for marketing costs
Become a better-informed consumer
Why Study Marketing?Why Study Marketing?55
