Chapter 1 Marketing today
description
Transcript of Chapter 1 Marketing today
![Page 1: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/1.jpg)
CHAPTER 1MARKETING TODAY
part one: this is marketing
![Page 2: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/2.jpg)
an opening challengeYou tell friends who are studying sciences that you are doing a marketing course. One says, ‘You’re studying advertising, what fun.’
Is he right – is marketing just another name for advertising?
![Page 3: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/3.jpg)
agenda• marketing defined• origins of marketing• demand and supply theory• the concept of exchanges
– types of exchange• strategic orientations• customers or consumers?• modern marketing
![Page 4: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/4.jpg)
marketing definitions
‘The management process which identifies, anticipates and satisfies customer requirements efficiently and profitably.’ (The Chartered Institute of Marketing, n.d.)
![Page 5: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/5.jpg)
marketing definitions 2‘Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.’ (The American Marketing Association, 2007)
![Page 6: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/6.jpg)
what is a market?
a place where buyers and sellers meet
photo courtesy of Dave Pickton
![Page 7: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/7.jpg)
the marketing processmarket research & analysis
marketingobjectives
marketing tasks
feedback& control
![Page 8: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/8.jpg)
market research and analysis where and who we are now
• market research • competitive research
– what is our position in the market? • organisation research
– what are we good at? – what are we bad at?
• what worked well in the past? • are we risk takers?
![Page 9: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/9.jpg)
marketing objectiveswhere and who we want to be
• aims• targets
– e.g. market share, sales, brand image, brand awareness, number of sales outlets, new product launches, customer satisfaction levels, etc.
![Page 10: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/10.jpg)
marketing taskshow we are going to make it happen
• planning • staffing• budgets• promotion• sales• pricing
• distribution• product management• branding• market entry• customer service • customer management
![Page 11: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/11.jpg)
feedback and controlhow we will keep track of things
• objectives• customer feedback• checklists and deadlines• market position
![Page 12: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/12.jpg)
why marketing?
mass production
excess supply
competition
urban development
middlemen
![Page 13: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/13.jpg)
market classifications market typical purchase descriptions consumer personal purchases industrial things used to make other products b2b things used in the course of another business
not for profit purchases made by charities, trades unions, associations, etc.
government purchases by central and local government, health services, schools, libraries, armed forces, police, etc.
reseller goods to be sold on overseas all the above categories – but in other countries internal other divisions, subsidiaries or employees
![Page 14: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/14.jpg)
the theory of demand and supply
price
quantity demanded, i.e. sales volume
supplyof goods
demandfor goods
![Page 15: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/15.jpg)
the equilibrium point
price
quantity demanded, i.e. sales volume
supplyof goods
demandfor goods
X
![Page 16: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/16.jpg)
supply equalling demand
![Page 17: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/17.jpg)
the relationship between price and
sales
as pricegoes up
sales volumegoes down
and vice versa:as price goes down, sales volume (demand) goes up
![Page 18: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/18.jpg)
exchanges
products/services
customer seller
payment
value
![Page 19: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/19.jpg)
strategic orientations
orientation focuses on typical objectives
production production efficiencyhigher profits through reduced costs
productproduct quality and features
increased sales through product improvements
sales sales techniques and advertising
sales volume – often short term
customer customers’ needsincreased long-term sales through customer loyalty, positive image
marketcustomers’ needs and competitors’ strategies
long-term profits through good customer relations and a sustainable competitive advantage
![Page 20: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/20.jpg)
market orientation
• focus on customers and competitors• coordination of all business functions
– marketing, HR, finance, operations, R&D• taking marketing research seriously• long-term view of markets and products
![Page 21: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/21.jpg)
focus on customers
• ‘the customer is king’• importance of customer service• employee priorities• customer or consumer?
– how influential are consumers?– depends on purchase type and occasion
![Page 22: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/22.jpg)
advantages of a market orientation
• better understanding of customer needs• better customer relations• a better reputation in the marketplace• more new customers • more repeat purchases• improved customer loyalty• more motivated staff• competitive edge
![Page 23: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/23.jpg)
modern marketing
transactionmarketing
relationshipmarketing
• one-off sales• short-term view• hard sell
• repeat sales• long-term view• ongoing relationship
![Page 24: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/24.jpg)
retaining valuable customers AQ – text missing
![Page 25: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/25.jpg)
the marketing mixthe 4Ps
ProductPromotionPricePlace
![Page 26: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/26.jpg)
marketing today and tomorrow
• digital technologies• social change• social networking media• communications overload• marketing metrics• lifestyle branding• consumerism• eco-consumers
![Page 27: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/27.jpg)
summary
• what marketing is, and is not– definitions and scope
• exchanges of value• importance of long-term relationships• demand and supply theory• strategic orientations
– the importance of a customer focus• the fast-changing world of marketing
![Page 28: Chapter 1 Marketing today](https://reader035.fdocuments.in/reader035/viewer/2022062411/56816874550346895ddee677/html5/thumbnails/28.jpg)
references• American Marketing Association (AMA) (2008)
‘AMA releases new definition for marketing’. Available at: http://www.marketingpower.com/AboutAMA (accessed 03/08/13).
• Chartered Institute of Marketing (CIM) (n.d.) Marketing Glossary. Available at: http://www.cim.co.uk/cim/ (accessed 11/06/07).